The GBP is still strong (long-term), it's getting oversold, so its recent weakness should be overcome soon. The NZD remains the weakest currency and is overbought.
The GBPNZD pair is in a strong short-term up trend, likely to find support at current levels and continue higher.
The caveat - in the long-term, the pair is trading in a range, found resistance at...
AUDUSD has shown some weakness in that it failed to reach the Median Line (ML) of the blue pitchfork. That's why I expect it to fall to the most outer sliding parallel. This is where I'll be watching if market finds support and presents a new entry opportunity to go long. The AUD is still quite strong, although it's getting neutral and oversold, whereas the USD is...
Moving chart slightly and superimposing an Inside Pitchfork on shorter timeframe to describe recent weeks it seems we are at top of Fib channel although it doesn't preclude a move into the purple slip band already tested . Very short term short followed by bounce
I suspect a quick retrace probably overnight followed by a bounce early next week for next attempt at new high, however to reach 214 would require momentum plus serious buying power as there is a lot of resistance at 213+ So very short term bearish
If EURUSD continues rising above 1.15, it will mean it's bullish indeed, taking out the second major high. In this scenario we can expect price to retrace by 38.2% of the nine-month decline. On the other hand, this market may find strong resistance at the upper median line parallel, and give in just below this second major high.
The odds are with the buyers, as...
This should be read in connection with Saturdays gap analysis chart. Trend breaks move to test 207.60 range at bottom of blue Fibonacci band. Note pitchforks drawn using co-ord entry of high and low prices for accuracy - not arbitrary placed trend lines
Trend since 2012 - Orange central line aka Median price,
It has been tested several times but only broken on downside 4 times followed by a rapid rip up. The median line exerts an attractive 'force' from above and below
This is an example of a Schiff Pitchfork, unlike ordinary trend lines its positioning is not arbitrary
Note position
October 2014 was...
This is SPY plotted in monthly bars since 1994 to 2022. I have used a Schiff Pitchfork for Median line analysis. All prices should oscillate around median price until trend breaks. The current trend has held since 2010 and prices have been arcing away from median since. However, rate of growth is slowing and could turn negative in next couple of years....
EURUSD remains in larger bearish cycle that whilst very mature still has some downside potential, which could be seen in my last chart published about a month ago with possible 1.04 - 1.03 downside target (see link below).
Since forming March 2013 low, it has been in larger congestion zone. Many are anticipating possible larger triangle formation which is...
In my previous chart of EURAUD I was anticipating bullish AB=CD
Unfortunately it was premature at the time as It still was in correction mode. Hence that trade will now be delayed.
However, in the mean time it could offer interesting shorting opportunity. Most of the details are on the chart but here is the summary of technical to consider as you plan your...
AUDUSD HAS BEEN FORMING A MONTH-LONG WEDGE, AS WELL AS A DOWNWARD PITCHFORK. AUDUSD IS ABOUT TO INTERACT WITH THE BOTTOM SUPPORT OF THE WEDGE, BOTTOM SUPPORT OF THE PITCHFORK, AS WELL AS HITTING A FIB LINE. IF BOUNCES, LONG, IF BREAKS ALL THREE SUPPORTS, MAJOR WEAKNESS SIGN.
CREDIT TO: ICETRADING FOR THE ORIGINAL PITCHFORK CONCEPT.
This is my first Andrew's Pitchfork Trade so hopefully I've mapped it out correctly. Anyone else familiar with these feel free to chime in on the analysis.
Price held with our central median line quite well before breaking for the boarder. A parallel channel was drawn from the first decisive candle out side the fork, and our future entry was established at...
The SNB, or the Swiss Negative Balance, event has left the ccy markets shaky und unstable. The NFA delayed decision to hike the margin requirements has probably stifled volume in the CHF markets, which is expressed in a lower price range. Notwithstanding that, CADCHF is in one of the strongest down trends of all the majors and is in the process of making a...
Hi Traders,
This is one of the markets that I trade the most. By looking this short term we can see a very good reaction from few minutes ago at 9939 (29/12/14 high). Now I expect him to go to 10080 for a FINAL high (also higher line of pitch-fork). I will short big at that level for a medium term trade. Mixing technical and fundamental (Germany not in a good...
After an A/1 impulsive wave, EURGBP is in a corrective wave.
This correction is a triple combination pattern WXYXZ. So I expect soon a new impulsive wave up B/2. My chart shows the actual channel where the price are moving. A break of this channel and a new high (> 0.78300) would confirm this point of view and give an interesting long.
Idea is based on median line analysis and simple support resistance. The rationale behind this setup is shown on the chart along with specific targets. Good luck
I've been stalking longs in USDCAD for months now. It takes patience to find entries. As long as major swing lows are not taken out, then everything is is basically just a complicated pullback.
Canada spent most of November pulling back to its lower median parallel. A news release caused the final weak hands to get shaken out. I was happy with the way price...
CHFJPY has shown a lot of strength today and is likely to climb higher next week, towards the upper border of the channel. It seems also to be following an up fork, so chances are first the median line will be hit. The yen's weakness continues and the Swiss franc got much stronger than at the end of the last week. Caution is necessary though, because the franc has...
