This week I haven’t seen too terribly much to get excited about. I take a look at a few markets that I have found that I am watching for larger moves in the Mid – Long Term time frames. Here is a quick look on some of the charts I am looking at this week and trading.
Looking at the weekly chart on the AUD/CHF we can see that this pair is looking like another move up is forming off of the supporting trend line. This pair also seems to be playing out an Inverse Head and Shoulders pattern on the weekly chart from August 2013, with also another Inverse Head and Shoulders Playing out on the daily time frame moving into this move up. This multiple time frame set up should be good for a low risk long entry with support at the 0.8350 area.
Both the Monthly and the Weekly charts on the EUR/USD are moving into long term support. Bringing back the Multi-Year pennant that I wrote about a couple months back, we can see that price is moving to touch to the supporting trend line from all the way back to 2008. This current area @ 1.2400 – 1.2450 is also an old low from 2008, so the possibility of finding support here does exist. However I believe the more likely scenario will involve a short term stall here with some small potential upside (Say roughly 1.2570), then the continuation of the move to test the 1.2200 – 1.2270 area.
Should price break below the 1.2200 area in the future, we could be looking at a massive sell off that could see prices move to test into the 1.1800 area or even further to prices not seen since the early 2000’s such as 1.1000 or 1.0500. However I don’t see those prices anytime in the near future, and as long as the long term support at 1.2200 is intact I will not be looking for those figures.
The EUR/Cad continues to flirt with support. Watching the important 1.4000 area on this pair as the Euro has been testing this area since August. If this support is breached we could be looking at price trading to test the 1.3700 – 1.3800 area of support. With the MA’s in a full bearish sweep, price has definitely got some downward pressure. However unless price trades and closes below the 1.4000 area, I would be leaning to finding a low risk entry for a move back to test upside resistance first, as this is the 5th time on a daily chart that price has tested this area in the last 4 months.
Looking at the EUR/GBP on a weekly chart we can see that we are trading a longer term bearish channel. However price has now tested the 0.7760 area for the second time and has not broken support. With this weekly double bottom pattern in early stages and what seems to be a new weekly higher low coming in right now. An entry for a test back up to resistance is starting to look probable. 0.7980 and 0.8100 could be good targets for resistance if that plays out. However, if price trades back down and breaches the 0.7750 area, we could be looking at another bearish move and then target 0.7550.
GBP/CAD took a big hit today diving over 240 pips from today’s high. Price right now is testing the the weekly supporting trend line at the 0.7820 area. A break of the trend line could see price move to test the previous swing low price of 0.7531 from early September. Daily charts have MA’s in a Triple Death Cross from this pairs previous move down. 0.7820 is key…
The post Live Futures and Forex Trading – Weekly Market View appeared first on Day trading course S&P 500 Managed Trading Accounts.