Pattern, Price & Time Intra Day Forex Analysis

Today’s report offers technical details of current trading activity.

Analysis

EUR USD

The EUR USD is trading lower today but mounting a strong comeback on the intraday charts.  The main trend is still up on the daily chart which suggests that buying dips is still the strategy being used by investors.

The main range is 1.4625 to 1.5049.  This creates a retracement level at 1.4837 to 1.4787.  Today’s low is 1.4842.  This price is slightly better than a 50% correction of the current range.

GBP USD

The GBP USD sold off early today after breaking uptrending Gann angle support at 1.6786.  Oversold conditions on the intraday charts is helping to trigger a short-covering rally at this time.

The short-term range is 1.6843 to 1.6515.  The main trend will turn to down when 1.6515 is violated.

The longer-term range is 1.5706 to 1.6878.  This range suggests that a hard sell-off could trigger an extended break to 1.6292 to 1.6154.

USD JPY

The main trend is down for the USD JPY.  Today’s downside momentum had this market on pace for a test of 87.99 before buyers stepped in.  At this time the market is trying to regain an uptrending Gann angle at 88.96.

USD CHF

The USD CHF remains rangebound between 1.0337 and 1.0035.  The retracement levels of this range are 1.0186 to 1.0222.  This morning’s rally stopped near the 50% price at 1.0195 for the second time this week.  This indicates that a close over 1.0186 will be bullish.

Downtrending resistance is at 1.0217.  This combines with the .618 retracement level at 1.0222 to form an important resistance cluster.

Uptrending Gann angle support moves up to 1.0127 and 1.0080 today.

AUD USD

The AUD USD is under selling pressure today as traders are dumping higher yieldiing assets.  The main range is .8905 to .9405.  This creates a retracment zone at .9155 to .9096.  Today’s break stopped inside of this zone at .9132.  Regaining uptrending Gann angle support at .9165 could provide some late session support.

NZD USD

The NZD USD fell sharply overnight after New Zealand labor pulled its support from the Reserve Bank of New Zealand.  Labor is concerned that central bank policies are hurting the economy.  They claim that the higher currency is hurting the export business.

The main trend is down.  The main range is .7081 to .7523 with a range at .7302 to .7250.  Today’s low fell between these two numbers.  Traders bought as the market fell into this zone and triggered a short-covering rally.

Weakness accelerated today when uptrending Gann angle support was broken at .7341.  The charts suggest that the next likely Gann angle support is .7211.

USD CAD

The USD CAD is trading stronger today.  The new main range is 1.0870 to 1.0416.  This range sets up a retracement zone at 1.0643 to 1.0697.

Downtrending resistance is at 1.0650.  This creates a resistance cluster at 1.0643 to 1.0650.

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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