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Tag Archives: support and resistance
A GBP/JPY trend reversal may be underway on the D1 time frame. Look for a buy signal on this pair in the main session starting tomorrow morning. You can watch The Forex Heatmap® to confirm any buys and also the live heatmap alert system. Current pricing is in the 132.00 area, overall pip potential is up to the 138.00 resistance area, noted on the chart.
Today in forex trading the NZD/CAD uptrend was evident again. This pair is in a major uprend on MN time frame, but had sold off against the trend for a few days. Today the NZD/CAD reversed back up into the major trend. The live buy signal for this pair from todays trading on The Forex Heatmap® is shown below in the images, along with the price chart movement. The NZD/CAD uptrend should continue to pull this pair higher to at least the 0.9650 resistance area, then this pair could continue higher from there.
The NZD/CAD uptend was interrupted by a short term sell off over a few days, then this pair built a choppy relative low around the 0.9450 price level. It is now reversing back into the major uptrend on the MN time frame. This happens in a trending market when a pair sells off against the major trend, then reverses back into the trend. It gives traders an opportunity to enter the trend at a lower price, we call these swing trade setups. It is in action with the NZD/CAD uptrend but it works for all 28 pairs we trade.
The EUR/NZD is in a strong downtrend on the major time frames like the W1 and MN time frames. When analyzing all of the NZD pairs, the NZD is currently strong on all pairs. Traders can set an audible price alert for a sell at 1.5030, this price is noted on the chart below. The next major support is at the 1.4250 area or lower, also noted on the charts. We also have other sell plans based on NZD strength in our daily trading plans.
To perform the analysis of the EUR/NZD we used multiple time frame analysis by individual currency, which is very powerful and revealing. This revealed that the EUR/NZD was in a strong down trend based mostly on the consistent NZD strength in the market. Currently, the EUR pairs are somewhat neutral or choppy. If any EUR weakness comes into the market, perhaps after tomorrow’s EUR news drivers on the economic calendar, we expect a strong sell off on this pair. The Forex Heatmap® and live heatmap alerts will keep us apprised of any EUR weakness in the market in real time.
The NZD/USD is trending higher on the larger time frames. The W1 time frame is shown below in the image. Current resistance and price alarm point is at 0.7305. The next resistance level is at the 0.7500 – to 0.7700 level as noted on the chart. Forex traders can set an audible buy alert at 0.7305 on their trading platforms. Then when the alert hits you can verify any buy trades with The Forex Heatmap®.
The EUR/AUD is forming a new uptrend on the D1 time frame. Traders can set a buy alarm at the 1.4775 level. The upside potential on this new trend is as high as the 1.5500 resistance level, so entering this trend has excellent upside potential. When the price alert hits check The Forex Heatmap® for trade entry verification signals. The trend charts you see for the EUR/AUD are exponential moving averages which are easy to set up. These trend indicators can be used to follow the major trends of the forex market and our trend based trading plans.
Today in forex trading the GBP (British Pound) was weak on all pairs in the group and this drove very strong price movement. The live trading signals for the GBP and JPY (Japanese Yen) pairs are shown below from The Forex Heatmap®. The GBP/USD and GBP/JPY had very strong sell offs and broke through short term support levels and into their long term trends. The NZD/JPY also sold off on the overall JPY strength in the market today. The GBP/JPY and GBP/USD are in strong downtrends and both pairs are at post-Brexit lows, and the GBP/USD is at a multi year low. We see a lot more sell potential ahead on these pairs. The Forex Heatmap® provides live buy and sell signals for 28 pairs. You can see the signals from the JPY and GBP pairs in the images below along with the nearly 400 pip sell off in the GBP/JPY.
The NZD/CHF is trending higher on the W1 time frame. Traders can set a buy alert at the 0.6985 resistance area, which is noted on the chart. When the price alert hits price check The Forex Heatmap® for a confirmation buy signal. The NZD/CHF has great upside pip potential past the alert price up to the 0.7400 area resistance level, noted on the trend chart below. So the overall pip potential is about 400 pips, which means the risk to reward ratio and money management ratio for this trade is excellent. We conduct all of our trend analysis using multiple time frames of trends. We isolate each currency like the NZD and CHF plus six other currencies and analyze them separately to determine the trend and overall plan of entry.
This video will show forex traders how to set audible forex price alerts on the metatrader charting platform. This will allow traders to monitor any currency pair for price breakouts or trend continuations after consolidation phases. First, a trader should locate a trend on the larger time frames for a trend continuations or breakout point. Then you locate the breakout point on the short term support or resistance levels on the smaller time frames, like the M5 and M15 time frame.
Next, traders can set an audible forex price alert at the short term levels to intercept the next price movement. Then the video will illustrate the mechanics of setting the price alerts for any pair. When the price in the alert is hit, the audible alert will notify you of the price breach on your desktop, and it can also be delivered by email to your email box or mobile device. Then you can check The Forex Heatmap® to verify the trade entry. This is one of our alert systems, we have several forex alert systems so you always know when the forex market is moving.
Today in forex trading the CAD (Canadian Dollar) was weak, the NZD/CAD and AUD/CAD moved strongly higher. The NZD/CAD is trending on the W1 time frame in place, and has additional upside potential. The AUD/CAD had a strong overnight movement and has broken one resistance level on the D1 time frame. Both of these pairs have ongoing upside potential and we will look to continue to write additional trading plans for buys over the next few days. The AUD/CAD has hit a high of 0.9575 in intra day trading, and the NZD/CAD has hit 0.9090. The NZD/CAD has potential up to the 0.9400 area on the W1 time frame trend. The live trading signals you see below are from The Forex Heatmap®, which provides live buy and sell signals for 28 currency pairs. The heatmap give traders guided trade entry points for trending pairs and day trades.
Here is our current trading plan for the NZD/USD pair. The NZD was strong in the Asian session today so after this pair consolidates, we will set a buy alert at the near term resistance, just past 0.7130. When the price alert hits check The Forex Heatmap® for a confirmation buy signal. Current pricing is around 0.7120, overall pip potential is up to the next major resistance at 0.7550, shown on the chart. This is about 400 pips of potential, sour our money management strategies like risk reward ratio is pretty solid. We suspect we will be issuing several trading plans based on NZD strength and other pairs in the NZD group tomorrow in our daily trading plans.