EDGE Chart of the Day 9-3-14 EUR/USD

03. September 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags:

9-3-14EURUSD

The USD has been very strong as of late, but tomorrow’s ECB meeting may create a pause in the USD’s ascent. The EUR/USD came out of a descending wedge which may create a near term bounce. The EUR/USD may rally back towards the 38% retracement of the recent fall at 1.3230 or fill the gap just above at 1.3240.

Keep in mind tomorrow’s ECB meeting could radically change the look of the EUR/USD depending on how the central bank tailors monetary policy. Also to note, recent CFTC data shows that the non-commercial positioning of the EUR/USD is aggressively short, a contrarian may point out that the EUR/USD may be ready for a near term reversal.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

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EDGE Chart of the Day 9-2-14 EUR/NZD

02. September 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags:

9-2-14EURNZD

EUR/NZD is testing a major downtrend line at 1.5775. A move above resistance at 1.5900 (red line) would suggest a bullish recovery is on the way.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

Disclaimer: I have been long the EUR/NZD for more than 4 weeks.

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EDGE Chart of the Day 8-26-14 SPX Monthly Chart

26. August 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags:

8-26-14SPX

The S&P currently has rallied nearly the same point difference from the lows after the “1987 crash” @216.46, to the highs created in March 2000 @1552.87.

If you take the lows created March 2009 @666.79 known as the infamous “Haines Bottom” (after the late Mark Haines CNBC anchor), to create an equal leg we should get to “2003.20” in the SPX.

“Elliotitians” would call that an “ABCD pattern.”

Today’s highs (at writing) is at 2002.33.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

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EDGE Chart of the Day 7-28-14 AUD/CAD

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

7-28-14AUDCAD

 

The AUD/CAD is up against channel and Fibonacci resistance just below the 1.0200 level. For those looking to play short with a good and manageable risk/reward, this could be a good set-up. Personally, I just took advantage of it myself near current levels.

Blake Morrow

Chief Currency Strategist, Wizetrade

Disclaimer: I just sent short at current price earlier this session.

 

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EDGE Chart of the Day USD/NOK 7-25-14

25. July 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags:

7-25-14NOK

 

A commodity currency attempting to fly under the radar (with the emerging USD strength) is the USD/NOK. The pair is coiled up in a very tight range on the 4 hour chart. With the fall in the CAD, NZD and AUD I would expect the USD/NOK stages a rally, especially if the USD index closes above 81.00 today.

H/Y for Allen F for bringing to my attention today on the Morning EDGE webinar today.

Blake Morrow

Chief Currency Strategist, Wizetrade

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EDGE Chart of the Day EUR/AUD 7-24-14

24. July 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags:

7-24-14EURAUD

 

The EUR/AUD FINALLY completes a H&S pattern, that went into play late March of this year.

Notice the divergence in relative strength (RSI) on this last low (today). This pair is poised for an oversold bounce after completing long term pattern.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

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EDGE Chart of the Day – AUD/USD 7-22-2014

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

The AUD/USD has a head and shoulders set up with the neckline at .9320. Right shoulder resistance is at .9440’s. With the event risk this week (CPI tonight and China HBSC PMI tomorrow) there is a good chance we either break the neckline, or stage a bullish breakout in a strong multi year downtrend (red trend line near .9500). Either way, the AUD/USD is set up to make a move in the coming week(s).

7-22-14AUDUSD

 

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I am short the AUD/USD for the last week near current levels.

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EDGE Chart of the Day 7-3-14 USD/CAD

03. July 2014 · Write a comment · Categories: EDGE Chart of the Day

7-3-14USDCAD

 

The USD/CAD has pulled back to levels that I typically start looking for entries. “Back testing a broken trend line (blue)” and also testing an “uptrend line (yellow).” also, just around the 1.0600 level we have a 38% retracement. I suspect a bounce in close in this pair.

This is a monthly chart, btw.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I have been slowly building a long position this week.

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EDGE Chart of the Day 6-25-14 EUR/AUD

25. June 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags:

6-25-14EURAUD

 

The EUR/AUD is close to being bullish. On the Morning EDGE webinar we have been monitoring the yellow downtrend line for the last several weeks. Knowing that the market is currently playing the Head and Shoulder’s pattern (toward 1.41xx) there is a risk the market may be caught short on a break above 1.4560 (previous support – red line).

A break above 1.4560 may create a short squeeze higher in the pair.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

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EDGE Chart of the Day 6-24-14 GBP/USD

24. June 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags: ,

6-24-14GBPUSD

 

The GBP/USD rallied into major resistance and 5+ year highs at 1.7040, tripped a 127% extension at 1.7060 (not shown) all while diverging on RSI. The pair looks set to pull back after the BOE’s inflation report hearings earlier today.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I did short the GBP/USD earlier in the session close to 1.7000 and plan on holding for the next few days.

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