Categories
Search
 

Web

TigerShark
Popular Authors
  1. Dave Mecklenburg
  2. Momentum Trader
  3. Candlestick Trader
  4. Stock Scalper
  5. Pullback Trader
  6. Breakout Trader
  7. Reversal Trader
  8. Mean Reversion Trader
  9. Frugal Trader
  10. Swing Trader
  11. Canslim Investor
  12. Dog Investor
  13. Dave Landry
  14. Art Collins
  15. Lawrence G. McMillan
No popular authors found.
Website Info
 Free Festival of Traders Videos
Article Options
Popular Articles
  1. A 10-Day Trading System
  2. Use the Right Technical Tools When You Trade
  3. Which Stock Trading Theory Works?
  4. Conquer the Four Fears
  5. Advantages and Disadvantages of Different Trading Systems
No popular articles found.
Euro Commodity Crosses Set to Break Down
By Jamie Saettele | Published  06/23/2006 | Currency | Unrated
Euro Commodity Crosses Set to Break Down

EUR/AUD - EUR/AUD has rallied but stalled the past week at the 61.8% fibo of 1.7351-1.6810 at 1.7143.  Taking a closer look - the hourly chart suggests that the rally from 1.6810 as a large right shoulder of a month long head and shoulders pattern.  The daily chart shows that the neckline is around 1.6900 at present, but the neckline does increase roughly 8 or 9 pips a day.  There is a shorter term support line from the 6/12 low at 1.6810 - which sits near 1.7100 and a break lower there would expose the 6/20 low at 1.6985.

EUR/CAD - EUR/CAD continues to hold below a resisting trendline that began on 2/24.  That trendline is not until around 1.4300 (the picture is cautiously bearish as long as price remains below) but the 20 day SMA is just above current price 1.4100.  The bearish bias would be significantly bolstered on a break below the confluence of the 6/21 and 6/22 lows / 200 day SMA at 1.3964/1.3987.  A break above the trendline at 1.4300 would expose the 5/24 high at 1.4455.  A shorter term trendline on the hourly at 1.4137 provides resistance.  Hourly RSI has turned over and is slowly heading down.

EUR/NZD - EUR/NZD has rallied the past two weeks and is rapidly approaching the 5/15 high at 2.0834.  Opportunities exist at that 'make or break' point.  If the pair breaks through to a new high, then we could see a rally to the 78.6% fibo of 2.3034-1.6310 at 2.1586.  However, a failure creates a double top, which would suggest that the path of least resistance is down towards the 6/20 low at 2.0185.  The pair currently rides along the upper Bollinger band on the daily - a common reversal area.  Negative divergence with RSI on the hourly favors weakness going forward.

Jamie Saettele is a Technical Currency Analyst for FXCM.