Intraday Forex Pattern, Price & Time Analysis

Here’s a technical update on how the Forex markets are behaving based on pattern, price and time analysis.

Here’s a technical update on how the Forex markets are behaving based on pattern, price and time analysis.

The EUR USD is trading in a weak position after breaking a four-day range and a .618 retracement price at 1.4707.  This price is keeping a lid on the market.  Selling pressure could drive this market to an uptrending Gann angle at 1.4590.

The GBP USD is currently ping-ponging between uptrending and downtrending Gann angles at 1.6306 and 1.6411.  The main trend will turn to down on the daily chart on a move through 1.6205.  A news secondary lower top has been created at 1.6603.

The USD JPY is trading flat to lower.  There is a holiday in Japan and traders seem content with keeping this currency pair in between two 50% prices at 90.15 and 90.75.

The main trend turned up on the daily USD CHF chart.  This took place when the market crossed 1.0285.  In addition, this market crossed over the bull side of a .618 retracement level at 1.0291.  The price cluster at 1.0291 to 1.0285 is controlling the direction of the market today.

The USD CAD is caught between two Gann angles at 1.0861 and 1.0725.  The tighter they wind this pair the greater the breakout will be.  Lower equity prices are pressuring the Canadian Dollar while surging Gold has been supportive.  If Gold continues to rally then look for an acceleration to the downside through 1.0725.

The AUD USD is trading inside of yesterday’s .8905 to .9121 range.  A 50% price at .8948 is providing additional support.  Like the Canadian Dollar, lower equities are applying downside pressure while stronger gold is limiting losses.

The NZD USD is trading inside of yesterday’s .7081 to .7267 range.  It is also straddling at 50% price at .7159.  Higher gold prices could drag this market higher.  A strong sell-off in the equities is likely to keep the sellers active.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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