Pattern, Price & Time Intra Day Forex Analysis

The EUR USD made a slightly higher high than yesterday but hadvirtually no follow-through to the upside. This market is now in aposition to post a closing price reversal top which could lead to a 2to 3 day break.

Analysis

EUR USD

The EUR USD made a slightly higher high than yesterday but had virtually no follow-through to the upside. This market is now in a position to post a closing price reversal top which could lead to a 2 to 3 day break. A close under 1.4999 will set this pattern in motion. Downtrending Gann angle resistance is at 1.5008. Up trending Gann angle support is at 1.4745.

GBP USD

The GBP USD is under selling pressure this morning. Gann angle support is at 1.6506 which makes this market vulnerable to a sizeable correction. Based on the short-term range of 1.6842 to 1.6602, traders should look for resistance at 1.6722 to 1.6750.

USD CAD

The USD CAD is trading slightly better after yesterday’s sharp sell-off. The main range is 1.0205 to 1.0870. This makes the 50% price at 1.0522 an important downside target. Additional Gann angle support is at 1.0565. Downtrending resistance is at 1.0630.

USD JPY

The USD JPY is trading flat. Technically, this currency pair is trading inside of a retracement zone at 90.15 to .89.64. Traders should go the way of the move on a breakout out of this range.

USD CHF

The USD CHF is nearing the low for the year at 1.0032. Speculators may take a shot at the long side at the current price level since they have an exit if they are wrong. Bullish traders will try to set up a secondary higher bottom. Downtrending resistance is at 1.0137.

AUD USD

The AUD USD is heading toward the high for the year at .9329. Up trending Gann angle support is at .9145. This angle will not be a factor unless this market makes a closing price reversal top.

NZD USD

The main range in the NZD USD is .7635 to .7081. This creates a retracement zone at .7358 to .7423. The market is currently testing the .618 level of this range at .7423. Downtrending Gann angle resistance at .7495 is the next upside target. Gann angle support moves up to .7321.

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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