The Aussie is now at a confluence of resistance levels at around 9530:
The previous support line broken now turn resistance
61.8 retracement of swing high-low
30-ma on the daily chart
Price shows immediate reaction. Some work might need to be done.
Posted on June 20th, 2008 by Soh Tiong Hum
Filed under: Technical Picture | No Comments »
Together with the previous high at 102.00, we might see some resistance before price is able to clear.
FX is steeped in the use of Fibonacci levels. The A-B-C reveral pattern of higher-low is also a 50% retracement level.
Posted on June 11th, 2008 by Soh Tiong Hum
Filed under: Technical Picture | No Comments »
Things may be falling into place for a key decision to be made. We got the USDJPY at a 38.2 retracement (106.67) of the weekly high-low which is likely to act as a strong resistance.
In the meantime, EURUSD is supported by the 61.8 retracement (1.5566) of the daily high-low while gold is also likely to have strong support at USD [...]
Posted on June 10th, 2008 by Soh Tiong Hum
Filed under: Technical Picture | No Comments »
Well we got a number of big things last night: the Employment Situation for the US was out and then Oil reached nearly USD140 per barrel.
It is fascinating that currency pairs prove that they abide by technical studies so closely. The USDJPY almost hit the 38.2% retracement of the weekly high low and quickly retreated when Dollar [...]
Posted on June 7th, 2008 by Soh Tiong Hum
Filed under: Economic Indicator, Technical Picture | No Comments »
There is a confluence of supports here at this moment for the Cable. Besides a throwback to the previous resistance trendline, there is an addition of 55ma on the 4-hour chart as well as monthly and weekly pivot M2. If the 1.9600 to 2.0024 move were to qualify as a bullish wave1, the current down (potential wave2) [...]
Posted on April 22nd, 2008 by Soh Tiong Hum
Filed under: Technical Picture | No Comments »
The current low of USDJPY has made an extended move of 161.8% of wave 1. It waits to be seen now whether we have a reversal or a revision of the wave count.
Posted on April 21st, 2008 by Soh Tiong Hum
Filed under: Technical Picture | No Comments »
To handle the volatility and ranging behaviour of many pairs in the forex market, the trader should be prepared to enter at a point of strength or have a very wide stop.
Most day traders would probably not be prepared to have stops of 50 pips or more. Having a nice small stop would prevent excessive [...]
Posted on April 17th, 2008 by Soh Tiong Hum
Filed under: Lessons & Events, Technical Picture | No Comments »
Weekly pivot of 99.60 may be an interesting level to watch as the 50-ma for the 15 min, 60 min and 240 min charts are now congested at around this region as well.
Posted on March 31st, 2008 by Soh Tiong Hum
Filed under: Technical Picture | No Comments »
