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Aussie: A Pause Before Another Leg Higher – June 22, 2010
Like the NZDUSD pair in my other post today, the AUDUSD had also broken out from a double bottom formation. After doing so, it then consolidated within an ascending triangle before moving north again. And like the New Zealand dollar, the Aussie made a runaway gap over the dollar as well to start this week’s trading.
Like what I said in my previous blog about the NZDUSD pair last June 17, the could be a short term buy on it. At that time, the pair had already broken out from a double bottom pattern. It then continued to consolidate within a symmetrical triangle before breaking out again. Furthermore, it also gapped up to begin this week’s trading. Presently, the pair is trading around 0.7100.
Welcome to another week of forex trading my friends! Today, I present to you an updated daily chart of the USDCHF pair. From my post about it exactly a month ago back in May 21, I mentioned that the USD is bound to give up some of its gains back to the Swiss franc after the pair had reached a high of 1.1731 in June 1.
In my blog last June 15, I asked whether the AUDUSD will head lower or higher. It turned out that the pair had moved north, at least for the time being, against the odds. As you can see, the pair had previously slid from a double top formation. Even before reaching its minimum downside target, it had already rallied and broken back above the pattern’s former neckline.
The cable or the GBPUSD pair has been staging a nice rebound for the past couple of weeks after it touched a low of 1.4227 last May 20. From my previous post about the cable last May 28, I mentioned that if and when it moves past 1.4600, it could reach 1.4800. At present, the pair is already trading around that area. And as I’ve said, it could experience some selling pressure at this level.
The NZDUSD pair has come a long way from my last post (click here). Looking at its 4-hour chart, you can see that it has recently broken out from a double bottom formation. Now, a double bottom is generally seen as a downtrend reversal pattern. Given this, the New Zealand dollar could rise against the USD in the short term.
The GBPJPY (Geppy) could be on its way from breaking out from the symmetrical triangle in the 3-hour chart (indicated by the red circle). Once the price breaks above the resistance at 136.00, the currency pair could head all the way up to the 138.00 territory which could be the next resistance (green line).
Which Way Will the Aussie Go? Up or Down? – June 15, 2010
What’s up forex peeps! I present to you now a fresh peek on the AUDUSD. From my post about the pair last June 7, you can see that it has rallied all the way back up to the neckline of the previous double top formation after breaking down from a rising wedge formation. Though, it gets a bit tricky now given the conflicting technical signals that I see.
Here’s a look on the daily time frame of the US dollar index (USDX). In case you do not know, the USDX is a measure of the greenback’s value against a basket of several other major currencies. These currencies are made up of the geometric mean of the following: euro (57.6%), Japanese yen (13.6%), Sterling pound (11.9%), Canadian dollar (9.1%), Swedish krona (4.2%), and the Swiss franc (3.6%).