As a result of last Friday’s sell-off, most of the European currencies gapped down during this week’s foreign exchange market opening. One of the most affected was the EURUSD pair (click here to see the previous post about it). Aside from worrying on the Greece financial crisis, the possible sovereign default by Hungary even worsened its market condition and especially the currency value. Fortunately, the Euro and most pairs were able to fill the gaps as they rallied today.
Chart-wise, the EURUSD is moving in a 7-month descending channel (yellow lines) in the daily chart. At the same time, there could be a bounce back up to the 121.00-122.00 resistance line (blue line) as the pair currently hit the descending channel’s support line (indicated by the red line). If the value fails to lift itself to resistance area, the Euro could further slip and drop to its 4-year support at 1.1630 (brown line).
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The stocks of Boeing Company (BA), a major aerospace and defense corporation, dropped almost 5% during the last trading session because of the weak non-farm payrolls data released in the US. On my previous post about BA, the stocks have bounced off the ascending channel’s support line and was about to continue its ascend. However, ... ...
Posted: June 7, 2010 at 11:47 am
Now don’t tell me that I did not warn you. In my last post about the fiber or the EURUSD pair, I pointed to the likelihood of another breakdown. At that time, the pair was already consolidating into a descending triangle. And as I’ve said, this formation was bearish due to the fact that the sellers were more aggressive in pushing down the price...
Posted: June 6, 2010 at 3:59 pm
Last Friday, I asked the question in my blog whether to buy or sell the Australian dollar. There, I detailed the several bearish technical and fundamental signals that I saw. At that time, the AUDUSD pair had rallied all the way up to 0.8500 after marking a new 2010 low at 0.80669 last May 25. During the course of its rebound, however, I noticed t...
Posted: June 6, 2010 at 3:58 pm
The Dow Jones Industrial Average (DJI) dipped more than 3% during the last Friday’s trading session because of the less-than-stellar non-farm payrolls data released in the US and the scare of a possible default by Hungary. This led the investors to sell the riskier equities for the safer assets like bonds. Anyway, the index could ... ...
Posted: June 6, 2010 at 3:37 pm
The PSEi (Philippine Stock Exchange Index) has broken above the 2-year resistance line at 3,333.26 during last Friday’s trading session (to compare the analysis from my last post, click here). This break could propel the value of the index to the next resistance at 3,514.74. However, with the Dow Jones Industrial Average’s 3% decline du...
Posted: June 6, 2010 at 3:09 pm
To short or not to short the Aussie? That is the question. Well, I would tell you my take on it in a bit but first, let me present to you the updated chart of the AUDUSD pair using its daily timeframe. Like what I have mentioned in my previous blog about it, the pair ... ...
Posted: June 4, 2010 at 12:05 pm
Analog Devices, Inc. or ADI of the NYSE, which is an American multinational semiconductor company specializing in data conversion and signal conditioning technology, could be preparing for a break above the 6-year resistance line of the downtrend as it consolidates in that area. If the trend breaks, the shares of ADI could head to the $33.60 resist...
Posted: June 4, 2010 at 11:19 am
Those who are long on the New Zealand dollar have had quite a relief these past couple of weeks due to the Kiwi’s turnaround. As you can see from its daily chart, the NZDUSD pair has rallied back after marking a new low this year at 0.65618. Looking at my last post regarding the NZD (click here to see my previous post on the same currency), I ca...
Posted: June 4, 2010 at 10:16 am
Back in my last post on The Hershey Company or HSY in the New York Stock Exchange, the bullish flag was still forming. Now, the price has just broken out (indicated by the yellow circle) from the formation’s resistance line after closing at $48.70 per share. The stocks could be on its way to the ... ...
Posted: June 3, 2010 at 11:38 am
It was exactly the same month last year when I posted the San Miguel Corporation “B” breakout (click here to see the original post from psepicks). After breaking out from the neckline of a double bottom formation (indicated by the 2 red arcs) last June 16, 2009, we can now see that the SMCB has successfully reached my 75.00 peso minimum...
Posted: June 3, 2010 at 11:35 am
Here’s an update of the USDJPY pair or the gopher from my previous post. Notice that it has corrected after hitting a low just below 88.00 during the first week of May. With the stochastics almost in the overbought territory, will the pair turn around and move lower again? There is a significant resistance at the psychological 92.00 marker and at...
Posted: June 3, 2010 at 6:01 am
Good day forex friends! On today’s chart spotlight is the daily time frame of the guppy (GBPJPY). As you can see, buyers have bought up the British pound after it had fallen to a low of 126.731 against the Japanese yen. The pair has since retraced after finding some support at 128.00 and at the bottom of the channel. At present, the pair is tradi...
Posted: June 3, 2010 at 12:08 am
Here’s an update of the EURCAD pair that I presented a couple of weeks ago (click here to see my previous post). As you can see, the pair has still been on a downtrend. Though for a time, it appeared that it would break out of its slump as it rose and even moved above the descending channel’s resistance. After marking a new low of 1.26483, the ...
Posted: June 2, 2010 at 2:16 pm
The CADJPY currency pair looks to be forming a symmetrical triangle formation in the hourly. If the pair break’s above the triangle’s resistance, its price could reach the next significant level at 88.67. On the other hand, a breakdown from the pattern could send it down to the support at 85.83. Still, the pair has ... ...
Posted: June 2, 2010 at 1:14 pm
The EURUSD pair or what is commonly known as the fiber among financial geeks is threatening to dip once again. As you can see in its daily chart, the pair has been consolidating into a descending triangle. This formation has a bearish bias since the sellers are more aggressive in pushing the price down. This scene is actually represented by the tri...
Posted: June 2, 2010 at 11:09 am
During my last analysis on the Mc Donald’s stocks, the ascending channel on its daily chart was still intact but now it had broken down (indicated by the red circle) already. In spite of this, the MCD could still bounce off the current support line. If it does, then the stock could aim for its all time-high at 71.84 (greed dotted line) once ...
Posted: June 2, 2010 at 8:57 am
Here is a daily chart of the USDCAD pair. Notice that it has been on a short term uptrend after it bottomed back in April 21. Though, it appears that it has recently encountered some resistance around the 1.0700 area, causing it to turn and to dip for the last several days. With the stochastics far from the oversold region, the USD/CAD pair still h...
Posted: June 1, 2010 at 12:59 pm
The shares of Agilent Technologies or “A” in the New York Stock Exchange have been ranging 10.5 to 42.38 for about 9 years now. It’s just nice to see how it was able to maintain a sideway channel for almost a decade. If Agilent breaches the rectangle’s resistance at 42.38, it could rise all the way to the next significant le...
Posted: June 1, 2010 at 8:58 am
The GBPJPY looks to be breaking below (indicated by the red circle) the support line of the uptrend in the 1-hour chart. Though as of now, the uptrend support appears to be keeping the pair from falling further. If the guppy slides below 131.50, the pair could head all the way down to 130.50 which is a previous resistance-turned-support. On the pos...
Posted: June 1, 2010 at 7:18 am
On today’s canvas is the daily chart of the AUDCAD pair. As you can see, the pair has been on the down trek after breaking the 0.9200 support. It also has just broken a rising wedge formation after it hit some resistance at the 38.2% Fibonacci retracement level of the most recent down wave. Now, if traders continue to buy the Canadian dollar and ...
Posted: June 1, 2010 at 4:22 am
So what’s up with the Kiwi (NZD) nowadays? Well, as you can see from the chart, the New Zealand dollar appears to have been doing well lately. After dipping to a low of 58.674 against the Japanese yen, it has been able to pull itself up and keep its head above water. Presently, the NZDJPY pair is trading just below 62.50. It looks, though, that i...
Posted: May 31, 2010 at 9:16 am
Lorillard Inc. or LO as publicly listed in the New York Stock Exchange looks to have broken down from a double top formation. The price went below the said formation’s neckline at $72.07 during the last trading session. If the stock is unable to push itself back above the neckline, we could see it decline ... ...
Posted: May 31, 2010 at 8:48 am
The S&P 500 above and the Dow Jones Industrial Average on my previous post move in a very similar direction. Like the Dow Jones, the S&P 500 could also form the right shoulder of the possible head and shoulders formation if does not reach and surpass its 1,219 high. If 1,219 gets cleared, we could see the S&P 500 reach the resistance...
Posted: May 31, 2010 at 8:18 am
Here’s a different look on the gopher (USDJPY). Check out my previous post on the same currency pair here. Anyway, notice that the pair has just broken above its short term uptrend line. Now the pair could continue moving higher, though, it could hit some resistance at the 92.00 level. If it’s able to move past 92.00, it could once more aim for...
Posted: May 31, 2010 at 3:20 am
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