Todays Intraday Forex Set-ups

[greencat]

GBP/USD trended up heavily from the open before finding resistance at the
1st Sell zone. The trend is UP until 1.9564 or the 60 MIN MA is broken.
Potential fib targets where price may find resistance are 1.9703 and 1.9730
Possible support where you may find support are the 50 and 62%
retracements of 1.9584 and 1.9564.

IF price BREAKS 1.9564 or the 60 MIN MA then the trend is down.

USD/CHF sold off 130 pips at the open and found support at the weekly
pivot. Shorts with the trend is the best approach. You may find resistance
and opportunities take shorts to continue the downtrend at 1.0457 and
1.0473! IF 1.0473 is broken, then the trend is up.

IF price continues to trend short, fib targets are 1.0354 and 1.0333.*

EUR/JPY is a strong uptrend! Take long setups off of pullbacks. Fib
targets will be 163.28 and 163.52. You may find support for possible
long entries to continue the uptrend at 162.23 and 162.05 (50/62%)
retracements of the days hi/low swing! IF 162.05 is broken or the 60
MIN MA is broken the immediate trend is down. Take short setups!

[greencat]

EUR/USD trended up strongly on Tuesday breaking the key 1.5600 level and making
new monthly highs. The long term trend is clearly to the long side! For Wednesday,
take long setups as long as price stays above 1.5572 AND the 60 min MA! Key fib
targets where price may find resistance are 1.5751 and 1.5793. If price breaks below
1.5572 and the 60MA then the trend will be down. Take shorts on pullbacks with the
down trend.

GBP/USD also trended up strongly extending well over the 60 min MA. Price should
continue to trend up as long as it stays above 1.9586 and the 60 min MA. Fib targets
of the days upswing where price may stall out are 1.9801 and 1.9852. If price drops
below the 60 min MA and 1.9586 then the immediate trend is down. 1.9555 is a 50%
retracement of the large upswing may be potential support.

USD/JPY sold off after testing the 60 min MA and closed near the weekly lows. If it
is to continue the down trend price must stay below 103.95 and the 60 MA! Take
short setups with the down trend. Potential support may be found at fib targets 103.17
and 102.99. If 103.95 is broken the trend should be considered UP. 104.45 and
104.68 may provide resistance where the uptrend may stall out. These are the 50/62%
retracement levels of the larger downmove.

USD/CAD closed very close to the opening price and the 60 min MA. Use the new
If the cad appears on your buy list then it will be above the 60 min MA and look for buys. If it is
on the sell list then it is below the 60 MA and take shorts! Key fibs where price may
find resistance are 0.9992 and 1.0013*. The first buy zone contains a fib target at
0.9848, a weekly pivot, and a monthly pivot and price may find support.

USD/CHF sold off heavily on Monday creating new 10 day lows! If the downtrend is to continue price must stay below the weekly pivot at 1.0491 AND the 60 min MA. Support from fib targets may be at 1.0274 and 1.0228* which is very close to a monthly pivot where the trend may stall out.

EUR/JPY trended up on Tuesday morning and closed very close to the 60 min MA and the opening price on the day. Again, watch the 60 min MA to determine whether
the trend is up or down!
Support may be found at 161.31, 160.80 and 160.30 which are the 38/50/62%
retracement levels of the most recent upswing!

[greencat]

EUR/USD has had another strongly trending up day . If price remains over 1.5685
and the 60 min MA then the trend still UP. Key fib targets where price may stall are
1.5790 and 1.5828. If price drops, 1.5714 is a monthly pivot where it may find
support and continute the uptrend. Also, 1.5685 is the 62% retracement where price
may find support. If 1.5685 is broken during the day then the trend is down!

GBP/USD sold off slightly and has consolidated into a tight wedge pattern since.
Watch for the breakout of the consolidation pattern. IF it breaks out over the 60 min
MA then the trend is UP, if below then the trend is DOWN. If it breaks long, then
1.9712 and 1.9727 are potential fib targets of the days move and if price breaks
short, the monthly pivot at 1.9632 may provide for support.

USD/JPY opened the day up and sold off after briefly testing the 60 min MA. As
long as price stays below the 60 min MA and 103.32 then the trend will be DOWN
so take short setups. If the 60 min MA is broken long then the trend is UP. Fib
targets where price may stall out are 103.85 and 103.96 which is near a weekly
pivot! Potential support from fib targets of the day's swing are 102.83** and
102.70.

USD/CHF trended short continuing yesterdays sell off. If price remains under
1.0347 and the 60 min MA then keep looking for shorts off of pullbacks. Fib
targets where price may find support are 1.0230* and 1.0208. If price breaks
the 60 min MA to the long side, the trend will be UP. 1.0389 contains a fib
retracement level and a weekly pivot where the up trend may stall out!

EUR/JPY trended upward strongly after a news release. The trend is UP as
price is over the 62% retracement (162.17) and the 60 min MA. Look for
long setups with the UP trend. If price does continue the upmove, the next fib target of
the days huge move will be at 163.80.* This is quite a ways away but may
stall out the trend atleast temporarily as a weekly pivot is also in the area.

162.17 is the 62% retracement of the days upmove and if price breaks this
level the immediate trend is down. Take shorts off of pullbacks.

[greencat]

EUR/USD trended up strongly for two days in a row making new monthly
highs and has retraced past 62% of downmove since making all time highs
in late April. Continue to take long trades as long as price is over the 60
min MA and 1.5693. Potential resistance may be found at 1.5865 and
1.5920** which is also a monthly pivot. If the 60 min MA is broken to
the short side, the trend is down! Support may be found at 1.5662 and
1.5594, which are the 50/62% retracements of the uptrend starting on
Monday.

GBP/USD sold off at the open and finished the day making new 10 day
highs. Continue to look for long setups as long as price stays over the
60 min MA and 1.9660. Fib targets of the days high/low where price
may find resistance are 1.9781, 1.9809 and 1.9856. If the 60 min MA
is broken to the down side, the trend is down and take short setups!
1.9587 is a fib cluster and 1.9555 is the 62% retracement where price
may stall out.

USD/JPY has started to trend down after double topping in the 105.50
area in the month of May and has since sold off! The immediate, short
term trend is currently DOWN also, and will remain down until the 60
min MA is broken or 103.37 is broken to the long side. Fib targets
of the most recent swing are 102.77 and 102.61. If price reverses
over the 60 min MA then the trend is UP. 103.83 and 104.02 are the
50/62% retracements where price may find resistance where the uptrend
may stall out.

USD/CHF has sold off heavily for several days in a row as the USD
has resumed its weak trend! Price was still in a strong down trend to
take an accurate reading of the fib levels for the day, but IF PRICE
stays below the 60 min MA then the trend is down. Only take short
setups with the down trend off of pullbacks. 1.0163 and 1.0135
are key support as they represent fib targets and retracement of a
longer time frame.

USD/CAD has also trended down very strongly and appears to have
broken out of the consolidation pattern that began at the beginning of
the year. Watch the 60 min MA also for resistance if price retraces
as this could be an excellent place to take short to continue the heavy
downtrend. If the 60 min MA is broken then the immediate trend
will be UP.

If price continues down, .9715 should be substancial support as this
is a 50% move of a prior swing where price has already found support
several months ago.

[Ciao]

Originally Posted by greencat

EUR/USD trended up strongly for two days in a row making new monthly
highs and has retraced past 62% of downmove since making all time highs in late April.

hi Greencat...
in order me to understand the above quote... can you please explain the 62% ? (I know the €$ hasn't drop a 62% so what is that?)

I am "trying" to learn forex.... hard to get it into my brains (beginning to wonder if there is any )

[ForexWolf]

Ciao, I believe he's referring to the fibonacci line of 62%...

FXW

[Ciao]

Originally Posted by ForexWolf

Ciao, I believe he's referring to the fibonacci line of 62%...

FXW

Elementary Mr.Watson…..when one know the Fibonacci….

thanks FXW

[greencat]

EUR/USD sold off from early morning news and dropped below the 60 min MA.
The trend is currently down as long as price stays below the MA and 1.5783 which
is the 62% retracement of the days move. Possible support levels are the monthly
pivot at 1.5714 and 1.5690.** If price breaks 1.5783 then the trend UP.
Resistance levels for possible shorts are at the fib targets of 1.5797, 1.5809 and
1.5828.

GBP/USD also sold off heavily after the news announcement and found support at
the 1st buy zone. Price has retraced but is still under the 60 min MA and 1.9797
which is the 62% retracement of the days down move. This means the trend is
DOWN. Potential support may be at 1.9750 and 1.9741 and a weekly pivot
at 1.9701. Look for resistance at 1.9797 for a possibility to continue the down
trend. However, IF 1.9797 is broken then the trend is UP. After this, 1.9823
and 1.9848 are fib targets where price may stall.

USD/CHF trended up, sold off to the 60 min MA and found support, continuing
the uptrend. As long as price stays over the MA and 1.0248 then the trend is UP.
Resistance levels where price may stall are 1.0296, 1.0304 and 1.0314. If price
breaks 1.0248 to the short side, then the trend is DOWN. Support levels are the
fib targets of the intraday move which are 1.0229, 1.0219 and 1.0203.

USD/JPY moved up strongly and found resistance at the 1st sell zone. The trend
is currently up as long as price stays over the 60 min MA and 103.57. Potential
resistance levels are 104.19 and 104.26. If price drops below 103.57 then the
trend is down. Look for possible support at 103.49 and 103.37.

USD/CAD moved up then sold off heavily. The trend is down as long as price
stays below the 60 min MA and 0.9914 which is currently the 62% retracement
of the days high/low. Support may be found at 0.9855 and 0.9846. If price
breaks 0.9914 and the MA then the trend is UP.

[greencat]

EUR/USD trended down strongly on Tuesday and may find support at the 20/50
day moving averages at 1.5632 and 1.5556. As long as price stays under the 60
min MA and 1.5774 then the immediate trend is down! Potential support may be
found at the fib targets of the days move, 1.5657, 1.5629 and 1.5584. If price
rallies and breaks the 60 min MA and 1.5774 then the short term trend will be UP.
Look for long trade setups with the trend, but you may find resistance at weekly
high and monthly pivot 1.5815.*

GBP/USD dropped after early session news and consolidated the rest of the day.
Pay attention to 1.9797. This is the 62% retracement of the daily move. If price
stays beneath this and the 60 min MA, then the trend will be down. Fib targets
where price may stall are 1.9664 and 1.9633.* If 1.9797 and the 60 min MA are
broken to the long side then the trend is UP. 1.9852 may be resistance as this is
the weekly high where price has stalled multiple times over the last week.

USD/JPY trended upwards today and is back over the 20/50 day MA's. If price
stays over 103.67 and the 60 min MA then the trend is UP. Potential resistance
may be found at fib targets 104.73 and 104.96. If 103.67 is broken to the short
side, then the trend is down. Support may be found at 103.54 and 102.82 is
a monthly pivot.

USD/CHF trended up strongly found resistance near the 20/50 day MA's and a
weekly pivot. 1.0271 is 62% retracement of the days upmove. As long as price
stays over 1.0271 and the 60 min MA then the trend is UP for the day. Fib targets
for possible resistance are at1.0394*, 1.0423 and 1.0470*. The first and third
fib targets are also matching up close to pivots! If price drops below 1.0271 and
the 60 min MA then the trend will be down. The 1st buy zone contains a monthly
pivot at 1.0228 and weekly low at 1.0216 where price may stall.

USD/CAD traded with lots of volitility on Tuesday trending back and forth all day
long. Price finished with the trend up. As long as it stays above 0.9899 and the 60
min MA then the trend is up so take long setups off of pullbacks. Fib targets where
price may find resistance from the days move are 0.9979, 0.9998** and 1.0029.
0.9998 MAY be a high probable short as this is also the weekly high and the key
1.0000 parity level! If price drops below 0.9899 and the 60 min MA then the
trend is down so look for short setups. Fib targets from the most recent swing are
0.9841, 0.9823 and 0.9795 and may find support. Try to line up intra day swing
fib targets with these numbers for the highest probability!

EUR/JPY trended up on news early in the opening session and consolidated for
the rest of the day. If price is above the 163.39 (62% retracement of the days
upmove) AND the 60 min MA then the trend is UP. Potential resistance may be
found at the fib targets of the days upmove, 164.19, 164.38 and 164.69. If price
sells off and break below 163.39 and the 60 min MA then the trend will be down.
Watch for potential support at 162.12 and 161.82.* 161.82 is a fib target and
a 38% retracement level of the most recent huge upswing.

[greencat]

EUR/USD has sold off beneath the 60 min . As long as price remains under the 60 min MA and 1.5701 the trend will be
down. However, be cautious taking shorts when price is outside the maximum
containment bands! Next fib target areas for possible support are 1.5580 and 1.5555.
If price rallies over the 60 min MA and 1.5701 then the immediate trend is UP. 1.5585
is the current 50% retracement of the down move where price may stall out and 1.5714
is a monthly pivot where price may find resistance.

GBP/USD rallied, and trended downward
strongly. As long as price is below 1.9780 and the 60 min MA then the trend is down.
Potential fib targets below current price where possible support may be found are
1.9685 and 1.9658. If price rallies, then 1.9766 and 1.9780 are the 50/62%
retracements of the downswing where you may find resistance. However, IF price
goes over the 60 min MA and 1.9780 the trend will be UP.

USD/JPY is in a strong uptrend. If price stays over the 60 min MA and 104.44 then
the trend is UP. If price continues to trend up fib targets where the trend may stall
out are 105.53* and 105.67.* If price retraces then you may find support at 104.60
and 104.44* which are the 50/62% fib retracements of the days current swing. If
104.44 is broken to the short side and price drops below the 60 min MA then the
trend is DOWN.

USD/CHF has also trended up strongly aided by the favorable USD news report.
If price stays over 1.0323 and the 60 min MA then the trend is up. Potential
resistance from various fib target clusters are 1.0441, 1.0451 and 1.0471. If price
drops, then you may find support at 1.0342* and 1.0323 which are the 50/62%
retracements of the current upmove. If 1.0323 is broken then the trend is DOWN.

USD/CAD has been in a tight consolidating pattern for most of the day. I don't
recommend trading this until more direction is made!

EUR/JPY is in a strong uptrend. 163.66 is the 62% retracement of the days up
move. As long as price stays above this price AND the 60 min MA then the trend
will continue to be UP. Resistance may be found at 164.78* and 164.96 which
are fib targets from prior swings. 163.82 and 163.66 may be support if price
retraces, as they are the 50/62% retracements of the days current upswing. IF
163.66 is broken and price is below the 60 min MA then the trend is now down.