| I like to look for a 'story' that a chart tells me (in my opinion) and also follow charts in hindsight to learn where those stories developed, where there were hints on the way, etc. For example, if there was a failed breakout up, bulls are trapped, and will be disappointed, which hints on more down. Or if a key level was almost tested but market is still indecisive or weak, that it will probably be retested again. Markets love to poke around and test various key levels, usually more than once. One should be careful when doing the above on timeframes that are too low, but doing that on a daily timeframe is fine, usually (there is never an 'always' in this game, you gotta live with the doubt and uncertainty embedded into everything we see and whatever we decide to do). Last but not least, PRICE is the MOST IMPORTANT part of the story and right now, Nasdaq futures is dancing around 11700 which is a key level for the battle between bulls and bears. Once the US market opens, traders would benefit in seeing how the 1 hour candles close in relation to that price. As of now, for me, it seems that if 11700 is not going to be protected, so no hourly candle closing abouve 11750, for that matter, then 11570 area is next and I show why that story unfolded in my mind, within the technical analysis video that take 2 and half minutes to watch. Trade the Nasdaq at your own risk. Visit ForexLive technical analysis for additional views. https://www.forexlive.com/technical-analysis |
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The weekend forex technical report for the week starting November 21, 2022
2022-11-20
Greg Michalowski of Forexlive.com looks at the technicals that are driving the forex market heading into the new trading week starting November 21, 2022.
In the video, he looks at the EURUSD, USDJPY, GBPUSD, USDCHF, USDCAD, AUDUSD and the NZDUSD
NZDUSD bounces near 100 hour MA/broken 38.2% retracement. What now?
2022-11-09
The NZDUSD has bounced off a target support level after correcting lower from a key resistance level during trading yesterday.
The buyers and sellers are lining up against the target support and resistance levels with the buyers trying to keep technical control.
Technical levels in play for the EURUSD, USDJPY and GBPUSD ahead of the US jobs report.
2022-11-04
Be aware. Be prepared
IN this pre-US jobs report, Greg Michalowski of Forexlive.com outlines the key technical levels in play. Risk is increased. The market is preparing for the next shove.
– The EURUSD has retraced and moved back to a key technical area.
– The USDJPY is trading between its 100/200 hour MAs and awaiting the next shove
– The GBPUSD is trading above and below its 200 bar MA on the 4 hour chart and within a swing area. Find out the levels and play and what are the targets through the data.
The USD is the weakest of the major currencies ahead of the FOMC rate decision tomorrow
2022-11-01
The morning technical video looks at the price action dominating in the EURUSD, USDJPY, GBPUSD and USDCHF.
The USD is the weakest of the major currencies in trading today ahead of the Fed rate decision as markets react to the hope of China abandoning their zero-covid policy. Stocks are higher. Yields are lower. Hopes are the Fed is more dovish tomorrow or at least they signal the near end of policy rate hikes.
– EURUSD (2:04)- The EURUSD is back above its 200 hour MA after dipping below that level yesterday. The selling dried up near the 38.2% of the move up from the September 28 low and the move back above the 200 hour MA, tilted the bias from bearish, back into a more bullish/neutral position. The 100 hour MA remains above as a topside target
– USDJPY (5:05) – The USDJPY is
Japanese Yen technical analysis USD vs Japanese Yen. Getting ready to short!
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The U.S. is headed toward higher interest rates faster than Japan, which makes dollar-denominated assets more tempting. The Japanese yen has fallen against the dollar.
Technical analysis shouldn’t care. A technical analysis doesn’t care about the news or why things are or should be.
A ‘pure’ chartist knows we don’t know everything. The chartist examines the price chart to find the next viable deal. She or he tries to determine whether the benefit versus risk is high enough at a pattern or location where powerful hands may respond (buy or sell).
The technical analyst may have hypotheses, such successful traders taking half or full gains, but those reasons don’t important.
That’s my goal. The next technical analysis video on USDJPY suggests shorting the pair (soon). The USDJPY short
The Morning Forex Technical report for August 31, 2022
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The Morning Forex technical report is out. in the report I set the levels for the following pairs. Take a look:
– EURUSD after dipping below its 100 and 200 hour moving averages is back above as traders consolidate the trading range and figure out where the next shove is going to be
– USDJPY is also consolidating near highs and near the highs for 2022 (and going back to 1998). The ceiling has been able to hold resistance giving sellers some hope
– GBPUSD made a new low going back to March 2020, but can’t keep downside momentum going. The pair held support at a lower trend line on the hourly chart today
– USDCHF is seeing upside momentum as traders adjust to a more accomodative central bank vs the rest (weakening the CHF)USDCAD is higher as it reacts to lower oil
– AUDUSD found
NQ technical analysis update after market opened on 28 Aug
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See the full analysis at https://www.forexlive.com/technical-analysis/nasdaq-technical-analysis-a-contrarian-long-on-nasdaq-20220829/
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