EUR

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.

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.