Forex Charting Tutorials

Look at this Head and Shoulder forming on the 4 hour chart. Things would get bearish if the right shoulder gets broken.

The daily chart for aud/usd shows shows price breaching the green 22 sma, but encountering selling pressure and showing a possible evening star reversal candle formation. It will take a while to play out. Moms are looking flat and mixed. Decision time.

Strategy: Range Trade Technique until breakout occurs.

The daily chart shows the price still inside the descending channel formed on the flag formation.

Where is the buying interest sitting? Look at the 38fib area, and that brown 55 sma.

the weekly chart for eur/usd shows the retrace up to the yellow 5 sma and the red 200 sma areas before running out of steam. The market will price in around a 100 basis point rate cut for the ECB in the next 12 months or so. Expect the USD to regain some strength.

We have exited our long positions and will stand aside until the NFP next week. Expect some choppiness and profit taking for the end of the month accounts.

The daily chart shows the move up hitting resistance and stalling. We see cluster resistance here provided by the 61 fib, the 5 sma and the red 200 sma, on the weekly chart and the green 22 sma on the daily chart.

Beautiful flag (or pennant) formation on this daily chart for eur/aud. She will test the lows of her range before heading higher.

The new weekly 1 candle mom is pointing down, showing a retrace is coming to retest the 5 sma high or the 5 sma close price.

Beautiful example of a bullish flag or pennant formation. Notice the breakout retracing to retest.

We have gaps in the asian open. Do you feel lucky?

RATES WERE CUT ACROSS THE BOARD IN CENTRAL BANKS

Global coordinated rate cuts were seen today. .50% across the board.

Monitor the Market sentiment, oil, and gold, Chf, and USD to follow where the money goes. Safe havens are being sought for now, until this Bailout issue gets resolved.

Expect panic selling. Expect support/resistances to be broken both directions in all pairs.

EASY Money