#USDCHF Update

The swiss broke an interesting trend line today. A LONG position on the break, in the change of the direction of the move was established and target @ 100% of the average daily range was reached @ 0.8397.

Here is the chart.

This pair has changed the main move of the week to up. If price closes today near the high, expect more bullish action for tomorrow as well.

More expansion upwards is expected.

Broken trend line. Position was previously (buy stop) established above the line and exactly at the change of the main move of the day. Profit taken @ 100% ADR.

#GBPUSD

Cable broke a bearish wedge formation that could be observed on the 30min, hourly time frames.

If price coses NY session close to todays low, we will have better chances for an expansion downwards tomorrow as well.

#EURUSD Outlook 30/06/2011

EURUSD is approaching the lower trend line of an ascending channel after it encountered strong resistance at the 1.4520 level.

MACD bear divergences point that a break is imminent. Entry should be guided towards the change of the main move of the day (break of todays low).

Cheers.

The 30 min chart demonstrating a rising channel formation. Price encountered strong resistance at the 1.4520 level.

#EURNZD Pullback Entry

Nice entry on the pullback for this cross.

Trade in the direction of the months trend, the weeks trend and the days trend. Perfect combination.

Very tight SL already yielding good profit during the early hours of NY.

Lets see where it takes us.

;-)

#USDx and #Majors

The buck is approaching a very important trend line. It is the lower trend line of a triangle formation. Likewise EURO, USDCHF, Cable are all approaching key TLs.

Coincidence or not both EURO and USDxs trend lines almost perfectly coincide with the fib retracement level of 38.2.

Lets see how this plays out.

* I have a very strong cold and could not update earlier.

Best to all.

#GBPUSD Outlook

The Pound continues its way down since the trend line that extended from the low of Jan 31st on was taken out. It appears to be channeling down on the 60 min time frame. It also has reached a support level @ 1.5936. This support probably won't last too long as this pair seems to be destined to head to lower levels.

The daily chart demonstrates the closet support levels. While 1.6058 is the closest resistance level.

The weekly charts shows price action inside a triangle consolidation pattern. If July does not exceed the high of the year so far, most likely we will see this pair go for that lower trend line.

We could be bullish for another day, however, downtrend will most-likely resume.

I expect this pair to change the main move of the year before its the end of the year.

The 60 min. chart showing price action inside a channel. Lower lows are expected.

The daily chart showing some support/resistance levels as well as the Measured Objective Target for the broken pattern.

The weekly chart showing price inside a triangle pattern.

#AUDUSD Outlook

The Aussie has a short term bullish outlook which soon enough will most-probably become full reversal pattern.

The monthly charts shows price action inside a very steep angle bearish wedge formation. Price has reached a high on the second day of June. If next month we don't take out this years high, than the formation will be complete and price will seek lower grounds. I expect AUDUSD to be bearish for a few years just as gold.

The weekly chart also paints a very angled bearish wedge coupled with a MACD bear divergence (confirmed by RSI) with an initial MINIMUM target of 0.9704. A second target can be seen on RSI and will most-likely be @ MINIMUM 0.8066. However, if we measure the measured objective targets for both wedges, we should expect an even bigger drop.

The daily charts shows that price broke the lower trend line of a triangle-pennant like formation. As in other pairs (EURO and Swissey), the Aussie left an acceleration gap below. So this gap shall be covered sooner than later.

 The 60 min chart. denotes price inside a descending channel formation. Price could make a retracement to the blue boxed area on another touch of that trend line. That will most likely happen in the vicinity of the 38.2 fib retracement area. If this occurs, expect price to go much lower.

The weekly chart and the wedge: price should look for the lower trend line and break it. Initial MINIMUM target is marked by the white dotted line. However, I expect price to head much lower.

The daily chart inside the wedge formation. A line steep as this one should not be able to survive or much longer. The triangle (red) was taken out earlier this month.

The 60 min. chart: Price inside a descending channel formation. A pullback towards the upper trend line is very likely. A short position could be stablished inside the blue box area.