Pattern, Price & Time Intra Day Forex Analysis

Intra Day Analysis

EUR USD

The main trend indicator is still up in the EUR USD.  The main range is 1.5063 to 1.4625 with a 50% level at 1.4844.

A new range has formed at 1.4625 to 1.5049 with a retracement zone at 1.4837 to 1.4787.

Uptrending Gann angle support comes in at 1.4825.  The market stopped this morning at 1.4826.

The retracement levels at 1.4844 and 1.4837 form an important resistance zone.  Regaining this level during the day session could trigger a short-covring rally.

GBP USD

The GBP USD has back off substantially from the recent high at 1.6878 but the main trend remains up.

The short-term range is 1.6515 to 1.6878 which forms a 50% retracement level at 1.6697.

Uptrending Gann angle support comes in at 1.6706 and 1.6661 today.  This helps to form a support cluster at 1.6706 to 1.6697.  Watch for a technical bounce at this level if tested.

USD CAD

The USD CAD never changed the trend to down despite the recent hard sell-off.  During that break, no main trend bottoms were crossed.

The main range is 1.0870 to 1.0416 which forms a retracement zone at 1.0643 to 1.0697. 

Gann angle support comes in at 1.0435.  Downtrending Gann angle resistance is at 1.0650.

The best price cluster and potential upside target today is 1.0643 to 1.0650.

USD JPY

The action in the USD JPY has put this market in a position to form a daily closing price reversal bottom.  This often starts a 2 to 3 day rally.

Uptrending Gann angle support is at 88.90.  Downtrending Gann angle resistance is at 90.45.

NZD USD

Despite the recent rally in the NZD USD, no main tops were crossed so the main trend remained down.

The main range is .7081 to .7523.  This range creates a retracement zone at .7302 to .7250.  

Uptrending Gann angle support is at .7301.  Combining this angle with the retracement zone forms a support cluster and potential downside target at .7302 to .7301.

USD CHF

The USD CHF remains in a down trend, inside of the main range of 1.0337 to 1.0035.  The retracement zone of this range is 1.0186 to 1.0222.

This morning’s rally is testing the 50% price at 1.0186. 

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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