Search results

Meetup group for Chicago traders and trading industry professionals. Network, share strategies and socialize... Next meetup is on July 14th at Rivers, located on the lobby level of The Chicago Mercantile Exchange Building (30 S Wacker Drive Chicago 60606). More info here...

NZD/USD dropped 4% after Standard & Poor revised it's currency credit rating from 'stable' to 'negative'. The New Zealand dollar's base interest rate of 5% makes it a popular carry trade currency. It is also regarded as a commodity currency, known for it's close correlation to gold. As the...

U.K. home sales slumped for the month of October - declining to the lowest level in three decades while home prices continue to fall. Last week the Bank of England cut the benchmark interest rate to 3% - the lowest since 1955, in an effort to boost the economy. Technically we see the GBP/USD...

Pressure building up in the USD/CHF horizontal channel between the near support of 1.1710 and the multiple top resistance level of 1.1804. Recent upmove is also contained within the larger upward sloping channel displayed in the chart. Momentum still in bullish territory as reflected by...

Looking at USD/CAD, we can see a major bullish SMA crossover on the daily (50 SMA crossing 200 SMA). Price is trading within a major symmetrical triangle, and the minor symmetrical triangle within it provides near resistance to the upside. Momentum reflected in RSI remains on the gate, modestly...

Looking at the daily NZD/USD we can see pressure building along the lower trend line of the symmetrical triangle -beneath we have support at the double bottom in the 0.7369 area - adding to the bear case we are trading below the 200 period SMA and selling momentum is strong as reflected in RSI.

Looking at the daily EUR/USD chart we can see a bull flag has formed. Bull flags are defined by lower tops and lower bottoms, with the pattern slanting against the trend. Price is currently pressed right up against the upper flag trend line. The bull flag is a continuation pattern -...

Looking at the daily chart - having retraced upwards to 50% of the recent major downmove USD/CHF has been consolidating downward in a channel forming a bull flag. It retraced down to 50% of the recent upmove, while oversold stochastics begin to curve upwards.

GBP/USD has broken the major downtrendline and rallied to the 50% level of the recent downmove. RSI remains bullish. The next major 50% retracement level is at 202.61.

Price having broken out from the trend channel as shown on the daily chart continues to make higher highs. Meanwhile RSI has been making lower highs, suggesting a possible trend reversal. Support should exist along the upper trend channel line (formerly resistance).

Looking at the daily GBP/JPY we can see that we are trading close to support at the 38% fibonacci level and Senkou Span Line. We are bullishly trading above the Kumo (cloud) and we received a normal strenth buy signal when the Tenkan-Sen crossed above the Kijun-Sen from below within the...

Regular divergence between price and a momentum oscillator such as RSI indicate a possible trend reversal. The scenario of price making lower lows along with the oscillator is making higher lows is described as regular bullish divergence - suggesting a bullish trend reversal. The daily...

Although momentum has slowed down on the daily chart, the 50 and 200 SMA's appear poised to cross over with further movement to the upside (golden cross). We have resistance to the upside at 108.58 and support rising underneath with the up trendline that forms the bottom of the channel as shown...

It's an attractive technical chart as I type this - GBP/USD pressed against resistance of the major down trendline and 200 SMA. On the daily chart the oscillators are bullish across the board and we are trading above the daily pivot of 1.9684. If the aforementioned downtrendline/SMA resistance...

Looking at the daily chart GBP/USD nearing resistance at the downtrend line and 200 period SMA:

The Turkish Lira (TRY), offers the highest interest rate in the industrial world (16.25%) while borrowing the USD will only cost you 2.00%. Selling USD/TRY will yield you the hefty interest rate differential of 14.25%. And that's without using any leverage. Technically we are starting to...

GBP/USD we can see the pressure building up in the descending triangle formation. Look for resistance along the down trend line and 200 Period SMA. Support zone is well established by the triple bottom. EUR/USD: USD/CHF - if the 50 level gets violated to the upside, I will be...

Looking at the USD/JPY daily chart we can see a nice channel guiding price upwards: Price currently trading around the pivot, contained within S1 and R1: Ichimoku chart looks bullish -trading above the Kumo and following the bullish Tenkan/Kijun crossover:

Looking at the daily USD/JPY we are right up against the down trendline and the 61.8% fibonacci level:

Fib retracements can work particularly well in periods of increased volatility - such as we saw this morning with the Employment Report. The following is a classic example - GBP/USD retraces to 50% of the initial upmove after the numbers came out - entering long at the 50% level something of a...