Forex Trade Ideas: Candlesticks & Ichimoku 
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Candlesticks Trades |
Written by ActionForex.com |
Feb 09 10 15:51 GMT |
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As the British pound continued to find decent demand above yesterday’s low at 1.5535, suggesting further consolidation above there would take place and retracement to 1.5700 and later to the Kijun-Sen (now at 1.5759) cannot be ruled out, however, renewed selling interest should emerge around 1.5800/03 (50% Fibonacci retracement of 1.6070 to 1.5535) and resistance at 1.5850 (previous support turned resistance) should hold, bring another decline later. Break of said support would extend one more fall to 1.5500, however, loss of near term downward momentum should prevent sharp fall below 1.5450 and reckon 1.5412 (100% projection of 1.6879 to 1.5832 measuring from 1.6459) would hold from here, bring a much-needed rebound later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 09 10 15:49 GMT |
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As the greenback has moved lower again and just tested the Kijun-Sen, suggesting a temporary top has possibly been formed at 1.0800 last Friday and consolidation with mild downside bias is seen for further fall to 1.0644 (previous resistance turned support), however, break there is needed to confirm and bring correction of recent upmove towards 1.0580/85 (approx. 38.2% Fibonacci retracement of 1.0227 to 1.0800), however, reckon 1.0497-1.0505 (previous support and current level of the flat ground Ichimoku cloud bottom) would hold |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 09 10 15:24 GMT |
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Although the single currency has continued to edge higher after falling to 1.3585 last Friday, suggesting retracement of recent decline is underway and a break of the Kijun-Sen (now at 1.3798) would bring correction towards resistance at 1.3851 (previous support turned resistance), however, renewed selling interest should emerge around 1.3902 (38.2% Fibonacci retracement of 1.4415 to 1.3585), bring another decline later. Below intra-day support at 1.3643 would signal recovery from 1.3585 has ended, then recent decline should resume for retest of this level later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 09 10 15:23 GMT |
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Despite intra-day brief bounce to 89.82, as dollar has retreated after faltering below the Kijun-Sen, suggesting further consolidation would be seen, below Friday’s low at 88.82 is needed to signal recent fall from 93.78 has resumed and bring retest of 88.55, break would extend weakness towards 88.32, however, loss of near term downward momentum would prevent sharp fall below 88.00 and reckon support at 87.36 would hold from here, bring strong rebound later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 09 10 07:05 GMT |
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As the greenback has continued to trade sideways after early rally to 1.0800 (Friday's high), suggesting further consolidation below there would be seen and pullback to the Kijun-Sen (now at 1.0647) is likely, however, dollar should find decent demand around 1.0580/85 (approx. 38.2% Fibonacci retracement of 1.0227 to 1.0800) and the Ichimoku cloud top (now at 1.0567) would hold, bring another rally later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 09 10 07:03 GMT |
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As cable has recovered after holding above yesterday's low at 1.5535, suggesting further consolidation above there would take place and retracement to 1.5700 is likely, however, renewed selling should emerge around the Kijun-Sen (now at 1.5803) and bring another decline later. Break of said support would extend one more fall to 1.5500, however, loss of near term downward momentum should prevent sharp fall below 1.5450 and reckon 1.5412 (100% projection of 1.6879 to 1.5832 measuring from 1.6459) would hold from here, bring a much-needed rebound later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 09 10 06:54 GMT |
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Although euro's consolidation above last Friday's low at 1.3585 is expected to continue and further recovery to 1.3750/60 and possibly to the Kijun-Sen (now at 1.3806) cannot be ruled out, renewed selling should emerge around resistance at 1.3851 (previous support turned resistance) and bring another decline later. Break of said support would extend recent decline towards 1.3495/00, however, loss of near term downward momentum should prevent sharp fall below there and reckon 1.3434 (1.236 times projection of 1.5145 to 1.4218 measuring from 1.4580) would hold, bring a strong rebound later this week. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 09 10 06:52 GMT |
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Although the greenback has remained confined in narrow range and further consolidation above last week's low at 88.55 would take place, reckon recovery would be limited to the Kijun-Sen (now at 89.92) and renewed selling interest should emerge around 90.04-07 (current level of the Ichimoku cloud bottom and previous support turned resistance) and bring another decline later. Break of said support would extend the decline from 93.78 towards 88.32, however, loss of near term downward momentum would prevent sharp fall below 88.00 and reckon support at 87.36 would hold from here, bring strong rebound later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 08 10 16:09 GMT |
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Although the British pound fell marginally to 1.5535 (Friday’s low was 1.5559) earlier today in Asia, lack of follow through selling and the recovery from there suggest consolidation would take place and retracement to 1.5700 is likely, however, renewed selling should emerge around the Kijun-Sen (now at 1.5803) and bring another decline later. Break of said support would extend one more fall to 1.5500, however, oversold condition should prevent sharp fall below 1.5450 and reckon 1.5412 (100% projection of 1.6879 to 1.5832 measuring from 1.6459) would hold from here and bring a much-needed rebound later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 08 10 16:08 GMT |
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As the greenback has retreated after faltering below resistance at 1.0800 (Friday’s high), suggesting further consolidation below there would be seen and pullback to the Kijun-Sen (now at 1.0647) is likely, however, dollar should find decent demand around 1.0580/85 (approx. 38.2% Fibonacci retracement of 1.0227 to 1.0800) and the Ichimoku cloud top (now at 1.0566) would hold, bring another rally later. Above said resistance would extend recent upmove from 2009 low of 0.9910 to 1.0822-26 (38.2% Fibonacci retracement of 1.2298 to 0.9910 and 50% Fibonacci retracement of 1.1742 to 0.9910) and then 1.0850. Having said that, overbought condition should limit upside to 1.0870 (1.236 times projection of 0.9910 to 1.0509 measuring from 1.0130) and reckon 1.0939 (50% Fibonacci retracement of 1.1967 to 0.9910) would remain intact, yield retreat later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 08 10 15:51 GMT |
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Although the single currency recovered after holding above Friday’s low at 1.3585 and further consolidation would be seen, upside should be limited to 1.3750/60 and renewed selling interest should emerge around the Kijun-Sen (now at 1.3806), bring another decline later. Break of said support would extend recent decline towards 1.3495/00, however, loss of near term downward momentum should prevent sharp fall below there and reckon 1.3434 (1.236 times projection of 1.5145 to 1.4218 measuring from 1.4580) would hold, bring a strong rebound later this week. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 08 10 15:49 GMT |
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Although the greenback has continued to trade in narrow range and further consolidation above last week’s low at 88.55 would be seen, dollar’s upside should be limited to the Kijun-Sen (now at 89.92) and renewed selling interest should emerge below the Ichimoku cloud bottom (now at 90.27) and bring another decline later. Break of said support would extend the decline from 93.78 towards 88.32, however, loss of near term downward momentum would prevent sharp fall below 88.00 and reckon support at 87.36 would hold from here, bring strong rebound later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 08 10 11:44 GMT |
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Although the greenback moved higher in early part of the week to as high as 91.28 (we entered long once at 90.00 and was exited at 90.22), the currency pair tumbled from there towards latter part of the week on massive risk aversion and our long position entered at 90.10 was quickly stopped out on the selloff to 88.55. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 08 10 07:12 GMT |
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As the greenback has maintained a firm undertone after last week's rally to 1.0800, suggesting recent upmove from 2009 low of 0.9910 remains in progress and further gain to 1.0822-26 (38.2% Fibonacci retracement of 1.2298 to 0.9910 and 50% Fibonacci retracement of 1.1742 to 0.9910) and then 1.0850 would be seen, however, overbought condition should limit upside to 1.0870 (1.236 times projection of 0.9910 to 1.0509 measuring from 1.0130) and reckon 1.0939 (50% Fibonacci retracement of 1.1967 to 0.9910) would remain intact, yield retreat later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 08 10 07:10 GMT |
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As the British pound has remained under pressure after last week's selloff below support at 1.5708 (now resistance), suggesting recent decline is still in progress for at least a stronger retracement of early rise from 1.3500 and weakness to 1.5500 is under way, however, oversold condition should prevent sharp fall below 1.5450 and reckon 1.5412 (100% projection of 1.6879 to 1.5832 measuring from 1.6459) would hold from here and risk from there has increased for a much-needed recovery later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 08 10 07:05 GMT |
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As the single currency has remained under pressure, suggesting recent decline is still in progress and weakness towards 1.3576 (61.8% projection of 1.4580 to 1.3851 measuring from 1.4027) is likely, however, oversold condition should prevent sharp fall below 1.3540/50 and reckon 1.3500 would hold from here, bring a rebound later this week. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 08 10 07:04 GMT |
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As the greenback has remained confined within narrow range as expected, suggesting further consolidation above last week's low of 88.55 would take place and although recovery to the Kijun-Sen (now at 89.92) cannot be ruled out, renewed selling should emerge below the Ichimoku cloud bottom (now at 90.26) and bring another decline later. Break of said support would extend the decline from 93.78 towards 88.32, however, loss of near term downward momentum would prevent sharp fall below 88.00 and reckon support at 87.36 would hold from here, bring strong rebound later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 05 10 15:41 GMT |
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The British pound continued to move lower in tandem with euro partly due to cross-selling versus yen on risk aversion and early breach of chart support at 1.5708 confirms a downside break of indicated range of 1.5708-1.7044 has taken place, hence stronger retracement of early upmove is under way for weakness towards 1.5600. However, near term oversold condition should prevent sharp fall below 1.5543 (100% projection of 1.7044 to 1.5708 measuring from 1.6879) and price should stay above 1.5500. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 05 10 15:40 GMT |
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As the greenback has remained confined within intra-day narrow range below resistance at 1.0800, suggesting further consolidation would take place and below the Tenkan-Sen (now at 1.0689) would suggest a temporary top is possibly formed and bring correction to 1.0644-47 (previous resistance and current level of the Kijun-Sen), however, renewed buying interest should emerge around 1.0580/81 (38.2% Fibonacci retracement of 1.0227 to 1.0800) and the Ichimoku cloud top (now at 1.0548) should hold, bring another rally later. |
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Candlesticks Trades |
Written by ActionForex.com |
Feb 05 10 15:31 GMT |
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Although U.S. job reports showed mixed data, concerns over Greece and EU fiscal problem continued to put pressure on the single currency and recent decline from 1.5145 is likely to extend further weakness towards 1.3600, however, oversold condition should prevent sharp fall below 1.3576 (61.8% projection of 1.4580 to 1.3851 measuring from 1.4027) and 1.3500 should hold from here, bring a rebound early next week. |
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