Monthly Archives: June 2014

Today’s Trading Edge: EUR/USD– Six-Week High Facing Bearish Buttefly Pattern and Critical Resistance

Profit taking did not occur on the last day of the quarter and the recent slide for the U.S. dollar has accelerated.  Ten year U.S. Treasury yields have fallen from 2.655% to 2.52% over the past two weeks.  Without better

Posted in Posts

Today’s Trading Edge: NZD/USD – Weighed Down by the Worst Business Confidence Reading Since May 2013

At the start of the trading week, NZD/USD is showing signs that it might not be able to continue its 4-week rally as price respected major resistance from the record high of .8841 that was set back in August of

Posted in Posts

Today’s Trading Edge: USD/JPY How Low Can It Go? 200-day Breached!

USD/JPY (daily chart) has continued its breakdown below both the 200-day SMA and the neckline of a potential head-and-shoulders pattern.  The move follows a very rangebound first six months of trading year as macro traders are disappointed with the lack

Posted in Posts

Today’s Trading Edge: EUR/GBP Eyeing a New 2-Year Low

EUR/GBP has been in bear market territory since the middle of April and price may make a new 2-year low if the June 16th, .7958 low is breached.  If the British pound is able to continue to exhibit remarkably enduring

Posted in Posts

Today’s Trading Edge: Dollar Index (DXC) – Weak GDP Sends U.S. Dollar to the Hospital

The U.S. dollar was pummeled and continued its recent two-week slide after GDP for the first quarter was revised to -2.9%, much worse than the expected -1.7% forecast.  Core Durable goods also had a dismal reading at -0.1% vs an

Posted in Posts

Today’s Trading Edge: After making a 5-Year high, is the GBP/USD Bullish Trend ready for a pullback?

GBP/USD slipped below the 1.70 handle and possibly triggered the unwinding of many bullish bets after Bank of England Governor Mark Carney ended the belief that the Bank was close to tightening, by saying they were surprised at how weak

Posted in Posts

Today’s Trading Edge: Oil’s Opening Gap is Filled, but the Bullish Stance is Far From Over

Oil prices opened higher to start the trading week after Islamic State of Iraq and the Levant (ISIL) overran a second frontier post near the Syrian border and Chinese MFG data broke out above the boom/bust 50.0 level for the

Posted in Posts

Today’s Trading Edge: EUR/JPY – Bearish Conditions Persist

EUR/JPY may have its five day winning streaked snapped as price continues to respect the 200-day SMA, which is around the 138.79 and also the 50.0% Fibonacci retracement of the June high to low move.  This rise occurred after the

Posted in Posts

Today’s Trading Edge: USD/CHF – Drops Below 200-Day SMA around .8900 Support

The Swiss franc rallied both against the U.S. dollar and euro as the Swiss National Bank promised to keep defending its ceiling on against the euro.  This cap was implemented back in September 2011 and has not been defended by

Posted in Posts

Today’s Trading Edge: Gold Tentatively Forms a Bearish Gartley Pattern

Last week, I identified a potential bullish Gartley pattern that supported the rally from the $1243 area all the way towards my initial target of $1,275.  As expected, key resistance came from the confluence of the 50- and 200-day SMAs. 

Posted in Posts