Autochartist Forecast
EUR/USD Looks for Support in Rally to 1.4400
Yesterday's afternoon spike of the EUR/USD caught many traders by surprise. It came without any scheduled releases during the latter part of the New York trading session. The week in general is typical of late summer with thinly traded sessions. Moves like this are not completely unexpected. However, now traders must decide if the move had merit since it occurred during what can be considered the "doldrums hours" (between the London close and the Sydney open).
The move on the EUR/USD began at approximately 2:05pm EST and from the graph above it's clear that as afternoon hours pass the 2:00pm bar is the most volatile. The sample size of the price on the graph reflects movement over the course of a month. During this period there are 2:00 and 2:15pm EST news releases like FOMC decisions on rates, FOMC minutes, Beige Book, etc. This movement is not unusual but the fact that it was unaccompanied by data is.
Consider also that the EUR/USD on the daily chart has been in an uptrend, although not steep. It certainly has been steady and that was established as can be seen by the Initial Trend reading on the Continuation Rising Wedge chart pattern.
The play this morning is should show that patience is a virtue as it is Friday and London will be heading into the weekend starting at Noon EST. There is excellent 15 minute Forecast Region support for the EUR/USD intraday between the 1.4330 and 1.4310 area. This also represents buyers at the psychological levels of 1.4320 and 1.4300 who are willing to support this price area.
Look for channel up and rising wedge chart pattern alerts across the 15, 30, and 60 minute charts. These alerts will use this Forecast Region support and follow the up trend on corrections to this area.
For further information on this and other chart patterns visit www.autochartist.com
The move on the EUR/USD began at approximately 2:05pm EST and from the graph above it's clear that as afternoon hours pass the 2:00pm bar is the most volatile. The sample size of the price on the graph reflects movement over the course of a month. During this period there are 2:00 and 2:15pm EST news releases like FOMC decisions on rates, FOMC minutes, Beige Book, etc. This movement is not unusual but the fact that it was unaccompanied by data is.
Consider also that the EUR/USD on the daily chart has been in an uptrend, although not steep. It certainly has been steady and that was established as can be seen by the Initial Trend reading on the Continuation Rising Wedge chart pattern.
The play this morning is should show that patience is a virtue as it is Friday and London will be heading into the weekend starting at Noon EST. There is excellent 15 minute Forecast Region support for the EUR/USD intraday between the 1.4330 and 1.4310 area. This also represents buyers at the psychological levels of 1.4320 and 1.4300 who are willing to support this price area.
Look for channel up and rising wedge chart pattern alerts across the 15, 30, and 60 minute charts. These alerts will use this Forecast Region support and follow the up trend on corrections to this area.
For further information on this and other chart patterns visit www.autochartist.com
28 August | 
2 comment
2 commentComments:
30.08.2009 09:21
Message for Guideline is not create. For active guideline send to my E-Mail account.
30.08.2009 14:33
gostaria de entender melhor os graficos
