Technical Price Pattern Analysis for EURUSD, GBPUSD, AUDUSD, NZDUSD, USDJPY, USDCAD and USDCHF - monthly RSI has broken out of a triangle pattern
Weekly
-“BIG picture, monthly RSI has broken out of a triangle pattern.
Sometimes, a pattern breakout in momentum (or OBV) precedes the breakout
in price. The development’s implications are obviously significant.”
-“There is a long term level to be aware of. The line that extends off
of the 2008 and 2010 lows is at about 1.0545 this week. The March 2003
low is at 1.0499.” EURUSD ends the week at 1.05.
GBPUSD
Weekly
-“A breakout from a 1 month inverse head and shoulders pattern is valid
above today’s low (breakout day) but GBPUSD does face channel resistance
at this level. The reversal pattern’s objective is 1.5494, which is in
line with the December low at 1.5485.”
-“GBPUSD met the target and traded into the mid-1.5500s this week. There
is good resistance here from former lows and slopes on multiple time
frames. A breakdown towards 1.4250-1.4350 may be underway.” Look towards
the mentioned levels as long as price is below 1.5030.
AUDUSD
Daily
-“Today’s (2/26) reversal comes just shy of channel resistance. As long
as price is contained by channel resistance, downside resolution remains
possible.” Focus remains on the lower end of the channel in the low
.70s but channel resistance must hold. A push above would indicate an
important behavior change.
NZDUSD
Weekly
-“NZDUSD traded to the 61.8% retracement of its 3 year range today
(.7929) and the next level of interest probably isn’t until the 2013
Labor Day gap at .7722. One can’t help but notice that an epic double
top is possible with a target of .5898. That would trigger on a drop
below .7370.”
-If the major double top is going to prove successful, then the February high needs to remain in place.
USDJPY
Weekly
-“Continue to favor a broad range as 119.80-120.70 as resistance and
116.40-117.10 as support. A move through either one of these zones would
define target zones of 124-128 and 110-114.”
-USDJPY is flirting with a breakout from the cited resistance zone
(120.70). The next area of interest on the upside would be
123.16-124.13. A daily close below 119.50 would indicate a reversal.
USDCAD
Weekly
-“The contracting range indicates potential for a triangle from the
high. Typically, a triangle will lead to a thrust in the direction of
the preceding trend.” Triangle targets are 1.3074 and 1.3245. If the
path is still higher, then former triangle resistance should provide
support if reached (about 1.2550).
USDCHF
Monthly
-“USDCHF has retraced nearly the entire SNB fiasco and returned to the
year open price. This level is also the 2012 high. A confluence of such
important prices (year and open and a former yearly high) is often
decent support/resistance so a break through this would major. The
median line remains estimated support near .9300.” An upper parallel is
all that remains as possible resistance before the high.
