EDGE Chart of the Day 5-29-14 AUD/NZD

29. May 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags:

5-29-14AUDNZD

 

The AUD/NZD broke out of its 6 month trading range today, suggesting a move to above 1.1300 in the coming weeks. 1.1330-50 represent a cluster of Fibonacci levels from the decline from late 2013 to early 2014, and also the decline from the high of 2013 to the low of 2014. 38% from the 2013 highs and 78% from the last move lower. In addition, the double bottom (or slightly higher low) and neckline break (today) suggest a move to above 1.1300 is likely and targets the cluster of Fib levels.

Buying dips to 1.0900 seems like a good long side set-up.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

Disclaimer, I had established a long trade sub 1.0800 last week and have added to longs this morning.

Blake

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EDGE Chart of the Day 5-28-14 NZD/USD

28. May 2014 · 1 comment · Categories: EDGE Chart of the Day · Tags:

5-28-14NZDUSD

 

The NZD/USD broke its 38% Fib support and multiple horizontal support points. The next logical support is at the 50% retracement level and also 50% Fibonacci support at .8415-20.

Blake Morrow

Chief Currency Strategist

Disclaimer: I have been short NZD/USD for last couple weeks.

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EDGE Chart of the Day 5-23-14 USD/SEK

23. May 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags: ,

5-23-14USDSEK

 

USD/SEK bull flag formation, targets about 6.7500. Also, breakout of strong downtrend line and bounce off 200SMA on the daily chart.

Blake Morrow

Chief Currency Strategist, Wizetrade

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EDGE Chart of the Day 5-22-14 AUD/CAD

22. May 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags: ,

5-22-14AUDCAD

 

After a near perfect “Gartley” pattern, the AUD/CAD is now in process of completing a Head and Shoulder’s pattern which is commonly seen as a reversal pattern after a strong uptrend. Current target is about .9925

Blake Morrow

Chief Currency Strategist, Wizetrade

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EDGE Chart of the Day 5-21-14 USD/JPY

21. May 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags: ,

5-21-14USDJPY

 

The USD/JPY bounced off horizontal support, the 200 day SMA and also looks to create a very long wick daily hammer. I doubt this will change the course of the USD/JPY (meaning I believe it will move lower in weeks to come) but may be good for a bounce for the next 1-2 days.

Blake Morrow

 

Chief Currency Strategist, Wizetrade

 

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EDGE Chart of the Day 5-20-14 USD/CAD

20. May 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags: , ,

5-20-14USDCAD

 

The USD/CAD is breaking a downtrend line, which now opens up a move to retrace back towards the 1.1000 level. This is following a false breakdown and tweezer bottom at the monthly breakout point at 1.0850.

Blake Morrow

Chief Currency Strategist, Wizetrade

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EDGE Chart of the Day 5-19-14 EUR/NZD

19. May 2014 · 2 comments · Categories: EDGE Chart of the Day · Tags: , ,

5-19-14EURNZD

 

The EUR/NZD daily chart may have put in a double bottom at the daily 61.8% Fib retracement level. Even though a double bottom may not be clear until we get past the 1.6275 level, if the pair hits a 3 day high above the 1.5910 level we could see a move back above 1.6000.

Blake Morrow

Chief Currency Strategist, Wizetrade

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EDGE Chart of the Day 5-16-14 EUR/GBP

16. May 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags: ,

5-16-14EURGBP

 

The EUR/GBP is breaking a confluence of a 61.8% retracement of the 2012 low to 2013 high, and also a weekly trend line from the last 7 years. Fundamentally, the trade makes sense as the ECB may be proactive to ease monetary policy the next month, and the BOE is expected to raise rates sometime next year.

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I am short the EUR/GBP near current levels.

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EDGE Chart of the Day 5-15-14 SPX futures

15. May 2014 · 19 comments · Categories: EDGE Chart of the Day

5-15-14ES

 

The E-mini futures is testing the 50 DMA currenty. Price was moving higher (upper yellow trend line) and hitting higher highs, but bigger issue for bulls currently is as price was moving higher, RSI (below) was divergent and now is breaking down.

If the futures close below the 50 day SMA, that could be a bearish event given that usually the last month we have tested and bounce back above.

Blake Morrow

Chief Currency Strategist, Wizetrade

 

I AM ADDING THE CHART BELOW IN RESPONSE TO THE COMMENTS FROM ANON, the smart guy. 

5-15-14ES1

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EDGE Chart of the Day 5-14-14 GBP/USD

14. May 2014 · Write a comment · Categories: EDGE Chart of the Day

5-14-14GBPUSD

 

GBP/USD has a Head and Shoulders pattern that targets the 1.6660 level, which is horizontal support and a 61.8 Fibonacci retracement. This is a bearish breakdown from multi year highs.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

Disclaimer: I have been short the GBP/USD since the ECB meeting on Thursday, May 8th.

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