FXOpen Broker

10+ years’
experience in FX


Trading Accounts

Micro, Crypto


Free Demo

Practice Forex trading
risk free


PAMM Technology

Become a Master
or a Follower

Results 1 to 2 of 2

Thread: Daily Technical Briefing: Euro Breaks Through 1.3440 -Targets Near 1.3650

  1. #1
    Join Date
    Jun 2007
    Thanked 0 Times in 0 Posts

    Default Daily Technical Briefing: Euro Breaks Through 1.3440 -Targets Near 1.3650

    Jun 22 07 12:55 GMT |
    Daily Technical Briefing: Euro Breaks Through 1.3440 -Targets Near 1.3650
    Technical Overview
    Euro In a 3rd Wave Higher
    Japanese Yen Stalling at 124.00
    British Pound To Test 2.0000
    Swiss Franc Challenging 1.2300
    Canadian Dollar Towards Channel Line
    Australian Dollar Bullish Channel
    New Zealand Dollar Little Changed

    Commentary: As we have continued to focus on, "the 5 wave rally from 1.3261-1.3437 indicates that the larger trend is up unless 1.3261 is broken." We were looking for a small wave c towards 1.3328, which is the 61.8% of 1.3261-1.3437 but a push through 1.3437 would suggest that wave iii up is underway. In this instance, an objective is 1.3656, the 161.8% extension of 1.3261-1.3437/1.3371.

    Strategy: Bullish, against 1.3261, targeting 1.3656

    Commentary: "It is our working assumption that the USDJPY is working higher in a C wave towards the 128.00 area over the next few weeks/month. The 78.6% of 135.13-101.67, the 100% extension of 108.98-122.17/115.14, and the 100% extension of 101.67-121.39/108.98 are between 127.97 and 128.70." Near term, the USDJPY is likely to subdivide in a 5th wave before a correction. In other words, now is not the time to get bullish. Overbought and divergent RSI along with channel resistance indicate the potential for a pullback.

    Strategy: Move to flat, we'll look to return to the bull side on a correction of the 5 wave rally from 120.75.

    Commentary: From yesterday "look for weakness/consolidation for the rest of the New York session before the 5th wave rally begins (which should exceed 1.9947)." Cable has thrust higher in a 5th wave which is likely to subdivide higher. Potential resistance is at the 161.8% extension of 1.9883-1.9939/1.9910 at 2.0001 and where wave 5 (beginning at 1.9883) would equal wave 1 (1.9621-1.9780) at 2.0042.

    Strategy: None

    Commentary: We wrote yesterday that "the final leg of the correction is likely to play out the rest of the week towards the 61.8% of 1.2145-1.2476 (1.2271)." The USDCHF is tracking our count and there is no change. Potential support is at the confluence of the 50% of 1.2145-1.2476 / 100% extension of 1.2476-1.2353/1.2424 at 1.2301/11.

    Strategy: Look to get bullish near 1.2271, against 1.2145, targeting a break above 1.2476.

  2. #2
    Join Date
    Jun 2007
    Thanked 0 Times in 0 Posts


    Commentary: The rally through 1.0750 negates the idea that a doublezig correction is complete. Price is approaching potential channel resistance, near 1.0800 today. We are looking for this correction to continue towards the channel resistance before a 5th wave decline brings the USDCAD below 1.0548.

    Strategy: None

    Commentary: A bullish may be forming. Channel support is at .8460 and channel resistance is near .8540. The dominant pattern on the daily is the 3 wave setback from .8390 to .8162, which is bullish. Rallies since have unfolded in an impulsive manner. The channel offers the best reference points from which to trade.

    Strategy: None

    Commentary: There is no change from yesterday as Kiwi continues to confuse. "The 5 wave decline from .7637 to .7465 suggested to us that at least another 5 wave decline was going to occur with .7637 remaining intact. This could still happen but with Kiwi pressing up against .7600, our confidence in the bear side is low. We do not have a strong opinion on NSDUSD at the moment as the rally from .7452 is sloppy so we are looking at the daily chart for perspective. Watch the resistance line drawn off of the May 2006, April 2007, and June 2007 highs for a potential reversal. If the pattern clears up, then we will write about here."

    Strategy: None



    Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
2005-2020 © FXOpen All rights reserved. Various trademarks held by their respective owners.

Risk Warning: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgment as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

FXOpen Markets Limited, a company duly registered in Nevis under the company No. C 42235. FXOpen is a member of The Financial Commission.

FXOpen AU Pty Ltd., a company authorised and regulated by the Australian Securities & Investments Commission (ASIC). AFSL 412871ABN 61 143 678 719.

FXOpen Ltd. a company registered in England and Wales under company number 07273392 and is authorised and regulated by the Financial Conduct Authority (previously, the Financial Services Authority) under FCA firm reference number 579202.

FXOpen does not provide services for United States residents.

Join us