Posts Tagged ‘Line’
USDJPY broke above the downtrend line on 4-hour chart, suggesting that the short term downtrend from 82.76 has completed at 79.58 already. Now the bounce from 79.58 is treated as consolidation of longer term downtrend from 85.51. Range trading between 79.58 and 81.50 would likely be seen in a couple of days. As long as [...]
The downtrend and bearish Directional Bias on the daily USD/CHF has completed a transition into a sideways, consolidation phase…but bears don’t lose faith and bulls, don’t get too excited; There is still downtrend line resistance and 0.9300 to contend with.
Daily USD/CHF chart with Falling Wedge chart pattern alert courtesy of Autochartist
The bullishness is not without [...]
USDJPY stays below a downtrend line and remains in downtrend from 85.51. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 78.00-79.00 area. However, a clear break above the trend line resistance will indicate that a cycle bottom is being formed at 79.58 on [...]
USDCAD stays below a downtrend line on 4-hour chart, and remains in downtrend from 0.9826, and the price action from 0.9526 is treated as consolidation of downtrend. As long as the trend line resistance holds, we’d expect downtrend to resume, and another fall towards 0.9400 is still possible. However, a clear break above the trend [...]
USDCHF stays above a rising trend line on 4-hour chart. As long as the trend line support holds, uptrend could be expected to continue and next target would be at 0.9800-0.9850 area. However, a clear break below the trend line could indicate that a cycle top is being formed, and the rise from 0.9328 is [...]
GBPUSD stays above a rising trend line on 4-hour chart and remains in uptrend from 1.5344 (Dec 28, 2010 low), the fall from 1.6277 treated as consolidation of uptrend. Sideways movement in a range between 1.6000 and 1.6277 would likely be seen in a couple of days, and uptrend could be expected to resume after [...]
Elliott Wave International’s Jeffrey Kennedy explains many ways to use this basic tool
January 19, 2011
By Elliott Wave International
The following trading lesson has been adapted from Jeffrey Kennedy’s eBook, Trading the Line – [...]
Price action on AUD/USD (a daily chart of which is shown) as of Thursday (1/06/2011) has reached down to approach the bottom border of a key parallel uptrend channel that extends back to the early June 2010 lows. This occurs after price established a new multi-decade high around 1.0250 on New Year’s Eve. For more [...]
AUDUSD stays above a uptrend line on 4-hour chart and remains in uptrend. As long as the trend line support holds, uptrend is expected to continue and another rise towards 1.0182 resistance is still possible later today. However, a clear break below this trend line will suggest that a cycle top is being formed. Key [...]
Price action on GBP/USD (a daily chart of which is shown) as of Wednesday (12/22/2010) has broken down below the neckline of a clear head-and-shoulders pattern that has the top of its head around the 1.6300 high. After breaking down below the neckline, price hit key support in the 1.5350 price [...]
