Following on from previous EUR USD analysis posted on this site over the last few Weeks, I've finally decided that I've spent too long waiting and missing desired entries!
The first ideal entry was 1.3000 and I missed that when it rallied 200 points within the couple of hours I was away from the screen.
Not finding anything particularly easy to read at the moment, so treat the following post as me thinking aloud!
The 2 Indices I trade most are DOW and FTSE, so I'll start with my thoughts on those.
First of all to make clear, I have no idea where they are going, struggling a bit to be honest, so the following is based on my system.
It's getting late, so just a very quick post to keep you updated with a couple of potential swings I'm watching.
EUR:USD should find major support in the 1.3000 level. The level is probably heavy with stop losses, so a spike lower could be a a great swing long entry.
On scanning through the charts last night shortly after futures opened I selected a number of potential Swing Trade candidates worthy of further analysis. My thoughts, as posted on the ADVFN forum were as follows:
AUD:CAD - Potential Swing short
GBP:USD - Swing Long, but not yet, see Weekly chart
USD:CHF - Possible falling wedge, confirmation should come quickly
AUD:CHF - At support ready for Swing Long
GBP:CHF - A speculative Swing long if it finds support as it's still not hit my upside target set early last Year
CAD:JPY - Maybe a short, but no confirmation yet and my fib levels are a bit hit and miss, but keeping an eye on it.
EUR:AUD - For a short term trade on the short side if we can get an hourly close below current support - which is where price is right now (23:00 1st Jan), doubled up with the hourly 200 MA. If both of these fail to support price, should see more downside.
Due to other commitments outside of trading my attention has been predominantly elsewhere though I have tried to follow Market movements where possible.
Firstly, a brief outlook of Stock Markets based specifically around the DOW which may look like it's going to plunge, but I'm not sure about pre-empting that move for the following reasons:
On following the EUR:GBP Daily chart for some time, the price action over the last couple of Weeks is suggestive of a weakening retrace within an ongoing down trend. The Daily chart showing ideal conditions ahead of a swing short, however, other time frames are not as clear cut. Any decision to enter a swing trade on this pair will probably have to be made through determining the key levels on the particular time frame you wish to trade.