Forex Technical Analysis for September 15, 2011

EUR/USD Technical Analysis for September 15, 2011

The EUR/USDpair fell hard, rose, fell again, and then finally rose during a wild session in the markets on Wednesday. The pair is decidedly bearish, and looks like a sell by most accounts. The chart does look like the EUR/USD wants to bounce, and that wouldn’t be much of a surprise given the ferocity of the fall over the last couple of weeks. However, we don’t buy as we think there are simply far too many issues that can pop up at any time and send this pair back down. We still like selling rallies, and would expect 1.38 and 1.40 to be resistive.

AUD/USD Technical Analysis for September 15, 2011

AUD/USDfell hard during the first part of the session on Wednesday, but then shot straight up as the markets had found a footing in the US session. The resulting candle for the day is a hammer, and it looks like the 1.01 level has been supportive again. The pair looks like it wants to rally and if it does – we feel that the 1.05 area may cap any gains. The breaking of parity is needed for us to be short for the longer-term and to be more aggressive about selling. With the 1.05 area being so important, we are thinking of selling rallies at this point.

EUR/CHF Technical Analysis for September 15, 2011

The Swiss National Bank has recently pegged the Franc to the 1.20 mark, and that is exactly where we find ourselves over the last several days. The pair isn’t moving, and that is because few people are bullish on the Euro, and even less want to take on the SNB. The pair looks like it is a “buy only” pair, buy we have to wait for the EU to get its act together before we can go long this pair.

NZD/USD Technical Analysis for September 15, 2011

The NZD/USDpair fell on Wednesday as traders sold some of the more risky currencies. The pair looks like it is finding support in the 0.81 zone, and as such – we feel a bounce is coming. However, it must be stated that the 0.84 level is still the top of the trading range, and should be massively resistive. A break of the top of Wednesday’s candle would be bullish for the short-term, and a breaking of the 0.8000 level on a daily close would have us massively short.

USD/JPY Technical Analysis for September 15, 2011

The USD/JPY pair fell on Wednesday as traders continued to dump the USD in general. The markets were choppy during the session, but the events in Europe are still leading the charge as far as direction overall. The markets are very weak, and continue to get whipped around with every little piece of news coming out of the EU. This pair is in its own world though, and is being supported by the Bank of Japan. The 76 level seems to be their “line in the sand” and it appears that quick scalps from that level to the upside are the way to go until we happen to close on the daily chart below it.

GBP/USD Technical Analysis for September 15, 2011

The GBP/USD fell during the session on Wednesday, and broke the fresh lows again. However, during the latter hours of the session, we saw optimism reenter the market as three EU heads of state had a conference call to reiterate that Greece is staying in the EU. Because of this, the “risk on, risk off” trade is the only one the markets are doing. The GBP/USD pair is very sensitive to this, and as such formed a hammer for the day. However, the 1.60 level recent saw massive resistance in the form of two hammers, and as such – we expect any break to the upside to be capped near that level.

USD/CAD Technical Analysis for September 15, 2011

USD/CADrose during the Wednesday session, but the latter hours saw the pair falling. Because of this, it looks like the parity level is going to be very difficult to break above for any length of time. The pair looks like it is going to consolidate even longer in this current area. (0.98 to 1.00) Until we break out of that range, we feel this market will be better suited for scalping at the extremes of the range. A break above parity has us massively bullish, and break below the 0.97 level has us massively short.

USD/CHF Technical Analysis for September 15, 2011

USD/CHFfell slightly on Wednesday as traders sold the USD in general. However, the pair cannot be sold because of the Swiss National Bank and its “peg” to the EUR. Because of this, the bank is willing to sell the CHF against any currency and in unlimited supply. The 200-day moving average is just under the current level and should be somewhat supportive. The 0.85 level starts a support zone down to 0.83 or so. We feel any supportive candles in this area are a massive buy signal in this pair. Until then, we are simply waiting.

 

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