FX Major Swings

In this thread I will be tracking the major support and resistance levels on some FX majors.

These levels are taking from monthly charts to daily charts at the very lowest and are intended for longer term trades.

Check out my other threads as well;

5SS PAMM accounts on various risk levels.

The Dow(n) - Crash analysis posted on various indices (thread started before Black Monday and forecast the bottoming levels of that)

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USDCAD

We have traded into strong resistance on USDCAD and we have bearish price action from this area.

For as long as we are trading under this upper resistance level we have a bearish bias on this pair.

If you seek confirmation, a break under 1.312 and a retest of that level we would consider to be confirmation.

Downside targets;

1.284
1.270

A break over this level we would consider extremely bullish and we would then we're analysing the market again to determine our upside targets.

USDJPY

We came just short of the upper resistance level we have defined.

It is yet to be determined if this was just a miss of that level or if we will trade back up into that.

117.98 we have as our bearish breakout level.

A closed day under this we would consider the market weak (even the wick through it we consider somewhat bearish).

Downside target 107.

Break over the upper level and we have to consider bullish potential.

EURUSD

Looking to buy this, we are not deterred by the "scary" bearish price action.

After the first breakout of this level target 1 has been met and we have reverted to the mean.

We are looking for another strong push up on this with an upside target of 1.1894.

If you seek confirmation - we would consider a break and close over 1.135 to be that.

The blue zone is our bullish breakout zone.

We find the current area to be ambiguous and will probably refrain from trading until the bulls retake the blue zone.

We may post some bearish scenarios in due course.

Green lines are our upside targets.

I appreciate that since this style of trading will take a while to prove or disprove if my analysis is any good or not that it will be hard to know if I am worth following or not.

Here is an example of one of my recent major swings signals.

EURGBP

This had traded up and above our bullish breakout zone but it closed the week under it.

The price action on this also looks very bearish but we have a more bullish bias but we want to see price breaking above the blue zone.

In the event of such a break, the green lines are the target areas.

AUDUSD

We are bullish on this but price has a long way to go to breakover out breakout zone.

The risk:reward on this trade buying it around this price with stop loss under the lows established is very good.

The blue zone can be the initial target and the green lines if it breaks.

We expect a lot more weakness in this in a month and one of the green lines may also be where we trade a reversal from.

NZDUSD

Bullish while we are above this blue line.

As with the AUDUSD we expect this to weaken in the coming months (we expect this along with oil being strong in the short term and then weak, oil analysis is posted in the Dow(n) thread) so the green areas may also mark one of the areas we want to trade a reversal from.

What is the stops of eurusd ????