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Schwager on Futures - Fundamental Analysis
In Fundamental Analysis, the legendary Jack D. Schwager has produced the most comprehensive, in-depth book ever written on the use of fundamental analysis for futures trading. In what is destined to become the bible of the futures industry, Schwager has poured out insights gathered during his long career as a trader, researcher, bestselling writer, and highly regarded authority in the field. Jack Schwager is one of the most important and visible figures in the futures industry today... read more

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Futures Contract
A standardized, transferable legal agreement to make or take delivery of a specified amount of a certain commodity of a certain grade or type at a specific point in the future. The price is determined at the time the agreement is made. Futures contracts must be traded on organized futures exchanges. ... read more

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Daily Research

Daily Forex Update: GBP/CHF
autochartist.com - 09 September 2010
The downtrend on the daily frame of the GBP/CHF has proven a relentless decline. These types of trends are difficult to buy into on intraday charts due to the overwhelmingly bearish momentum and sentiment. Short-term rallies and bounces are usually sold into, and reflect profit taking rather than a more significant sentiment shift. The Falling Wedge on the 240-minute time frame is an example of a short-term move higher through resistance, at 1.5654 (X); ... read more

Daily Commodities Update: Natural Gas
autochartist.com - 09 September 2010
After making the low at 3694 and finding buyers willing to support prices above 3700, the overall downtrend on the daily chart of Natural Gas has begun to congest. The bears’ loss of downward momentum does not seem to be much more than a shallow correction, but it is a near-term floor in what has been a month-long move lower. The 60-minute chart shows that intraday congestion is squeezing into a Triangle pattern, with downtrend line resistance waiting at 3868 (B) and uptrend line support at 3801 (A). ... read more

Daily Forex Update: EUR/USD
autochartist.com - 08 September 2010
The intraday downtrend on the EUR/USD has taken the pair through the 1.2700 “big figure,” and is now trying to establish resistance there. This ceiling will confirm the resistance of the Falling Wedge pattern on the 15-minute time frame; exhaustion at this level will trigger an Autochartist Retracement/Correction (ARC) short-sell. The expectation for exhaustion comes from the five-bar Autochartist Initial Trend reading, which indicates that the near-term market direction is range-bound. ... read more

Daily Commodities Update: Live Cattle
autochartist.com - 08 September 2010
Live Cattle’s 240-minute time frame has consolidated into the narrowing range of a Triangle pattern. Because of the quiet, sideways range (confirmed by the three-bar Autochartist Initial Trend reading) wait for a breakout higher through 9950 (X) or breakdown lower through 9740 (Y). Currently, the MACD Histogram reading is very low and nearly flat, which sets up a move to either side of the pattern. One effective way of capitalizing on what could be strong momentum in either direction is to use a conditional order at each side of the Triangle. ... read more

Weekly Forex Update: GBP/USD
autochartist.com - 07 September 2010
After rally through Channel Up resistance at 1.5750, the daily GBP/USD continued higher to the Autochartist Forecast area from 1.5975 to 1.6098 (F). This resistance area maintained selling pressure on the pair—known as the “cable”—and allowed the bears to push lower and shift market sentiment as prices tested 1.6000, which eventually caused a pullback. The current trend lower is congesting around the 200 period simple moving average, and reflects the sideways market stage in which the daily chart currently finds itself. ... read more

Weekly Commodities Update: High Grade Copper
autochartist.com - 07 September 2010
The uptrend on High Grade Copper began with a Triangle breakout through resistance at 30160 on the daily chart. The subsequent rally carried prices higher to the Autochartist Forecast area between 31295 and 32102 (F). The Forecast was formerly resistance for the move higher, but now that prices have established buying support above this level, the area will now be support. ... read more

Daily Forex Update: EUR/JPY
autochartist.com - 07 September 2010
The downtrend on the daily chart of the EUR/JPY has been in place since near-term resistance at 140.00 and longer-term resistance at 170.00, which places the beginning of the downtrend at October of 2008. The EUR/JPY has most recently begun to slow the bearish momentum, and the pair has begun to congest between 111.11 and 105.44. The Falling Wedge is forming within a five-bar Autochartist Initial Trend reading, confirming both the slowing bearish momentum and the sideways volatility (due to indecision within the market). ... read more

Daily Commodities Update: Heating Oil
autochartist.com - 07 September 2010
The intraday chart of Heating Oil saw a sharp rally on September 3, and this bullish sentiment seems to have carried over even as momentum has slowed. The 30-minute chart has alerted a Rising Wedge pattern that reflects the rally, but is accompanied by a six-bar Autochartist Initial Trend reading. This signals that the trend is at its weakest state. ... read more

Daily Forex Update: USD/JPY
autochartist.com - 06 September 2010
On the USD/JPY, the 240-minute time frame could shed some light on the range-bound price action. Despite making a lower low this week, at 83.67, the downtrend on the daily chart seems to be struggling to maintain negative sentiment intraday, with prices beginning to find a range above 84.00. The Rectangle pattern alert on the 240-minute chart shows that volatility has dropped significantly enough to register an Initial Trend of just one bar. ... read more

Daily Commodities Update: Platinum
autochartist.com - 06 September 2010
While Platinum’s daily chart looks to cap off a three-day rally from a previously weak market, it seems the bulls are losing buying momentum and are ready to take some profit as the market closes for the three-day holiday weekend. The 15-minute intraday time frame tells the short-term story: consolidation within an Ascending Triangle, which seems poised to break down through uptrend line support at 1556.3 (X). ... read more

Daily Forex Update: USD/CHF
autochartist.com - 03 September 2010
The downtrend on the USD/CHF continues. Downtrends present three possible entry opportunities: continuation, correction, or reversal. Due to the downtrend’s strength it’s very likely that a continuation and/or a correction (also known as a Retracement) will occur. The decision to focus on more selling pressure comes primarily from the Channel Down pattern alert, though also from the seven-bar Autochartist Initial Trend reading that accompanies it. The Initial Trend reading signals that significant bearish momentum remains behind the price action. ... read more

Daily Commodities Update: Silver
autochartist.com - 03 September 2010
After a brief correction lower on August 30, Silver was able to continue its climb higher after buying support was found along 19.33 and prior resistance at 19.52 was broken. The acceleration higher shows that the bulls are ready to challenge the May 13 high—also a one-year high—at 19.84. The momentum that might accompany a break of such a psychological level could attract even more buying momentum. ... read more

Daily Forex Update: AUD/USD
autochartist.com - 02 September 2010
The AUD/USD rallied from 0.8911 to the current level of 0.9107 by the end of Wednesday’s session. This steep ascent was the result of the Australian Dollar’s strength versus a very weak U.S. Dollar as U.S. equities rallied throughout the trading day. The Triangle breakout from 0.9020 pushed the AUD/USD higher towards prior resistance at 0.9080; this was quickly broken as the bulls continued to rally the pair through the “big figure” of 0.9100, ... read more

Daily Commodities Update: U.S. Light Crude
autochartist.com - 02 September 2010
U.S. Light Crude enjoyed its largest single-day rally since the climb through 80.00 on August 2. While the bulls certainly enjoyed the August 2 move, the rally throughout Wednesday’s session was markedly more important in terms of establishing buying support near the bottom of a large intraday Triangle on the 240-minute time frame. ... read more

Daily Forex Update: EUR/CHF
autochartist.com - 01 September 2010
The downtrend on the EUR/CHF moved sharply lower today as the Swiss Franc gained against all major currencies—and the downtrend on the EUR/CHF shows how much the Franc continues to gain against the Euro. Negative sentiment is established enough that the bears will wait and sell into any rally. Therefore, identifying resistance levels within the downtrend can help locate short-sell zones (though the pair must first correct higher). ... read more

Daily Commodities Update: Gold
autochartist.com - 01 September 2010
After a dramatic rally higher, which resulted in a strong intraday uptrend, Gold’s short-term chart looks ready for a correction lower. Small corrections did occur as Gold approached the eventual session high; however, prices were unable to sustain the steep uptrend and the 15-minute time frame now seems ready to roll over. When it comes to reversals however, a sentiment shift must take place in order to get sufficient follow-through: with the Channel Up pattern alert, just such a reversal opportunity may be on the horizon. ... read more

Daily Forex Update: USD/CAD
autochartist.com - 31 August 2010
The Forecast area of a Completed Pattern alert is in many ways an extension of the support and resistance found in the patterns themselves. Forecasts offer insight into potential floors and ceilings, which can help identify future trading ranges and exhaustion areas. A pair of current Forecast areas can be seen on the 30-minute chart of the USD/CAD: this pair has been moving higher and lower within a wide, sideways range, exhausting and reversing as prices reach the overbought ceiling and the oversold floor. ... read more

Daily Commodities Update: US Light Crude
autochartist.com - 31 August 2010
The downtrend on U.S. Light Crude’s 30-minute chart was in large part due to weaker U.S. equities. The Falling Wedge pattern has managed to contain the bearish sentiment with support at 7525 (X). This lower support line could allow the bulls to find some footing, which would in turn cause the bears to take profit; both of the scenarios simultaneously would allow the U.S. Light Crude market to rally. ... read more

Weekly Forex Update: USD/JPY
autochartist.com - 31 August 2010
The USD/JPY has stalled at the Falling Wedge pattern’s downtrend line resistance after the emergency meeting by the Bank of Japan (BOJ) failed to create the desired yen weakness. While the BOJ measures were intended to stop the yen’s advance against currencies worldwide, the announcement created nothing more than a quick bounce that traders sold into on the USD/JPY. ... read more

Weekly Commodities Update: Silver
autochartist.com - 31 August 2010
Silver has been moving higher as the bulls try to reach the trading range’s upper levels which have been in place since mid-June. The June highs at 1945 and 1927 have identified the ceiling with which the current push higher must contend. Most recently, Silver peaked near the top of the Autochartist Forecast area at 1935; the same Forecast area has identified a layer of resistance between 1879 and 1935 (F). After breaking higher through the Falling Wedge pattern on the daily time frame at 1810 (E), ... read more

Daily Forex Update: USD/CAD
autochartist.com - 30 August 2010
The rollover on the USD/CAD’s 240-minute chart has finally been confirmed, with bears pushing prices lower through the Rising Wedge pattern’s uptrend line support. Since the rejection along 1.0650 and the drop lower through 1.0600 there has been a slow but steady shift in the bullish sentiment of the USD/CAD. The Rising Wedge has triggered a pattern reversal at 1.0580 (X). The low, one-bar Autochartist Initial Trend reading confirms that the previous uptrend within the Rising Wedge stalled into a narrow, ... read more

Daily Commodities Update: Silver
autochartist.com - 30 August 2010
Silver’s intraday climb is losing buying momentum due both to sellers waiting just above 1900 putting pressure on the rally and the profit-taking from short-term bulls prior to the markets closing for the weekend. Prices on the 60-minute chart are perched just above uptrend line support of the Channel Up pattern at 1900.80 (X). These ten ticks around the 1900 price level hold the key to whether we see a continuation or a reversal of both the pattern and the intraday trend. ... read more

Daily Forex Update: GBP/USD
autochartist.com - 27 August 2010
The uptrend on the 60-minute chart of the GBP/USD has lost bullish momentum over the past 35 candles; subsequently, what was initially a correction to Channel Up support has now transitioned to a pattern reversal. The question now is: what is the likelihood for follow-through considering the weaker U.S. Dollar and Friday’s U.K. Revised Gross Domestic Product (GDP) release? The uptrend line breakdown down signals a bearish shift. However, with the near-term low at 1.5505 being so close to the reversal, ... read more

Daily Commodities Update: Gold
autochartist.com - 27 August 2010
Traders should consider multiple patterns and time frames before entering a trade. Comparing the key levels that appear when there are multiple and overlapping alerts can unveil powerful entry options for both sides of the market. At key price levels, market sentiment will be expected to accerlerate, stall or reverse; these key price levels are commonly found within chart patterns. Gold’s 30-minute chart has been in a shallow downtrend that has recently lost much of its bearish momentum (as confirmed by the one-bar Autochartist Initial Trend reading). ... read more

Daily Forex Update: USD/CAD
autochartist.com - 26 August 2010
The USD/CAD has been overbought on the daily chart, with the pair climbing to resistance between 1.0680 and 1.0700. The exhaustion that is expected to stall the rally to this level (and potentially press the USD/CAD lower once again) comes from the distribution market cycle in which the daily chart has found itself all summer. The recent rally pushed prices to the intraday double top along 1.0664 and 1.0668, an area that has now twice sent prices lower, and is currently where selling pressure waits. ... read more

Daily Commodities Update: High Grade Copper
autochartist.com - 26 August 2010
The breakdown on High Grade Copper’s daily chart is subtle, but the move’s significance could be big for the bears. The selling pressure that finally drove Copper lower from late July through the current August range traded through the floor at 32200, which may signal the beginning of a sentiment shift from neutral to bearish. Daily Copper traded higher from mid-July to the beginning of August before prices congested into a sideways market near the top of the rally. ... read more

Daily Forex Update: EUR/CHF
autochartist.com - 25 August 2010
The downtrend on the EUR/CHF has been trending lower, and during Tuesday’s session broke through the July 1 low at 1.3074, down to 1.3016. This price represents a multi-year low for the pair, and if the EUR/CHF can pierce 1.3000 the continuation could accelerate even lower. However, as prices trade lower toward a whole, round number such as this, active buying support tends to be present. If that is the case in the EUR/CHF, the shorter-term intraday time frames will start to cycle out of their downtrending market cycles and break higher through uptrend line resistance. ... read more

Daily Commodities Update: Feeder Cattle
autochartist.com - 25 August 2010
Feeder Cattle’s 15-minute chart has been trading within a range as the market congested into a distribution cycle: the four-bar Autochartist Initial Trend reading confirms that prices are moving in a wide, sideways range. The volatility that accompanies a distribution market cycle makes breakouts like this one difficult to gauge. After a pattern break, prices tend to exhaust at nearby resistance levels and lack the organization for sustained follow through. ... read more

Daily Commodities Update: Natural Gas
autochartist.com - 24 August 2010
The intraday 15-minute chart of Natural Gas has broken higher through Triangle pattern resistance at 4075 (E). Low bullish momentum accompanied the breakout higher through the downtrend line, as confirmed by the three-bar Autochartist Breakout reading. Based on a scale of one to ten, a three-bar reading suggests that prices simply traded through the resistance when the Triangle pattern failed to offer room to move within the narrowing range. This should not be confused with momentum, though it remains a valid long entry. ... read more

Weekly Commodities Update: U.S. Light Crude
autochartist.com - 24 August 2010
With a volatile uptrend that began in late May, the U.S. Light Crude market maintained a strong bullish sentiment that was recently tested by a Channel Up pattern breakdown through 7728 (E); this reversal came as crude was pulling back sharply from a two-month uptrend. While the break lower is accompanied by some negative market sentiment, the area from 7379 to 7004 (F) should be watched closely for potential buying support. ... read more

Daily Forex Update: AUD/USD
autochartist.com - 24 August 2010
The AUD/USD has transitioned out of the daily chart’s uptrend and into a narrow, sideways range. This, in turn, has put the slightly longer-term 60- and 240-minute intraday time frames in a distribution market cycle, which means that the price action is moving sideways in a wide and volatile range. A shallow Falling Wedge Emerging Pattern has alerted on the 240-minute chart with a five-bar Autochartist Initial Trend reading. This reading points to a trending pattern that continues to develop within a non-trending market. In fact, because of the distance between the upper line at 0.8983 (A) and the lower line at 0.8835 (B), prices are likely to exhaust and reverse—this was demonstrated by the price action going into Monday’s U.S. session close. ... read more

Weekly Forex Update: USD/CHF
autochartist.com - 24 August 2010
The rally in the USD/CHF pushed the short-term intraday time frames into an uptrend to start the week. The question now is: how much longer will the bullish momentum last? The downtrend on the 240-minute chart is strong, confirmed by a ten-bar Autochartist Initial Trend reading. The Channel Down formation is therefore more likely to set up either an Autochartist Retracement/Correction (ARC) entry or an Autochartist Continuation of the Trend (ART) entry; both would capitalize on the downtrend moving lower from current levels. ... read more

Daily Forex Update: GBP/CHF
autochartist.com - 23 August 2010
The GBP/CHF has been moving sharply lower on the daily time frame. The slight bounce at 1.6016 has transitioned the downtrending market cycle across the 15-, 30-, and 60-minute charts. The Autochartist Initial Trend reading for the Falling Wedge pattern alert on the 60-minute chart suggests that the negative sentiment that helped create this formation is actually lessening; at one bar, the reading reflects the fact that prices have flattened out and are trading in a narrow, sideways range. ... read more

Daily Commodities Update: Feeder Cattle
autochartist.com - 23 August 2010
Feeder Cattle’s intraday uptrend has carried prices higher to a ceiling that, with selling pressure positioned at 11638 (A) and 11657 (B), may be forming a double top. This is the first sign of trouble for the bulls, who have enjoyed a rally during the past five trading sessions. The Channel Up pattern alert indicates nearby support at the lower uptrend line at 11577 (X). This will be the level to watch for two of the three trending pattern entry strategies that might trigger. ... read more

Daily Forex Update: USD/CHF
autochartist.com - 20 August 2010
The breakdown through horizontal support at 1.0360 (E) has triggered a momentum breakdown through the Triangle pattern alert. This Autochartist Initial Movement/Momentum (AIM) entry capitalized on weakness when the bears pushed the USD/CHF through the prior support area between 1.0361 and 1.0345. Thursday’s session traded through the August 9 low at 1.0266. While this does not represent a new low for 2010, the negative sentiment in the USD/CHF proved to be strong even on a day during which the U.S. Dollar traded higher. ... read more

Daily Commodities Update: US Light Crude
autochartist.com - 20 August 2010
Traders took back the gains from Wednesday’s trading session after selling pressure at 7600 sent U.S. Light Crude prices lower to the current support level at 7400. Prices on the 240-minute chart did little more than correct higher to downtrend line resistance, at which point the bears pushed the market lower to continue the longer-term intraday trend; this negative sentiment has helped form a shallow Channel Down pattern over the past 25 candles. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 19 August 2010
The EUR/USD continues to hold support, but is struggling to push to new highs after trading within the narrow range from 1.2932 to 1.2733 for the fifth straight session. The stall on the daily chart came directly after a strong pullback on August 11, and the bulls have yet to recover. (The resistance that waits overhead can be seen clearly on the 240-minute chart.) The Channel Up pattern reversal through 1.3217—which included the sell-off from August 11—trended lower to the Autochartist Forecast area between 1.3052 and 1.2917 (F). ... read more

Daily Commodities Update: U.S. Light Crude
autochartist.com - 19 August 2010
The release of the Energy Information Administration’s (EIA) crude oil inventory shocked bears with a larger-than-expected drawdown. This put a short squeeze on sellers, who had been driving crude lower from 8200 to the current levels around 7400. By covering (that is, buying back) short positions in the market, traders drove prices higher. Despite the bears’ short-term fear that the market would shift to a more bullish sentiment, buyers were unable to significantly shift the negative mood in crude oil. ... read more

Daily Commodities Update: No Lead Gasoline
autochartist.com - 18 August 2010
The sharp drop in No Lead Gasoline, which came after the market peaked at 21990 on August 3, has pushed prices below the July low. The resulting downtrend, however, has recently slowed on the shorter-term intraday time frames, including the 30-minute chart. The congestion seen on the 30-minute was wide and volatile enough to allow a shallow Channel Up pattern to form before it broke down when prices traded through 19512 (E). It is very likely that the market is in a distribution cycle, and therefore don’t expect a move lower to be organized, or sustained. ... read more

Daily Forex Update: GBP/USD
autochartist.com - 18 August 2010
The intraday GBP/USD shows weakness within the U.S. Dollar. The trend lower, which lasted throughout the U.S. session, pushed prices to a 1.5566 low; this puts support between that level and 1.5532 on the short-term intraday time frames. This area is important for two reasons: short-term, the downtrend is shifting to a more narrow, sideways range; in the longer term there exists a retracement that puts the daily chart at 50% Fibonacci support, as well as a six-month uptrend line. ... read more

Weekly Commodities Update: Silver
autochartist.com - 17 August 2010
The congestion on the daily chart of Silver has found a range between 1870 and 1734. Prices are currently favoring the top half of the range and therefore the downtrend line resistance comes into play for a potential breakout. The Descending Triangle pattern on the daily chart has taken nearly two months to form, making it a large enough formation to trigger a market reaction. It’s important for pattern Length to be taken into consideration when gauging the amount of expected follow-through, should the support or resistance level be broken. As a general rule, smaller patterns when broken will not carry as much market sentiment or momentum. ... read more

Daily Forex Update: EUR/JPY
autochartist.com - 17 August 2010
The downtrend on the 30-minute EUR/JPY has reached support between 109.21 and 109.07. This could create a short-term bounce to the downtrend line resistance of the Falling Wedge currently at 109.70 (X). If prices are able to trade higher to this level, look for an opportunity to short into the correction higher which would confirm an Autochartist Correction/Retracement (ARC) entry. ... read more

Daily Commodities Update: Heating Oil
autochartist.com - 17 August 2010
Heating Oil has been falling steadily on the 60-minute time frame. With the downtrend a Falling Wedge chart pattern has formed. The area just below 20000 has been holding prices from continuing lower and transitioned the established intraday trend to a wide, sideways range. This congestion is confirmed by the five-bar Initial Trend reading and identifies the current market cycle on the 60-minute chart as distribution. ... read more

Weekly Forex Update: AUD/USD
autochartist.com - 17 August 2010
The uptrend on the daily time frame of the AUD/USD has corrected lower. Selling pressure built at the 0.9200 level sending the pair lower in what could be considered part profit taking, and part over extension from a four week rally. The current market direction on the AUD/USD shows the bulls are pausing at the front of a week of potential high impact data. This will start today with the Reserve Bank of Australia Meeting Minutes’ release. This important event could set the tone for the remainder of the week. ... read more

Daily Commodities Update: Gold
autochartist.com - 16 August 2010
The intraday uptrend in Gold is slowly losing bullish momentum as prices are squeezing into the narrowing range of a Rising Wedge pattern. The trend that helped the pattern form has transitioned into a tighter, sideways channel with resistance at 1217 (B). The range-bound movement is confirmed by the three-bar Autochartist Initial Trend reading which indicates that an accumulation market cycle has formed on the 30-minute time frame. ... read more

Daily Forex Update: AUD/USD
autochartist.com - 16 August 2010
The downtrend on the intraday AUD/USD has accelerated slightly during the early hours of the Monday Asian session. There will be some significant economic events early this week in the AUD/USD starting with the Monetary Policy Meeting Minutes and Reserve Bank of Australian Governor Stevens’ speech. Both these events will dictate how prices will behave now that the big figure at 0.9000 has been broken, and whether the daily time frame can resume its uptrend. ... read more

Daily Forex Update: USD/JPY
autochartist.com - 13 August 2010
The uptrend on the intraday USD/JPY reflected the Yen being sold or borrowed against the U.S. Dollar. However, the steady climb in this pair is about to be tested by what could be a double top across 86.20. The area between 86.20 and 86.50 has been an intraday ceiling throughout the month of August. If selling pressure builds once again, look for the USD/JPY to stall and possibly reverse. ... read more

Daily Commodities Update: Brent Crude
autochartist.com - 13 August 2010
The mark down cycle (more commonly known as a downtrend) has lost the bearish momentum it once had on the 30-minute Brent Crude chart. The transition from a downtrend to a more sideways, volatile market cycle has been confirmed by the five-bar Autochartist Initial Trend reading. This trend identification is vital to managing the Channel Down breakout that occurred when prices rallied through the 7600 level (E). ... read more

Daily Forex Update: USD/CHF
autochartist.com - 12 August 2010
Propelled by the strength in the U.S. Dollar, the USD/CHF rallied higher as the Swiss Franc lost ground against a resurgent dollar. This rally has carried the 15-minute time frame to an intraday double top within the resistance of the Autochartist Forecast between 1.0604 and 1.0607 (F). The previous high at 1.0620 (F) was just six pips below the Wednesday high a 1.0628. The initial move was signaled by a Triangle breakout through the downtrend line resistance at 1.0550. ... read more

Daily Commodities Update: Natural Gas
autochartist.com - 12 August 2010
A shallow uptrend on the 30-minute chart of Natural Gas has pushed prices slightly higher but it has not been bullish enough to shift the neutral sentiment from the current range between 4356 and 4257. The sideways market cycle is confirmed by the two-bar Initial Trend reading on the Rising Wedge alert and because of this the uptrend line support is the main decision level for the pattern. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 11 August 2010
The EUR/USD has continued its intraday ascent as both the daily and the 240-minute charts have trended higher. However, the short-term 15-, 30-, and 60-minute timeframes reflect a near-term correction caused by strength in the U.S. Dollar prior to a dovish Federal Reserve statement. The early strength in the Dollar sent the EUR/USD lower through support of a Channel Up pattern. This occurred within a distribution market cycle, which led to exhaustion as seen by ... read more

Daily Commodities Update: Sugar
autochartist.com - 11 August 2010
The downtrend on Sugar’s 30-minute chart has slowed to a more range-bound market environment, setting up a potential momentum entry. Momentum entries rely on a non-trending market (which reflects a lack of opinion) that provides an opportunity to enter into the next wave of trader sentiment. The two-bar Autochartist Initial Trend reading confirms that the 30-minute chart is in a narrow, sideways range, and this particular pattern sets up an Autochartist Initial Movement/Momentum (AIM) buy. ... read more

Weekly Forex Update: EUR/USD
autochartist.com - 10 August 2010
While the trend remains higher on the daily chart of the EUR/USD, it is now approaching resistance that could trigger a pullback. The previous lows of 1.3268 in March and 1.3283 in April are forming a ceiling at which the uptrend could exhaust, potentially leading to near-term profit-taking. The three-bar Autochartist Initial Trend reading on the 240-minute chart suggests that prices could be primed for a move lower, which would trigger an Autochartist Initial Movement/Momentum (AIM) entry short should prices break pattern support at 1.3190 (X). ... read more

Weekly Commodities Update: Wheat
autochartist.com - 10 August 2010
After a rapid climb that triggered a Triangle breakout at 105.00, the Wheat market continues its acceleration following news of the Russian drought and renewed talks of a potential grain export ban. This led to uncertainty and a lack of sellers in the market. The daily time frame appears to be slowing under the strain of the volatility seen during the last two sessions. This wide range could be the first sign of a distribution market cycle and, possibly, a deeper correction to the month-long uptrend. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 10 August 2010
The EUR/USD uptrend on the 240-minute time frame is correcting because the bulls were not able to sustain the pair above the 1.3300 “big figure” level. This pullback is still trading within Channel Up pattern support, and is setting up a buy entry off the lower support line at 1.3140 (A). A bounce from the uptrend line would trigger an Autochartist Retracement/Correction (ARC) entry if within a confirmed trend; however, with just a four-bar Autochartist Initial Trend reading, the 240-minute EUR/USD has transitioned into the volatile, sideways range known as a distribution cycle. ... read more

Daily Commodities Update: Palladium
autochartist.com - 10 August 2010
Palladium’s 60-minute chart has trended lower, setting up a possible Autochartist Retracement/Correction (ARC) entry on the current Falling Wedge alert. This pattern is ideally traded within a trending market, which the six-bar Autochartist Initial Trend reading confirms is the case. This reading is the lowest acceptable value that still indicates a trend; the likelihood for a bounce within the pattern’s range is therefore high. ... read more

Daily Forex Update: AUD/JPY
autochartist.com - 09 August 2010
The 60-minute AUD/JPY broke lower through Triangle pattern support at 78.60(E) before following through to the Autochartist Forecast area between 78.13 and 77.57 (F). This breakdown occurred within a distribution cycle, identified by the five-bar Initial Trend reading. This market cycle increases the chance that the AUD/JPY will exhaust at a previous floor or ceiling. Since the Triangle broke to the downside, look to the level that was the previous low, at 77.67, to act as support. (This level is within the Autochartist Forecast range.) ... read more

Daily Commodities Update: Gold
autochartist.com - 09 August 2010
After a steady rally on the short-term 15-minute time frame, Gold is pulling back and reversing through the Rising Wedge pattern’s lower line. This pattern breakout triggered an Autochartist Reversal of the Trend (ART) entry through uptrend line support at 1208 (A). The challenge for this short-sell entry will be the support waiting at 1200, as well as the fact that low bearish momentum accompanied the pattern entry. A Rising Wedge is a trending pattern created from two uptrend lines. ... read more

Daily Commodities Update: No Lead Gasoline
autochartist.com - 06 August 2010
No Lead Gasoline has been trending slightly lower on the intraday 15-, 30-, and 60-minute time frames. This bearish sentiment helped form a Channel Down pattern, which is currently being broken to the upside. The pattern reversal and the short-term downtrend occurred at 21644 (E), the point at which No Lead Gasoline rallied through downtrend line resistance. The reversal, which triggered an Autochartist Reversal of the Trend (ART) buy entry, was set up within a distribution market cycle, ... read more

Daily Forex Update: USD/CAD
autochartist.com - 06 August 2010
On the daily chart, the USD/CAD created a double bottom when it reached a low at 1.0109, surpassing the previous low by 30 pips. Regardless, prices found buying support and rallied higher, leaving behind a long candle wick and forming a Hammer pattern and, possibly, a Morning Star candlestick reversal pattern. This daily chart reversal from Thursday's lows also triggered a 30-minute downtrend reversal of a Falling Wedge pattern when prices pierced 1.0145 (E). ... read more

Daily Commodities Update: Lean Hogs
autochartist.com - 05 August 2010
The intraday chart of Lean Hogs broke lower through the support of a Triangle pattern on the 15-minute time frame. The breakdown triggered an Autochartist Initial Movement/Momentum (AIM) entry as selling pressure pushed prices through 7888 (E). This move was accompanied by strong bearish sentiment, as confirmed by Autochartist's seven-bar Breakout reading. Notice how quickly prices accelerated to the downside: this is the result of strong momentum at the pattern break. ... read more

Daily Forex Update: USD/JPY
autochartist.com - 05 August 2010
The USD/JPY recently broke above the downtrend line resistance of a Falling Wedge pattern on the 240-minute time frame. This reversal higher has triggered an Autochartist Reversal of the Trend (ART) entry long, because prices have rallied through 86.05 (E). This momentum is further propelled by the break through the "big figure" level at 86.00, which-like all whole, round numbers-typically sees a larger amount of orders. The Autochartist Length reading for this pattern alert should be considered, as it's a relatively short one at just 42 candles. ... read more

Daily Forex Update: EUR/CHF
autochartist.com - 04 August 2010
The uptrend on the 30-minute EUR/CHF has formed a Rising Wedge pattern, with prices trading higher through 1.3700 on their way to prior resistance at 1.3817. A Rising Wedge should ideally be traded as a trending pattern-one with an Autochartist Initial Trend reading of six bars or more. This pattern alert comes close to triggering a breakout, and has a five-bar Initial Trend reading. When the Initial Trend reading is four or five bars, the market cycle is in distribution, characterized by a less predictable and sideways-moving range. ... read more

Daily Commodities Update: Natural Gas
autochartist.com - 04 August 2010
Natural Gas is trending higher after buyers rallied off the support of a Double Bottom pattern on the 15-minute chart. The rally accelerated once prices traded higher through resistance at 4765. With the current bullish momentum helping prices reach the upside target at the Autochartist Forecast area between 4792 and 4820 (F), expect profit-taking to drive prices lower as Natural Gas forms a Double Top pattern at the current highs. ... read more

Daily Commodities Update: Wheat
autochartist.com - 03 August 2010
Wheat's short-term intraday chart trended higher into the prior week's close, until buyers showed during Monday's session that they were ready to take some profits off the table. The push lower within the 15-minute chart's strong uptrend is unlikely to be a longer-term reversal, but rather a pullback of a two-day trend. However, the pullback did break uptrend line support of a Rising Wedge pattern at 151.25 (E). ... read more

Weekly Commodities Update: Coffee
autochartist.com - 03 August 2010
After an already dramatic rally through resistance at 140.00, Coffee has continued its ascent following nearly two months' of congestion between 179.10 and 164.10. The stall in the uptrend did little to sway bullish sentiment in the market, since prices didn't correct lower in any significant way, and the Autochartist Initial Trend reading didn't drop from the ten-bar maximum. Although it's likely that the two-month range represented a distribution cycle, emphasis remained on the bullishness of the prior move and the lack of any selling pressure to change that market opinion. ... read more

Daily Forex Update: GBP/USD
autochartist.com - 03 August 2010
The intraday GBP/USD trended higher throughout Monday's session with a strong and steady rally-one that is now beginning to slow. This congestion can be seen on the 60-minute time frame, which has reached the upside Autochartist Forecast area between 1.5832 and 1.5893 (F). With the low, two-bar Initial Trend reading, the next entry trigger will likely come on a shorter-term time frame that has a sideways chart pattern alert. ... read more

Weekly Forex Update: USD/CAD
autochartist.com - 03 August 2010
On the daily chart, the USD/CAD broke lower through uptrend line support of a Triangle pattern at 1.0340 (E). This triggered an Autochartist Initial Movement/Momentum (AIM) short-sell entry. The entry strategy is based on a sideways market cycle poised for a wave of either buying or selling momentum. This trade is ideally set up with a one- to three-bar Initial Trend reading; this pattern alert, however, has a six-bar Initial Trend reading, which is the lowest acceptable reading that still indicates a trending environment. ... read more

Daily Forex Update: NZD/USD
autochartist.com - 02 August 2010
The direction of the 15-minute NZD/USD is maintaining the strength of the current intraday uptrend, and approaching the prior high from July 29 at 0.7288. This could present an obstacle for the bulls. The upside momentum is confirmed to be the dominant market bias by the ten-bar Autochartist Initial Trend reading. Expect that prices may stall in the near-term between 0.7288 and 0.7305. ... read more

Daily Commodities Update: Silver
autochartist.com - 02 August 2010
Silver trended higher through the last part of the prior week to end strongly on a bullish sentiment. The bulls however seem wary and exhausted as prices reach for 18.00. The current stall and consolidation occurring on the 15-minute Silver chart is reflective of the selling pressure which is keeping prices from continuing higher. The two-bar Autochartist Initial Trend reading is confirming the non-trending, narrow-ranging market and has set up the Triangle pattern alert for an Autochartist Initial Movement/Momentum (AIM) entry. ... read more

Daily Forex Update: EUR/CAD
autochartist.com - 30 July 2010
After a week of hard-fought gains and higher lows in the EUR/CAD, the Euro has weakened slightly against the Canadian Dollar and corrected lower intraday. After exhausting at the resistance of the Autochartist Forecast area between 1.3575 and 1.3603 (F)-which projected the upside target following the Rising Wedge continuation-prices are moving lower in what is likely intraday profit-taking. ... read more

Daily Commodities Update: Palladium
autochartist.com - 30 July 2010
The daily chart of Palladium traded sharply higher throughout Thursday's session, with momentum showing a very bullish sentiment as the overall market continues to trade within a wide, sideways range. The intraday time frames reflected this near-term strength, transitioning into uptrends across the 15-, 30- 60-, and 240-minute charts. Typically, the time frame that offers the most immediate entry is the short-term 15-minute chart. If a larger correction is to occur, the early signs of profit-taking or a pullback will often result in the reversal of an uptrending pattern such as a Rising Wedge or Channel Up. ... read more

Daily Commodities Update: Lumber
autochartist.com - 29 July 2010
The daily chart of Lumber has been ranging between 217.00 and 197.30 as prices congest. This congestion has squeezed the intraday time frames into narrowing ranges that are setting up an Autochartist Initial Movement/Momentum (AIM) entry. Ideally, an AIM entry would capitalize on a breakout or breakdown through a Rectangle or Triangle pattern; however, due to the move lower intraday on July 27, the 60-minute time frame has formed a shallow Falling Wedge pattern. ... read more

Daily Forex Update: AUD/JPY
autochartist.com - 29 July 2010
The 30-minute chart of the AUD/JPY has bounced higher within a very strong downtrend. The nine-bar Autochartist Initial Trend reading indicates that bearish sentiment still dominates current price action. The Channel Down breakout through the pattern's top line is therefore triggering an aggressive reversal entry long. The buy taken at the downtrend line break at 78.08 (E) should not be expected to travel much higher than recent resistance (at least not immediately), which means that prices will be met with selling pressure between the bottom of the Forecast range at 78.41 (F) and the near-term high at 78.44. ... read more

Daily Forex Update: GBP/CHF
autochartist.com - 28 July 2010
The GBP/CHF has stalled at the top of Tuesday's intraday range, with the current ceiling at 1.6547. The uptrend has established itself across the 15-, 30-, 60- and 240-minute and daily charts with little-to-no correction lower, as the rally began off a double-bottom formation from the lows at 1.5833 and 1.5854. If the current congestion is an indication of the bulls exhausting, then the upper trend line of the Channel Up pattern on the 60-minute time frame should keep the GBP/CHF below the range from 1.6595 (A) to 1.6600. ... read more

Daily Commodities Update: Spot Gold
autochartist.com - 28 July 2010
After the dramatic morning sell-off that accompanied the open of the U.S. equities market, Gold continued its downtrend into the afternoon, with no sign of slowing or profit-taking. This negativity pushed the market through the support area, from 1180 to 1175, that has kept the Gold market afloat over the past week. Once this level was broken, the drop came quickly as neutral intraday sentiment shifted sharply lower. The Channel Down pattern that formed on Gold's 30-minute chart shows the consolidation that is taking place now that the bulls have been able to support the 1157.15 level. ... read more

Weekly Commodities Update: Spot Gold
autochartist.com - 27 July 2010
Spot Gold's daily chart has formed a Pennant formation over the past 21 candles, which makes this Emerging Pattern alert, at only one month, a fairly short formation. Pennants are typically congestion-to-consolidation patterns that occur in range-bound markets; while this formation does have a downward-facing angle-reflecting the current bearish sentiment in Gold-the market is moving within the Pennant's two downtrend lines. What this means is that the current alert has identified where buying support and selling pressure are waiting as the market trends lower. ... read more

Daily Forex Update: USD/CHF
autochartist.com - 27 July 2010
As the Asian session approaches, it's very likely that the intraday USD/CHF has found a sideways range within which to trade. The current market cycles on the 15-, 30-, and even 60-minute charts indicate that the small move lower during today's trading session-as the Swiss franc gained on the U.S. dollar-leveled out the short-term time frames as both the 240-minute and daily charts remain range-bound. ... read more

Daily Commodities Update: High Grade Copper
autochartist.com - 27 July 2010
The intraday market for High Grade Copper is showing signs of fatigue after what has been a strong climb towards the upside. After five consecutive sessions with higher closes, the market may be primed for a correction-and some near-term profit taking. Early signs are apparent on the 15-minute time frame where prices, after accelerating higher from a Triangle breakout, are congesting within the Forecast area range between 323.2 and 321.0 (F). ... read more

Weekly Forex Update: EUR/JPY
autochartist.com - 27 July 2010
After breaking through the downtrend line resistance of a Falling Wedge pattern at 110.00 (E) on the daily chart, the EUR/JPY has rallied to prior resistance between 113.30 and 113.40-well shy of the Autochartist Forecast area between 115.07 and 121.75 (F). The likely reason for the stall that came after the pattern reversal higher is the current market cycle, which still shows a strong eight-bar Initial Trend reading. This suggests there is still a strong downtrend on the daily chart; ... read more

Daily Forex Update: AUD/USD
autochartist.com - 26 July 2010
The area from 0.8950 to 0.8970 continues to put pressure on the bulls as the Australian Dollar holds onto its gains from the past week against the U.S. Dollar in the AUD/USD pair. The Aussie Dollar and the commodities sector move in strong correlation, and with the Dow Jones higher today, commodities are rallying - which keeps sentiment bullish on the intraday AUD/USD. The current ceiling at 0.8971 is also near the 200 period simple moving average on the daily time frame which will present significant resistance. ... read more

Daily Commodities Update: Live Cattle
autochartist.com - 26 July 2010
Live Cattle has been trending higher since the last week in June, with current congestion only the second time on the 60-minute time frame has slowed the uptrend enough to transition into a more sideways market cycle. The two-bar Autochartist Initial Trend reading has identified the current market direction as an accumulation cycle - a sideways and narrow trading range. This sideways consolidation has alerted a Triangle Emerging Pattern. ... read more

Daily Forex Update: GBP/JPY
autochartist.com - 23 July 2010
Shorter time frames are the building blocks that create, of course, longer time frames. This means that if a longer-term trend is to continue, it will be built on the momentum of the short-term charts. The trend on the intraday GBP/JPY was up for most of Thursday's session, but prices may be forming an intraday double top that could hinder further bullish price action. With a previous high at 133.30, the pair now shows that selling pressure could push prices lower. ... read more

Daily Commodities Update: U.S. Light Crude
autochartist.com - 23 July 2010
After Thursday's session, when prices spent the day rallying to 79.75, the intraday chart of U.S. Light Crude most recently consolidated into a very narrow range. The squeeze on the trading range formed a Triangle pattern on the 15-minute time frame. This narrow, sideways range is confirmed by Autochartist's Initial Trend reading, which is a scant two bars. This reading signals an accumulation market cycle, from which an Autochartist Initial Movement/Momentum (AIM) trade may be set up. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 22 July 2010
The EUR/USD has enjoyed a steady recovery as the Euro continues to gain on the U.S. Dollar. The uptrend seen on this pair could be correcting lower after what has been a strong surge throughout the month of July - a surge that saw very little pullback. Due to the move lower during Wednesday's trading session, the 240-minute chart has triggered a reversal of the Channel Up pattern, which could usher in more bearish sentiment and a more significant move to the downside. ... read more

Daily Commodities Update: Lean Hogs
autochartist.com - 22 July 2010
The short-term intraday chart of Lean Hogs has trended higher today after testing buying support at 7445. Reaching this low propelled the market higher until prices stalled at 7582 (B), then traded sideways into the session's close. The lack of follow-through higher into the close, as well as the range-bound price action, has dropped the Autochartist Initial Trend reading to just two bars, indicating an accumulation market cycle. This Wedge formation, however, is an uptrending pattern that would typically be used to set up a continuation or correction entry long within the context of the uptrend that helped form the pattern. ... read more

Daily Forex Update: USD/JPY
autochartist.com - 21 July 2010
The daily USD/JPY has broken lower through the support of a Head and Shoulders formation. The support of a Head and Shoulders pattern is known as a "neckline;" if the neckline is broken an entry for the pattern triggers. This particular breakdown occurred at 87.70, with initial downside support at 86.99. This level is the top of the Autochartist Forecast area (F) and extends lower to 85.92. The resistance of the pattern is at 92.80. Since the Head and Shoulders broke through support and triggered a short-sell entry, ... read more

Daily Commodities Update: WTI (West Texas Intermediate)
autochartist.com - 21 July 2010
The 240-minute chart of West Texas Intermediate (WTI) has formed a Triangle pattern; the pattern has transitioned from earlier congestion and higher volatility to the narrow range of the Triangle, where a breakout or breakdown becomes increasingly likely as the trading range becomes ever smaller. As the pattern continues to trade into "the narrows," volatility drops, and the current market cycle, with a three-bar Autochartist Initial Trend reading, reflects this. ... read more

Weekly Forex Update: USD/JPY
autochartist.com - 20 July 2010
The USD/JPY continues to trend lower as the Yen remains strong against a U.S. Dollar that was stable, albeit range-bound, throughout Monday's trading session. The stronger Yen denotes risk aversion, as Yen is sold or borrowed primarily when risk appetite is present, as the purchase of more risky and higher-yielding assets are funded by borrowing (that is, selling) Yen, due to its low 0.10% Central Bank rate. Bullish equities movement is therefore best confirmed when Yen is sold against the Dollar and the Euro. ... read more

Daily Forex Update: USD/CAD
autochartist.com - 20 July 2010
In response to the upcoming Bank of Canada (BOC) decision on rates, which will be announced Tuesday morning at 9:00am EST, the USD/CAD has begun to consolidate across the intraday time frames. On the short-term 15-minute chart, an Ascending Triangle pattern breakdown recently formed and triggered with a move lower through 1.0543 (E). While this Autochartist Initial Movement/Momentum (AIM) entry has triggered a short-sell due to weakness through uptrend line support, the bearish sentiment accompanying the breakdown is very low. The momentum that accompanied the breakdown is measured by Autochartist's Breakout reading, ... read more

Daily Commodities Update: Wheat
autochartist.com - 20 July 2010
The 30-minute chart of Wheat has broken lower through 173.30, triggering an Autochartist Initial Movement/Momentum (AIM) entry short. This break lower through the Triangle pattern's uptrend line support occurred in a range-bound market with low volatility, confirmed by the two-bar Autochartist Initial Trend reading. This lack of trend points to the ideal strategy to focus on waiting for the next leg of momentum in a narrow-ranging market. In this case, the move was a bearish dive lower. ... read more

Weekly Commodities Update: U.S. Light Crude
autochartist.com - 20 July 2010
The U.S. Light Crude oil market has been congesting on the daily chart as prices trade within the range of a Triangle pattern that has developed over the past 56 candles (that is, three months). This pattern is slowly moving into a market cycle with lower volatility, as confirmed by the two-bar Autochartist Initial Trend reading. This reading further indicates that the market is trading within an accumulation cycle, which forms when prices move sideways within a narrowing range. ... read more

Daily Forex Update: GBP/USD
autochartist.com - 19 July 2010
The daily chart of the GBP/USD has trended higher since prices were able to bounce from the support, at 1.4229, of the May 20 low. The subsequent rally has taken the pair - known as the "cable" - to 1.5400, where prices are now struggling to find a footing in order to climb higher. The Channel Up pattern that formed with the uptrend has resistance waiting at 1.5440 (A), where the Channel's top line is holding prices from continuing higher. Note, though, that the trendline was in fact pierced - this would, if the uptrend was strong, usually open the door to an Autochartist Continuation of the Trend (ACT) entry long. ... read more

Daily Commodities Update: Silver
autochartist.com - 19 July 2010
Silver's 240-minute chart has broken lower through the uptrend line of a Channel Up pattern, at 1800 (A). The Channel Up developed within a strong mark-up cycle, which is confirmed by the maximum ten-bar Autochartist Initial Trend reading. Anytime a strong mark-up cycle or uptrend (such as this one) is reversed, be wary of potential support because traders may buy into the pullback: whereas some traders will see a reversal, others may interpret it as a correction - and an opportunity to buy. The momentum behind the breakdown was very bearish, ... read more

Daily Fundamental Analysis - USD Continues To Lose
autochartist.com - 16 July 2010
USD, EUR, GBP, JPY The USD was besieged again on Thursday and the loss in value to the EUR and GBP came on a day Wall Street suffered also. Two poor Manufacturing Index reports shook the markets as the Empire State and Philly Fed Manufacturing Index readings both proved much more negative than anticipated. The weekly Unemployment Claims figures were also released and did manage a slightly better outcome than estimated, but this was not able to hold off bears that marched forward against both the greenback and equities. ... read more

Daily Forex Update: EUR/JPY
autochartist.com - 16 July 2010
The 240-minute EUR/JPY has trended higher, and directly into a resistance area (and potential exhaustion area) as the Euro gained on the Yen. This rally in the EUR/JPY comes despite the fact that the Yen gained steadily against other currencies, especially against the U.S. Dollar, throughout Thursday's trading session. The recent breakout through the resistance of the Triangle pattern, at 112.40, triggered an Autochartist Initial Movement/Momentum (AIM) entry long. In a non-trending market, the AIM entry is the ideal strategy for congestion or consolidation patterns such Triangles. ... read more

Daily Commodities Update: Cocoa
autochartist.com - 16 July 2010
Over the past two sessions, Cocoa has been trending higher with a quick rally that has pushed this market up to recent highs and resistance at 2460. The current intraday weakness seen on the 60-minute chart is likely a pullback, caused by profit-taking and a rejection from the Channel Up pattern's top line. When the bulls began taking profits on their long positions, the pattern's uptrend line support was broken at 2049 (E), which triggered a reversal of the short-term uptrend. In order to determine how aggressively to approach a trade such as a trendline break, ... read more

Daily Commodities Update: Coffee
autochartist.com - 15 July 2010
Since breaking through 1400 in mid-June, Coffee moved sharply higher before finally reaching selling pressure at just above 1700, where the bulls have attempted to maintain support. The battle between 1705 and 1740 can be seen on the intraday 15-minute time frame, and has formed a shallow Rising Wedge pattern with resistance at 1739 (A) and support at 1733 (B). A Rising Wedge is an uptrending pattern that would ideally form with an Autochartist Initial Trend reading of six bars or more. ... read more

Daily Forex Update: AUD/JPY
autochartist.com - 15 July 2010
After a bounce on the daily chart at 72.73 rallied the Australian Dollar against the Japanese Yen, the intraday AUD/JPY has been trending with strength. The strong Aussie Dollar still dominates price action; however, near-term risk appetite seems to be falling (as reflected in equities prices on Wednesday) and the Yen is starting to be bought once again. As the 240-minute time frame trended higher, a Rising Wedge pattern formed. Most recently, though, the trend has slowed and a more neutral market tone has developed – this is confirmed by Autochartist’s three-bar Initial Trend reading. ... read more

Daily Commodities Update: No-Lead Gasoline
autochartist.com - 14 July 2010
No-Lead Gasoline has recently been congesting on the daily time frame, and that type of sideways movement can also be seen on the 240-minute chart. The Triangle pattern that formed on the 240-minute chart did so as prices slowly quieted into a narrowing range. The lower volatility has dropped the Initial Trend reading to just one bar, and confirms an accumulation cycle. A buy entry will trigger if prices can rally through downtrend line resistance at 2.0885 (A). The breakout is contingent on No-Lead Gasoline remaining in an uptrend. ... read more

Daily Forex Update: NZD/USD
autochartist.com - 14 July 2010
The New Zealand Dollar has gained steadily on the U.S. Dollar since it bounced from 0.6793 and found buying momentum above 0.6800. The short-term uptrend has continued to find buying support as the 15-minute time frame formed a Triangle pattern - in fact, this pattern could be considered an Ascending Triangle because the pattern was formed by uptrend line support and a horizontal resistance level. The location of the resistance is of particular interest because of the 0.7200 level that is now holding prices from moving higher. ... read more

Weekly Forex Update: USD/CHF
autochartist.com - 13 July 2010
The U.S. Dollar/Swiss Franc (USD/CHF) has been steadily trending lower, with the Swiss Franc gaining on a weakening U.S. dollar. After the July 8 low at 1.0480, prices rose steadily to current levels above the 1.0600 level. This is the first significant sign of Swiss Franc weakness against the Dollar since the first week of June. Zooming in to this price action on the longer-term intraday time frame of the 240-minute chart, we see that prices have transitioned from the downtrend into a more sideways market cycle. (This is confirmed by the one-bar Autochartist Initial Trend reading.) ... read more

Weekly Commodities Update: High Grade Copper
autochartist.com - 13 July 2010
High Grade Copper has been trending steadily lower since hitting a high at 368.00 on April 12. The series of lower highs helped push Copper lower as demand for the metal continues to drop. While June played host to a month-long rally that reached all the way up to 310.60 and formed a strong recovery for this market, prices were unable to maintain buying support above 300.00 and sold off rapidly during the session on June 29 that saw nearly four sessions of gains taken back. Prices are now holding just below 300.00, and have yet to exceed this key whole number level. ... read more

Daily Forex Update: GBP/CHF
autochartist.com - 13 July 2010
The short-term intraday time frames for the GBP/CHF have started to transition to more sideways market cycles. This comes after a month-long sell-off on the daily time frame, which carried prices down to a double-bottom with lows at 1.5790 and, during Monday's session, 1.5833. These lows have been established over a period of three months with a difference of just forty-three pips between the price levels. Traders looking to possibly buy into a daily chart double bottom could do so with limited risk because a break below 1.5790 would likely usher in a new low. ... read more

Daily Commodities Update: Natural Gas
autochartist.com - 13 July 2010
After a dramatic drop below the 4.500 level on July 8, natural gas has been consolidating. This breakdown has pushed Natural Gas to 4.340, where prices have held the low's support and continued sideways. The range-bound price action is accompanied by low volatility, confirmed by the Autochartist Initial Trend reading of just three bars. A Triangle pattern has formed within this sideways market cycle, with resistance waiting at 4.440 (A) and support at 4.382 (B). ... read more

Daily Technical Analysis - Intra-day Chart Patterns
autochartist.com - 13 July 2010
It is always recommended that before you enter any trade, you should pan through varying chart tenors to see if your entry is supported on multiple time frames. Even when you have no pending entry sometimes you will come across chart patterns or key Support and Resistance levels that may not be as apparent on the time frame you normally trade. GBPUSD In the chart below we use a two hour time frame. ... read more

Daily Forex Update: AUD/USD
autochartist.com - 12 July 2010
The AUD/USD is reaching resistance around the 0.8800 level, where prices have previously exhausted: prior highs on the daily chart include 0.8777, 0.8781, and 0.8795. Friday's session for the AUD/USD traded in a tight range, with near-term support between 0.8723 and 0.8725. The current exhaustion seen on this short-term 15-minute chart also coincides with the resistance identified by Autochartist's Forecast, plotting between 0.8758 and 0.8792 (F). This further confirms that selling pressure is building below 0.8800. ... read more

Daily Commodities Update: Lumber
autochartist.com - 12 July 2010
The Lumber market has been trending lower since peaking at 32740 on April 21. The downtrend is a reflection not only of increased supply, but also of the slowing housing market and the fact that Lumber had rallied strongly for the first four months of 2010. While prices did not move down through the low from October 2009, at 16300, the recent low at 17500 was enough for the bulls to stage a rally. This daily chart correction of the overall downtrend allowed the intraday time frames to transition into sideways market cycles. Consolidation on intraday time frames, within the context of the larger daily downtrend, is an opportunity to short-sell into near-term strength. ... read more

Daily Forex Update: USD/CHF
autochartist.com - 09 July 2010
The daily chart of the USD/CHF has recently broken lower through its 200 period simple moving average. This break is typically a very negative sign - especially in a market like the one in which the USD/CHF finds itself, which has been trending lower since making a high at 1.1603 back on June 2. After breaking 1.0500 during Thursday's session, bearish momentum began to fade just below 1.0490. This is an unusual stall since, typically, breaking a whole, round number level such as 1.0500 would usher in more selling momentum. ... read more

Daily Commodities Update: Spot Gold
autochartist.com - 09 July 2010
With the recent turnover lower on Gold's daily chart on July 1, sentiment in this market has turned slightly negative. The past three sessions have seen Gold trade between 1214 (to the upside) and 11872 (to the downside), which has put intraday time frames such as the 15-, 30-, and 60-minute charts in a wide trading range. The current trend on Gold's 15-minute chart shows that, over the past 23 candles, prices have been able to rally to just below 1200; Gold has now exhausted below this whole, round number, and also below the upper trendline of a Pennant formation. ... read more

Daily Commodities Update: Live Cattle
autochartist.com - 08 July 2010
The short-term 15-minute intraday chart of Live Cattle has been trending higher over the course of the last 32 candles. While prices have been making consistent higher lows, offering support within this shallow uptrend, the dominant price action now moves within a narrower, sideways range. The Rising Wedge pattern on this chart reflects Live Cattle's steady price increase, but the three-bar Autochartist Initial Trend reading confirms that bullish momentum has given way to a more neutral market environment. Prices are now resting on the uptrend line support at 9092 (A). ... read more

Daily Forex Update: GBP/CHF
autochartist.com - 08 July 2010
The Swiss Franc remains one of the strongest currencies trading against the U.S. Dollar and the gold market. The strength of the Franc has allowed it to also rally against the Pound Sterling, and the Franc's strength over the Pound is currently seen on the GBP/CHF. The succession of lower highs on the 60-minute time frame has allowed a Falling Wedge pattern to form - this pattern has broken lower through downtrend line support at 1.4 944 (E), which has triggered an Autochartist Continuation of the Trend (ACT) short-sell entry in an unexpected market environment. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 07 July 2010
The EUR/USD has been trending higher across the 15-, 30-, and 60-minute time frames, though it is the 240-minute chart that pinpoints where this market may exhaust. The high at 1.2673 from May 21 looms above the current session high, at 1.2662; the Euro has been able to rally against the Dollar thanks in large part to the early strength on the Dow; U.S. equities markets have strengthened returning from the three-day holiday weekend. It is, however, likely that the strength seen early on Tuesday's session was merely profit-taking, and the risk appetite seen on the Dow has yet to be confirmed by the sale of Yen, which may mean a late session reversal lower. ... read more

Daily Commodities Update: US Light Crude
autochartist.com - 07 July 2010
US light Crude has trended lower despite early and strong gains in the U.S. equities market. The relationship between crude oil and equities is sympathetic, where risk appetite in equities drives crude oil higher. The assumption is that a strong stock market reflects a growing economy, and that a growing economy increases the demand for crude oil. When a key commodity such as crude pulls back on the same day that the U.S. equities market opens with strength, there should be some doubt as to the amount of bullish momentum accompanying the equities move higher. In this way, the weaker crude oil market foreshadowed the U.S. equities market's current loss of bullish momentum going into the close. ... read more

Daily Fundamental Analysis - Risk Adverse Or Merely Cautious?
autochartist.com - 07 July 2010
USD The rather bad economic data from the States continued on Tuesday with the ISM Non Manufacturing PMI reading. The outcome of 53.8 compared to the estimate of 55.1 certainly didn’t help overall investment sentiment. The USD continued to trade near the weaker parts of its recent range against the EUR and GBP. Wall Street was able to turn in slight gains, but they were unconvincing. Today will be a quiet day of releases and traders will focus on tomorrow’s Unemployment Claims numbers. ... read more

Weekly Commodities Update: High Grade Copper
autochartist.com - 06 July 2010
High Grade Copper has been trending steadily lower since hitting a high at 368.00 on April 12. The series of lower highs helped push Copper lower as demand for the metal continues to drop. While June played host to a month-long rally that reached all the way up to 310.60 and formed a strong recovery for this market, prices were unable to maintain buying support above 300.00 and sold off rapidly during the session on June 29 that saw nearly four sessions of gains taken back. ... read more

Weekly Forex Update: GBP/JPY
autochartist.com - 06 July 2010
The daily chart of the GBP/JPY has been trending lower since topping out at 145.98 on April 26. While prices congested for approximately one week after making the high, the GBP/JPY dove sharply lower during the global equities sell-off on May 6, and bearish sentiment has continued despite correcting to above the 61.8% Fibonacci Retracement level. The resumption of the downtrend pushed the GBP/JPY to a new one-year low, at 126.76, on May 20. Since that low the GBP/JPY has started to consolidate on the daily time frame, transitioning the downtrend into the narrow, sideways trading range known as accumulation. ... read more

Daily Forex Update: USD/JPY
autochartist.com - 06 July 2010
Short-term patterns are often ideal for capitalizing on near-term price movement. Identifying a short-term pattern often begins with time frames such as the 15- or 30-minute chart. It is also, though, the pattern's Length reading that helps indicates whether it's short- or longer-term market psychology in action. A combination of both a short-term time frame and short pattern Length can be seen on the USD/JPY's current 15-minute chart. Here, the Length of just 22 15-minute candles has culminated into a Triangle pattern. ... read more

Daily Commodities Update: Rapeseed
autochartist.com - 06 July 2010
Rapeseed is also known as Canola and is produced most heavily by China, Canada, and India - primarily for its oil. Canola oil is the third leading source of vegetable oil in the world following soybean and palm oil. Rapeseed oil is also used in the manufacturing of biodiesel. The 240-minute time frame is currently trending lower, confirmed by the maximum ten-bar reading on Autochartist's Initial Trend Quality Indicator. ... read more

Daily Commodities Update: Palladium
autochartist.com - 05 July 2010
The downtrend on Palladium's 60-minute intraday chart, which has dominated the market since the drop on June 28, has slowed. The move lower recently stabilized after prices made a "tweezers bottom" at 424.00 (C) - that is, prices made two identical lows at this level during consecutive candles. Confirmation of a sideways market cycle is seen by Autochartist's two-bar Initial Trend reading; the narrow, sideways price action constitutes the ideal market cycle as Palladium squeezes into the range of the Triangle pattern that has formed. ... read more

Daily Forex Update: USD/CAD
autochartist.com - 05 July 2010
A weaker crude oil market pushed the USD/CAD pair higher today, and it appears that even as we enter the month of July we will not see the cyclical crude oil market that typically accompanies the summer driving season. Crude oil stabilized just above $72.00 per barrel, which formed a ceiling along the range from 1.0674 to 1.0668 (A). This resistance also helped form a Triangle pattern, with uptrend line support at 1.0590 (B). This Emerging Pattern alert triggered with a three-bar Initial Trend reading, confirming that the market cycle is now in accumulation. ... read more

Daily Commodities Update: Platinum
autochartist.com - 02 July 2010
Platinum's short-term intraday chart shows signs of a market cycle transition. The downtrend that preceded the move to a narrow, sideways range first helped form a Channel Down pattern, with prices making lower lows and lower highs. Lower highs are the "backbone" (otherwise known as resistance) of a downtrending pattern. This backbone is also the main decision level to be considered for two of the three potential trending set-ups. Autochartist's two-bar Initial Trend reading confirms that the market is moving sideways, which increases the likelihood of a potential breakout higher through resistance. ... read more

Daily Forex Update: EUR/JPY
autochartist.com - 02 July 2010
The downtrend on the EUR/JPY's daily chart has begun to squeeze into the narrow range of a Falling Wedge pattern. This squeeze is also slowing downtrend momentum (confirmed by Autochartist's two-bar Initial Trend reading), opening up the possibility for reversals on the intraday timeframes. Consequently, the Channel Down pattern on the 240-minute chart may be presenting a reversal buy entry - if, that is, prices can rally through downtrend line resistance at 109.55. The 111.60 (A) level on the daily chart will likely be an exhaustion level for any intraday rally. ... read more

Daily Forex Update: EUR/JPY
autochartist.com - 01 July 2010
The downtrend on the 240-minute EUR/JPY chart has alerted a Channel Down Emerging Pattern. Emerging Patterns indicate that prices are still trading within the formation's support and resistance, and they allow for a more proactive trade set-up. This Channel Down pattern has an Autochartist Initial Trend reading of two bars, indicating that the current market cycle on the 240-minute chart is more sideways-moving than the downtrend that helped form the Channel pattern. This affects the possible entry strategies: ... read more

Daily Commodities Update: High Grade Copper
autochartist.com - 01 July 2010
The negative intraday sentiment on the 60-minute chart of High Grade Copper continues, with a new one-week low made at 287.00 during Wednesday's session. This market has also begun to move lower and with more volatility, seen by the high made at 297.40. This increased range has begun the process of transitioning High Grade Copper into a distribution cycle, as confirmed by the four-bar Autochartist Initial Trend reading. Because of the wider range and the transition into a more volatile, sideways market, High Grade Copper could be susceptible to false breakouts, ... read more

Daily Forex Update: GBP/USD
autochartist.com - 30 June 2010
Pattern selection is often the most intimidating aspect of trading. How is one to know which pattern is most likely to follow through? With this query in mind, consider the following opportunities from the next two Emerging Pattern alerts on the GBP/USD. The pattern on the 60-minute chart is a Rising Wedge. Trending patterns should ideally alert with an Initial Trend reading of six bars or higher. ... read more

Daily Commodities Update: Brent Crude
autochartist.com - 30 June 2010
The intraday chart of Brent Crude is bouncing along support at 74.90 (B). This level is now slowing the downtrend that has dominated Brent's 15-minute chart since the break lower through 77.06 early in Tuesday's session. The Channel Down pattern that formed due to market weakness has stalled as the bulls support the 74.90 level, creating the base from which a potential breakout could trigger should prices rally through 75.40 (A). A break of downtrend line resistance would not only trigger a Channel Down reversal, but - based on Autochartist's three-bar Initial Trend reading - the entry strategy would be an Autochartist Initial Movement/Momentum (AIM) buy. ... read more

Weekly Commodities Update: No. 5 Sugar (London)
autochartist.com - 29 June 2010
On the daily chart, London Sugar No.5 strengthened when prices broke higher through the ceiling at 511.00 (E). This breakout triggered an Autochartist Initial Movement/Momentum (AIM) buy on the Ascending Triangle pattern that alerted on June 12. Continuation higher depends on continued bullish sentiment above near-term support at both 500 and 520. In order to climb higher to the Forecast area currently plotting between 554 and 599 (F), Sugar will need another push through the current resistance at 545. ... read more

Weekly Forex Update: GBP/USD
autochartist.com - 29 June 2010
The transition from an Emerging Pattern to a Completed Pattern alert is one that likewise transitions a trader from tracking potential opportunities to confirmation of a pattern break and entry. The strategy used to enter the market should be guided by pattern type, as well as the value of Autochartist’s Initial Trend reading. The GBP/USD, which has pushed lower over the past eight months, has formed a Channel Down Emerging Pattern that shows signs of a reversal entry long. ... read more

Daily Forex Update: AUD/JPY
autochartist.com - 29 June 2010
Despite the strong downtrend that preceded the current congestion on the AUD/JPY’s 60-minute chart, near-term support may prevent follow-through as prices attempt to continue lower through 77.78 (E). The Pennant Completed Pattern alert that has formed triggered a short-sell through the pattern’s uptrend line support. This situation calls for an Autochartist Initial Movement/Momentum (AIM) sell entry, best confirmed by both a strong Autochartist Breakout reading and a negative reading on the MACD Histogram indicator. ... read more

Daily Commodities Update: Silver
autochartist.com - 29 June 2010
Silver’s intraday downtrend began after prices were rejected from 19.23 and sold off to temporary support at 18.94. Prices then stepped lower to 18.62 before leveling off into a sideways range, resulting in consolidation between 18.79 and 18.67 on the 15-minute time frame. The downtrend that formed the Channel Down pattern has transitioned into an accumulation market cycle, which is confirmed by Autochartist’s one-bar Initial Trend reading. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 28 June 2010
The EUR/USD has been moving in a sideways direction across the 60-minute timeframe within a range indentified by Autochartist’s five-bar Initial Trend reading as a distribution cycle. This sets up exhaustion entries at the top and bottom lines of the Triangle pattern that has formed on this timeframe. Distribution cycles are characterized by volatile, sideways trading, and often lead to "whipsaws" that occur when traders mistake distribution for a quiet version of a sideways-moving cycle. In other words, whipsaws are momentum trade entries that quickly retreat into the pattern’s range because there is simply not enough momentum, nor organized sentiment, for sustained follow-through. ... read more

Daily Commodities Update: Lean Hogs
autochartist.com - 28 June 2010
The intraday chart of Lean Hogs has congested into a Descending Triangle pattern. The range between 8424 (E) and 8329 (F) is currently both wide and volatile. Market volatility is confirmed by Autochartist’s Initial Trend reading of four bars, which points to a distribution cycle. This means that sideways congestion on the 30-minute chart will exhaust at resistance and support. In this case, the Triangle pattern will help identify where exhaustion is most likely to occur. ... read more

Daily Forex Update: AUD/USD
autochartist.com - 25 June 2010
After the daily AUD/USD peaked at 0.8859, the current rally (and correction to the April-to-June downtrend) stalled, transitioning the AUD/USD into a volatile, sideways trading range. The slightly bearish intraday sentiment has squeezed the AUD/USD into a shallow-trending Falling Wedge Pattern. Resistance at 0.8722 (A) and support at 0.8632 (B) are the levels at which prices are expected to remain, as the market now moves in a distribution cycle. ... read more

Daily Commodities Update: Heating Oil
autochartist.com - 25 June 2010
The Heating Oil market on the 30-minute chart is moving more weakly within a downtrend. After reaching 2.0359, the trend is now beginning to lose bearish momentum. Prices are bouncing, which is causing Heating oil to transition into a more sideways trading range. There are two types of trading ranges in any market: accumulation and distribution. Thanks to Autochartist’s four-bar Initial Trend reading for the Falling Wedge pattern on the 30-minute chart, we see that this market is moving in distribution, which is a more volatile, sideways market cycle in which prices tend to exhaust and reverse within the range’s support and resistance. ... read more

Daily Forex Update: USD/CHF
autochartist.com - 24 June 2010
Thanks to continued weakness on the USD/CHF’s 240-minute chart, a Channel Down pattern has formed – one that is currently testing downtrend line resistance at 1.1139 (A). This level is likely to be an exhaustion point within the formation that, if it proves true, would trigger an Autochartist Retracement/Correction (ARC) entry. Expectation for more downside comes from Autochartist’s seven-bar Initial Trend reading, which confirms the bearish sentiment within the USD/CHF market. ... read more

Daily Commodities Update: Feeder Cattle
autochartist.com - 24 June 2010
Since May 25 the Feeder Cattle market has climbed consistently, with higher highs supporting prices through 112.00. After peaking at 112.90 on June 22, however, prices have pulled back to just below 112.00, and are currently congesting within the range of a Descending Triangle pattern on the 30-minute chart. Since the market is in congestion – a wider, more volatile sideways range -- the Autochartist Inside the Range (AIR) entry can be used to capitalize on exhaustion at either the downtrend line support or horizontal resistance. ... read more

Daily Forex Update: USD/CHF
autochartist.com - 23 June 2010
The U.S. Dollar/Swiss Franc has trended lower alongside weakness in the US Dollar Basket. The USD/CHF moves lower when the Swiss Franc is able to gain on the Dollar, or the Dollar is weak. On the 240-minute chart, USD/CHF prices are currently testing the Channel Down pattern’s downtrend line resistance, which sets up an Autochartist Retracement/Correction (or "ARC") entry. ARC entries are trend-following set-ups that capitalize on corrections within the overall trend of the market. Since the Initial Trend reading, at the maximum value of ten bars, is quite strong, the market is trending lower amidst a high degree of bearish sentiment. ... read more

Daily Commodities Update: Natural Gas
autochartist.com - 23 June 2010
The trend on the 60-minute chart of Natural Gas has moved lower since the intraday triple top along the highs at 5.196, 5.190, and 5.182. The recent sell-off on June 21 set the quite bearish tone for the market as prices moved quickly lower from 5.118 to 4.855 (E). While negative sentiment may not be as strong as during Monday session, Autochartist’s six-bar Initial Trend reading indicates that prices are still moving lower within a downtrend. A six-bar reading is the lowest value reading that can be used to identify a trend within a market. ... read more

Weekly Forex Update: EUR/USD
autochartist.com - 22 June 2010
The EUR/USD rallied from 1.1877 and climbed higher as the U.S. Dollar sank against a surging Euro. It was only once selling pressure overwhelmed the bulls that the EUR/USD began to retrace the uptrend. The questions now are: How much lower will the pair move, and will it resume the prior downtrend that preceded the bounce? One effective way of measuring corrections or retracements is by using Fibonacci patterns. The 240-minute chart has alerted a Three Point Extension pattern, which is formed by the recent sell-off (or move from point B to C) and the high (D), ... read more

Weekly Commodities Update: Natural Gas
autochartist.com - 22 June 2010
The Natural Gas market saw its strong rally continue after prices found support throughout April and May (between 3.81 and 3.90): After breaking the resistance between 4.42 and 4.49, bullish momentum accelerated and pushed prices through 5.00. It is at this level that momentum seems to have run out, and selling pressure is building. Prices now trade in a firm range between 5.19 and 4.96. Also losing bullish momentum is the Rising Wedge pattern that formed along with the uptrend on the daily chart, which is confirmed by the one-bar Initial Trend reading. ... read more

Daily Forex Update: GBP/USD
autochartist.com - 22 June 2010
Monday’s trading session saw the GBP/USD uptrend on the 60-minute reverse; it’s now found the Channel Up pattern’s support at 1.4736. With an Autochartist Initial Trend reading of five bars, there’s a better chance that prices will exhaust at this level and stabilize, because the five-bar reading points to a distribution cycle, characterized by sideways – but volatile – movement. GBP/USD support is further confirmed by a previous Completed Pattern alert, also on the 60-minute timeframe. ... read more

Daily Commodities Update: US Light Crude
autochartist.com - 22 June 2010
On the 15-minute chart, US Light Crude broke the downtrend line resistance of a Channel Down pattern when prices traded through 78.24 (A). The pattern broke when the downtrend that formed the Channel Down pattern transitioned into a volatile, sideways market cycle – this is confirmed by Autochartist’s four-bar Initial Trend reading. A four- to five-bar reading indicates a distribution market cycle, which means increased chances that prices will exhaust at near-term prior highs, such as 78.80 (B). ... read more

Daily Forex Update: USD/CAD
autochartist.com - 21 June 2010
The 60-minute chart of the USD/CAD has sold off through uptrend line support at 1.0266 (E). This breakdown of the intraday Pennant Completed Pattern alert shows the Canadian Dollar strengthening against the flat U.S. Dollar, which continues the weakness seen in the USD/CAD pair throughout the previous week. Prices are likely to find near-term support around 1.0220 (F). ... read more

Daily Commodities Update: Lumber
autochartist.com - 21 June 2010
Lumber continues to trend lower as longer-term expectations could lead the market down to the gap close at 18500 from November 9, 2009. All the intraday time frames point to lower lows as the bears sell into any rally that looks to correct the persistent downtrend. The continued weakness, falling from the April's high at 32740, reflects the current decreased demand from homebuilders; in addition, the homebuyers tax break that ended April 30 has created a decrease in future demand. Another factor putting pressure on Lumber prices is the expectation of an increased supply from Canada once the U.S. duty expires on June 1. ... read more

Daily Technical Analysis - Support & Resistance
autochartist.com - 18 June 2010
GBPUSD: The Pound continues to push forward as it retraces its recent slide against the Greenback. It is trading above its most recent high and approaching the 50 day MA. The 50 MA was last breached back in April but the GBP never managed to generate any more momentum on that move. As we are coming upon a similar scenario the difference appears to be that price is converging on the moving average and not vice versa, suggesting that there is more momentum to this move. Note the current upwards sloping trend lines versus April's choppy cross of the 50 day MA. ... read more

Daily Commodities Update: Coffee
autochartist.com - 18 June 2010
After failing to break higher through resistance along 157.30 (B) – therefore establishing an intraday double-top formation – the 30-mintue chart of Coffee sold off through uptrend line support at 155.50 (A). A negative MACD Histogram reading, confirming the downward momentum of the Triangle pattern break, accompanied this breakdown. This short-term weakness is likely due to profit-taking, since Coffee rallied for eight straight sessions to reach the highest point this market has seen since last March. The rapid 20 percent rise in Coffee prices stems from low supply and expectations of a harvest of poor quality out of Brazil. This injects more supply fears into the marketplace. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 18 June 2010
The EUR/USD rally soldiers on as the Euro continues to gain slightly on the weaker (and flattening) Dollar. The Euro’s strength remains despite pessimism regarding the currency reaching an all-time high, due in large part to the continued debt problems seen across Europe. The strength of the EUR/USD is considered by many traders to be a long overdue technical bounce and profit-taking rally, rather than an actual reversal. Prices are finding intraday resistance between 1.2400 and 1.2413, and unless the EUR/USD can find footing above 1.2520 it’s unlikely that the pair will have shifted away from the still-pervasive negative sentiment within the market. ... read more

Daily Commodities Update: High Grade Copper
autochartist.com - 17 June 2010
The intraday High Grade Copper market sold off significantly from the peak at 304.90 (E), only to consolidate between the session’s low, at 295.40 (F), and 301.25 (A). The Descending Triangle pattern that has subsequently formed is slowly squeezing price action into a narrowing range as volatility drops on this 15-minute time frame. The overall (daily) trend is still down, and though there has been a strong rally there is also high expectation for exhaustion – and, therefore, a resumption of the downtrend. This makes a continuation breakdown set-up the likely choice for entry on the 15-minute chart. ... read more

Daily Forex Update: EUR/JPY
autochartist.com - 17 June 2010
The EUR/JPY’s 15-, 30-, and 60-minute time frames have traded quietly throughout the day and tightly consolidated into a sideways trading range, which sets up potential momentum entries. Because the EUR/JPY trades in a similar direction to the U.S. equities market (and many traders feel that the EUR/JPY in fact leads U.S. equities) there was little movement in this pair – as one might have predicted based on the flat Dow Jones index. ... read more

Weekly Forex Update: AUD/USD
autochartist.com - 15 June 2010
AUD/USD 19 hours Chart date range: 11-May 04:00 GMT-> 14-Jun 16:00 GMT Data Interval: 4 Hour Summary Target Level: 0.864284 Target Period: 19 hours Stop Level: 0.8082 Analysis Triangle has broken through the resistance line at 10-Jun 04:00 GMT. Possible bullish price movement forecast for the next 19 hours towards 0.864284 Supporting Indicators Upward sloping Moving Average ... read more

Weekly Commodities Update: WTI
autochartist.com - 15 June 2010
WTI 3 days Chart date range: 29-Apr 08:00 GMT-> 14-Jun 12:00 GMT Data Interval: 4 Hours Summary Target Level: 79.800305 Target Period: 3 days Stop Level: 69.52 Analysis Triangle has broken through the resistance line at 09-Jun 16:00 GMT. Possible bullish price movement forecast for the next 3 days towards 79.800305. Supporting Indicators Upward sloping Moving Average ... read more

Daily Forex Update: GBP/USD
autochartist.com - 15 June 2010
GBP/USD 2 hours Chart date range: 11-Jun 03:45 GMT-> 14-Jun 21:30 GMT Data Interval: 15 Minutes Summary Target Level: 1.470798 Target Period: 2 hours Stop Level: 1.4772 Analysis Head and Shoulders has broken through the support line at 14-Jun 21:30 GMT. Possible bearish price movement forecast for the next 2 hours towards 1.470798 Supporting Indicators Downward sloping Moving Average ... read more

Daily Commodities Update: Silver
autochartist.com - 15 June 2010
Silver 4 hours Chart date range: 11-Jun 06:30 GMT-> 14-Jun 10:30 GMT Data Interval: 30 Minutes Summary Target Level: 18.348817 Target Period: 4 hours Stop Level: 18.498 Analysis Channel Up has broken through the support line at 14-Jun 10:30 GMT. Possible bearish price movement forecast for the next 4 hours towards 18.348817 Resistance Levels (B) 18.498 Last resistance turning point of Channel Up. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 14 June 2010
EUR/USD 4 days Chart date range: 05-May 20:00 GMT-> 11-Jun 16:00 GMT Data Interval: 4 Hour Summary Target Level: 1.235999 Target Period: 4 days Stop Level: 1.1876 Analysis Falling Wedge has broken through the resistance line at 10-Jun 16:00 GMT. Possible bullish price movement forecast for the next 4 days towards 1.235999. Supporting Indicators Upward sloping Moving Average ... read more

Daily Commodities Update: WTI
autochartist.com - 14 June 2010
WTI 4 days Chart date range: 29-Apr 08:00 GMT-> 14-Jun 04:00 GMT Data Interval: 4 Hour Summary Target Level: 79.800305 Target Period: 4 days Stop Level: 69.52 Analysis Triangle has broken through the resistance line at 09-Jun 16:00 GMT. Possible bullish price movement forecast for the next 4 days towards 79.800305. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 14 June 2010
Daily Forex Update: EUR/USD EUR/USD 4 days Chart date range: 05-May 20:00 GMT-> 11-Jun 16:00 GMT Data Interval: 4 Hour Summary Target Level: 1.235999 Target Period: 4 days Stop Level: 1.1876 Analysis Falling Wedge has broken through the resistance line at 10-Jun 16:00 GMT. Possible bullish price movement forecast for the next 4 days towards 1.235999. Supporting Indicators Upward sloping Moving Average ... read more

Daily Forex Update: AUD/USD
autochartist.com - 11 June 2010
AUD/USD 9 hours Chart date range: 01-Jun 01:00 GMT-> 11-Jun 03:00 GMT Data Interval: 30 Minutes Summary Target Level: 0.8194 Target Period: 9 hours Stop Level: 0.8489 Supporting Indicators Downward sloping Moving Average Analysis Channel Up identified at 11-Jun 01:00 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 0.8194 within the next 9 hours. ... read more

Daily Commodities Update: .Brent
autochartist.com - 11 June 2010
Brent 9 hours Chart date range: 15-Apr 00:00 GMT-> 11-Jun 00:00 GMT Data Interval: 4 Hour Summary Target Level: 76.51 Target Period: 4 days Stop Level: 70.46 Analysis Triangle identified at 09-Jun 12:00 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 76.51 within the next 4 days. Supporting Indicators Upward sloping Moving Average ... read more

Daily Forex Update: EUR/JPY
autochartist.com - 10 June 2010
EUR/JPY 11 hours Chart date range: 31-May 18:00 GMT-> 10-Jun 05:00 GMT Data Interval: Hour Summary Target Level: 110.59 Target Period: 11 hours Stop Level: 108.96 Analysis Rising Wedge identified at 10-Jun 05:00 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 110.59 within the next 11 hours. ... read more

Daily Commodities Update: Gold
autochartist.com - 10 June 2010
Gold 9 hours Chart date range 02-Jun 08:30 GMT-> 10-Jun 05:30 GMT Data Interval: 30 Minute Summary Target Level: 1221.6 Target Period: 9 hours Stop Level: 1234.4 Analysis Channel Down identified at 10-Jun 05:00 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1221.6 within the next 9 hours. ... read more

Daily Forex Update: GBP/USD
autochartist.com - 09 June 2010
GBP/JPY 5 hours Chart date range: 07-Jun 17:00 GMT-> 09-Jun 07:00 GMT Data Interval: Hour Summary Target Level: 1.450266 Target Period: 5 hours Stop Level: 1.4395 Analysis Triangle has broken through the resistance line at 09-Jun 07:00 GMT. Possible bullish price movement forecast for the next 5 hours towards 1.450266 ... read more

Daily Commodities Update: .Brent
autochartist.com - 09 June 2010
.BRENT 1 hour Chart date range: 03-Jun 04:00 GMT-> 09-Jun 03:30 GMT Data Interval: 30 Minute Summary Target Level: 73.496966 Target Period: 1 hour Stop Level: 71.32 Analysis Triangle has broken through the resistance line at 08-Jun 16:00 GMT. Possible bullish price movement forecast for the next 1 hour towards 73.496966 ... read more

Daily Technical Analysis - Don't Trade Against The Trend
autochartist.com - 09 June 2010
NZDUSD: We tracked this pair since February as the 200 day Moving Average held firm support for the NZD. The major MA's converged to within 40 pips of each other, which is very narrow (see blue arrow). Price action then moved the NZD above the 50 and 100 MA's and it looked as if the NZD was going to take off. There were 2 red flags though, that suggested this move was never going to materialize. These 2 points highlight the true difference between technical and fundamental analysis. Point one, if the 200 day MA was holding support why is it that the NZD never got a really good bounce? ... read more

Daily Forex Update: GBP/JPY
autochartist.com - 08 June 2010
GBP/JPY 9 days Summary Target Level: 126.71 Target Period: 9 days Stop Level: 136.25 Analysis Channel Down identified at 04-Jun 16:00 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 126.71 within the next 9 days. ... read more

Daily Commodities Update: .WTI
autochartist.com - 08 June 2010
WTI 18 hours Chart date range: 19-May 14:00 GMT-> 07-Jun 23:00 GMT Data Interval: Hour Summary Target Level: 69.52 Target Period: 18 hours Stop Level: 72.46 Analysis Falling Wedge identified at 07-Jun 22:00 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 69.52 within the next 18 hours. ... read more

Weekly Forex Update: EUR/USD
autochartist.com - 08 June 2010
Summary Target Level: 1.188729 Target Period: 6 hours Stop Level: 1.2326 Analysis Descending Triangle has broken through the support line at 04-Jun 12:00 GMT. Possible bearish price movement forecast for the next 6 hours towards 1.188729 Supporting Indicators Downward sloping Moving Average ... read more

Weekly Commodities Update: Silver
autochartist.com - 08 June 2010
Summary Target Level: 16.564178 Target Period: 4 days Stop Level: 18.708 Analysis Triangle has broken through the support line at 04-Jun 16:00 GMT. Possible bearish price movement forecast for the next 4 days towards 16.564178 Supporting Indicators Downward sloping Moving Average Resistance Levels (A) 17.388 Last support turning point of Triangle ... read more

Daily Commodities Update: WTI
autochartist.com - 07 June 2010
West Texas Intermediate is breaking lower through 71.77 with more bearish sentiment expected until 70.31 where prices will have reached support at the near-term downside target. Analysis Rectangle has broken through the support line at 04-Jun 20:00 GMT. Possible bearish price movement forecast for the next 20 hours towards 70.31706. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 07 June 2010
The EUR/USD near-term trend reversal triggered by the trend line break at 1.1970 is finding selling pressure at 1.1980. The upward reversal is likely to be a shorting opportunity for bears that will sell into resistance at 1.2002. This short-term bullish forecast is a selling opportunity that will extend to 1.2029. Analysis Falling Wedge has broken through the resistance line at 04-Jun 20:15 GMT. Possible bullish price movement forecast for the next 2 hours towards 1.202906. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 07 June 2010
The upward reversal is likely to be a shorting opportunity for bears that will sell into resistance at 1.2002. This short-term bullish forecast is a selling opportunity that will extend to 1.2029. Analysis Falling Wedge has broken through the resistance line at 04-Jun 20:15 GMT. Possible bullish price movement forecast for the next 2 hours towards 1.202906. ... read more

Daily Commodities Update: Lean Hogs
autochartist.com - 04 June 2010
Lean Hogs' 240-minute chart broke lower through the consolidation of a Triangle pattern when prices pierced uptrend line support at 82.08. The consolidation that began on May 25 persisted until the bears once again took control, driving the market lower and continuing the downtrend that began when prices peaked at 90.15 on May 5. Selling momentum accompanying the break was very low, as indicated by Autochartist's one-bar Breakout reading. ... read more

Daily Forex Update: EUR/JPY
autochartist.com - 04 June 2010
The EUR/JPY has lost a good deal of the short-term downside momentum that pushed prices lower from the June 3 high of 114.15, and this rejection shows that buyers are not willing to support prices above 114.00 for now. However, the Falling Wedge pattern alert shows what could be a second push higher, within an intraday downtrend transition, towards this level. ... read more

Weekly Forex Update: EUR/USD
autochartist.com - 03 June 2010
The EUR/USD had a dramatic Tuesday session as the U.S. markets began the shortened week by selling off the U.S. Dollar from the daily chart highs along the range from 87.50 to 87.60. This, in turn, allowed the battered Euro to rally against the greenback. Identifying the intraday exhaustion high in the EUR/USD pair is the key to finding where the daily chart's downtrend may resume. Currently, the series of lower highs on the EUR/USD points to lower prices ahead as the bears continue to sell into short-term bounces and intraday rallies. There continues to be significant support amidst all the bearish sentiment, and the near-term low (support) is now at 1.2111. ... read more

Weekly Commodities Update: Live Cattle
autochartist.com - 03 June 2010
Both Live and Feeder Cattle continue with unseasonably weak trends, with prices falling during the post-holiday trading week. (The difference between Feeder and Live Cattle contracts is the stage of feeding for growth: when cattle are fed they are Live Cattle; when cattle are ready to be placed in a feed yard they are considered Feeder.) Cattle prices typically rally throughout May in anticipation of heavy demand around the U.S. Memorial Day weekend, then flatten out during the last week of May. Prices have instead fallen steadily despite both the holiday and cyclical uptrend between April and August. ... read more

Daily Commodities Update: High Grade Copper
autochartist.com - 03 June 2010
High Grade Copper's intraday trend continues to push lower thanks to global equities weakness. Demand for copper, as is the case for most commodities, increases with the perception of a healthy economy and expected growth. The current downtrend in Copper reflects the continued pessimism seen on the Dow Jones and other averages worldwide, such as the Australia 200 and the FTSE 100. ... read more

Daily Forex Update: GBP/USD
autochartist.com - 03 June 2010
The GBP/USD (also known as the "cable") is exhausting since prices could not press through resistance at 1.4750. The subsequent break lower though 1.4700 is further intraday confirmation of weakness in this pair, with prices on the daily chart pushing lower within an overall downtrend. The intraday bounce is setting up a rally on which the bears, by selling into the rally, have capitalized. ... read more

Daily Forex Update: AUD/USD
autochartist.com - 02 June 2010
The Reserve Bank of Australia indicated that rate hikes are done for now, and that there’s a slight window for future tightening in 2010 – depending on inflation, decreased home sales, and lower building permit numbers. It’s unlikely that the RBA will act during the summer, leaving the last quarter of the year open for potential action. Both the intraday Australia 200 and the AUD/USD put in floors during Tuesday’s trading session. ... read more

Daily Commodities Update: Gold
autochartist.com - 02 June 2010
Gold’s intra day charts are indicating a shift away from the uptrend that began with a bounce from 1201 on May 28. This could signal another pullback for Gold as prices struggle to push higher through the daily chart’s high at 1249.80. While Gold’s daily chart could hardly be said to have a bearish sentiment, a small degree of speculative exhaustion can be seen even as prices trade slowly higher. ... read more

Daily Forex Update: USD/JPY
autochartist.com - 31 May 2010
To comprehend the importance of Japanese Yen within the world of global finance, one needs to understand the Bank of Japan’s (BOJ) stance on rates. The stance is uncomplicated: keep rates low, and avoid overtly hawkish statements. Such statements from the BOJ would frighten investors and traders across the globe, and potentially factor towards an increase of the current 0.10 percent central bank rate. This low central bank rate makes the Yen the preferred currency to borrow (that is, sell) to fund the purchase of higher-yielding assets. ... read more

Daily Commodities Update: Feeder Cattle
autochartist.com - 31 May 2010
The United States’ Memorial Day holiday means that the current supply of beef – used to sate the higher-than-normal demand for hamburgers and steaks during a holiday weekend – has a cyclical effect on Feeder Cattle prices. It’s typical for this market to rally through May in anticipation of the high demand; however, the trend throughout this month has been uncharacteristically, and markedly, down. While most pre-holiday meat purchases take place about two weeks before the holiday weekend itself (leaving the last week in May flat in terms of demand), Feeder Cattle prices show a sell-off that began with the double top formation during the last week of April, and with no correction higher through the month of May. ... read more

Daily Forex Update: USD/JPY
autochartist.com - 28 May 2010
Throughout Thursday’s U.S. trading session, momentum in the USD/JPY was key to confirming the rally in equities. Unlike the early equities rally on Wednesday morning – accompanied by little-to-no selling of Yen – Thursday’s price action proved Yen was being sold, which rallied the USD/JPY above the prior resistance between 90.50 and 90.65. ... read more

Daily Commodities Update: Silver
autochartist.com - 28 May 2010
Silver enjoyed a strong Thursday session despite Gold’s slightly-weak-to-sideways session. Typically, as goes Gold so goes Silver – but today was host to what might turn out to be a significant resistance level for the current bounce in the Silver market. Silver’s daily chart has rallied since buyers stepped in to support the 17.38 level (after the market exhausted, then reversed from 19.84) on May 13. Thursday’s high was 18.58, and the current level is just below the 50 percent Fibonacci Retracement at 18.61. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 27 May 2010
For traders who have been watching the trio of intraday lows along 1.2141 (S1), 1.2143 (S2), and 1.2175 (S3) on the EUR/USD, the wait may be over: prices are rapidly approaching this key support level after a weak close in the U.S. equities markets (and a surge towards 87.50 on the U.S. Dollar index) accelerated prices to the downside. The EUR/USD remains under pressure, but contrarian traders are already looking ahead to a potential bounce from these lows. Any move higher from this level could hardly be considered a reversal, since in reality it would be a correction of the EUR/USD’s recent move from 1.3094 to 1.2143. ... read more

Daily Commodities Update: Brent
autochartist.com - 27 May 2010
Brent crude oil remained strong amidst a late-day sell-off in the U.S. equities markets. Brent crude’s early strength was apparent as the Dow Jones rallied higher from the open, up until momentum hit a wall around 1:45 PM EST, at which time market sentiment reversed. Brent itself topped out a half-hour later at 72.00, which is Brent’s likely exhaustion level until the equities markets can stage another strong close. ... read more

Daily Commodities Update: Coffee
autochartist.com - 26 May 2010
Coffee’s intraday chart has rallied higher, and on the 30-minute chart prices are trending higher from consolidation. This could represent the early stages of a transition from sideways consolidation to an uptrend. Along these lines, the break of downtrend line resistance at 1326.50 is an early trigger for what could be a near-term sentiment shift to the upside. Should the bulls continue to push Coffee higher, look for selling pressure between 1336 and 1338 to test their resolve. ... read more

Daily Forex Update: USD/CHF
autochartist.com - 26 May 2010
The current intraday downtrend on the USD/CHF reflects the U.S. Dollar’s mid-day turn-around. The Dollar rolled over thanks to a strong recovery in the U.S. equities market, which sent the Dollar bulls running. As the Swiss Franc gained on a weakening Dollar, the USD/CHF’s 15-minute time frame trended lower and formed a Channel Down pattern. However, with prices trading just below 1.1500 as the chart transitions out of the market-down cycle, the pattern may be close to testing downtrend line resistance. ... read more

Weekly Forex Update: USD/JPY
autochartist.com - 25 May 2010
The daily USD/JPY broke lower through Triangle pattern support at 92.70 (S) thanks to the continued effects of the equities meltdown from May 6. Increasingly, though, the spike lower seems to have paved the way for a more organized, methodical sell-off towards the low at 88.09. The USD/JPY recently made a low at 88.98 (this was on May 20), and has begun to congest within the range from 90.72 to 88.98 – which in fact coincides with Autochartist’s Forecast area from 90.45 to 89.17 (F). ... read more

Weekly Commodities Update: Gold
autochartist.com - 25 May 2010
After a dramatic week for bulls in the Gold market, a correction lower has found support and the market looks ready to resume its uptrend. After Gold peaked at 1249.80, sellers were able to push prices lower and subsequently begin the largest correction since April’s pullback. If a trend is able to remain intact, corrections are often welcome price movement for traders who want to capitalize on the trend, but from a better entry level. When talking about trends higher, pullbacks can often provide second chances. ... read more

Daily Commodities Update: Heating Oil
autochartist.com - 25 May 2010
Consolidation has been the theme on Heating Oil’s intraday charts from May 20 onward. The sideways range can be seen across the 15-, 30-, 60-, and 240-minute charts, though it’s most apparent on the 15-minute intraday timeframe with the formation of a Triangle pattern – which then broke to the downside as prices dropped through 1.8992 (S). The daily chart has shown a steep downtrend since prices peaked at 2.3572 on May 3, and the Triangle pattern break is the first indication that this downtrend could continue. The candle on the daily chart from May 21 was an "inside day," meaning that the range for that trading session remained within the high-to-low range from the previous trading session. ... read more

Daily Forex Update: USD/JPY
autochartist.com - 25 May 2010
The intraday USD/JPY traded slowly higher today as the Japanese Yen weakened against the U.S. Dollar thanks to traders selling yen amidst a bearish equities market (the Dow Jones closed 126 points lower). Such bearishness in equities, though, may be shifting – at least in the near-term – which we see from the USD/JPY’s break lower through uptrend line support (at 90.34 [S]) on the 30-minute chart’s Rising Wedge pattern. ... read more

Daily Commodities Update: Silver
autochartist.com - 24 May 2010
Silver is trending lower within a Channel Down pattern on the 60-minute chart, but is also testing the resistance of the pattern at 17.76 (R). It should be noted that this downtrend is nothing more than a single intraday view of the correction that has been taking place in the Silver market since prices peaked at 19.84 on May 13. However, Silver could be closing in on enough buying support – building a base between 17.45 and 17.60 – to transition the market cycle. If a base can indeed build here, look for the market to start consolidating just above the pattern’s downtrend line resistance (i.e. around 17.80 and below 18.00). ... read more

Daily Forex Update: USD/CAD
autochartist.com - 24 May 2010
Intraday, the USD/CAD pair is testing the support of a Triangle pattern at 1.0620 (S), with prices consolidating within the wide range from 1.0700 to 1.0608. The floor at 1.0608 sits just above additional Forecast area support between 1.0581 and 1.0527 (F), and should the USD/CAD trade lower through 1.0600, keep an eye on 1.0580 as a key price level to keeping the overall intraday uptrend intact. ... read more

Daily Forex Update: USD/CAD
autochartist.com - 21 May 2010
The intraday USD/CAD broke higher through resistance at 1.0720 (R), triggering a Rising Wedge buy entry as prices rallied through an unusually flat upper trendline. Thanks to high buying momentum accompanying the pattern break (confirmed by Autochartist’s Breakout reading of ten bars), prices were able to trade to 1.0746. Prices are now pulling back from this high, and it’s possible that the USD/CAD will find buying support between 1.0700 (S) and the horizontal level at 1.0720. ... read more

Daily Commodities Update: Spot Gold
autochartist.com - 21 May 2010
The strong uptrend in Gold has been correcting since prices hit resistance at 1249.80 on May 14, and the subsequent sell-off has driven Gold down 75 dollars per troy oz. The question now is whether Gold has enough buying support to rally back above 1200. Currently, it appears that buyers are building a base along Thursday’s intraday support. ... read more

Daily Commodities Update: West Texas Intermediate (WTI)
autochartist.com - 20 May 2010
West Texas Intermediate (WTI) has broken through support of the uptrend line on the daily chart’s Channel Up pattern. This drop lower through 74.50 (S1) is yet another bearish move in the crude oil market – one that began with a double top at 87.10 and 87.15. Whether this is an exhaustion sell-off (meaning that the move lower is a last gasp for the bears) will be answered when we see whether or not buyers are willing to step in and support the daily WTI’s Forecast area from 70.00 to 64.95 (F). ... read more

Daily Forex Update: AUD/JPY
autochartist.com - 20 May 2010
The AUD/JPY, popular for its carry-trade status, is trending lower today as investors sell Australian Dollars and buy Japanese Yen. A carry-trade is a strategy typically used by traders to capitalize on the difference between interest rates of two countries: since, for example, the Australian Dollar has a rate of 4.5% and the Japanese Yen has a rate of 0.10%, traders will borrow (i.e. sell) Yen and buy Dollars. This allows a trader to borrow at a low rate in order to fund the purchase of a higher-yielding asset. Today’s stronger Japanese Yen is contrary to this approach. ... read more

Daily Commodities Update: Natural Gas
autochartist.com - 19 May 2010
While Natural Gas remains range-bound on the daily chart, the intraday time frames have been active enough to sustain short-term trends and reversals for active set-ups. When a market trades within a range on the larger daily time frame, extended follow-through shouldn’t be expected for intraday entries. Nimble trading is the rule, and the 60-minute chart has triggered a short-term reversal with prices trading lower through the uptrend line support of a Rising Wedge pattern, at 4.355 (S). ... read more

Daily Forex Update: EUR/USD
autochartist.com - 19 May 2010
The negativity within the EUR/USD has yet to take a break, forcing many traders to look towards strategies that present entry opportunities amidst such a strong downtrend. The Autochartist Retracement/Continuation (A.R.C.) strategy is ideally suited to trading trending pattern alerts like Wedges and Channels. A.R.C. entries focus on trending chart pattern alerts such as with the EUR/USD 240-minute chart, which has been heading lower since May 10, and the Falling Wedge pattern that has formed within the downtrend. ... read more

Daily Commodities Update: US Light Crude
autochartist.com - 18 May 2010
The US Light Crude market has been trading lower ever since it was rejected from the double top at the highs of 87.10 and 87.15. Monday’s session was the third down day in a row since Crude broke 75.00 on May 13. With rapidly deteriorating prices, traders are looking to jump in on the bearish trend, though the daily chart has offered little in the way of upward corrections for the bears to sell into. ... read more

Weekly Commodities Update: Silver
autochartist.com - 18 May 2010
Speculation and uncertainty in the equities markets are rallying precious metals. After breaking lower through the daily chart’s Triangle pattern’s support in late January, Silver is now rallying strongly along with Gold. Regardless of current pullback in the overall uptrend, the Silver market remains strong – though many traders and investors are waiting on a correction of decent size. A 50% Fibonacci Retracement from the May 5 low of 17.08 to the 19.84 high on May 13 would move Silver to approximately 18.50. Identifying the level where buying momentum waits offers an excellent opportunity to purchase Silver at a correction level that acts as support, from which a rally could continue higher. ... read more

Daily Forex Update: USD/CAD
autochartist.com - 18 May 2010
The USD/CAD has transitioned to a sideways market cycle after price action was rejected at the intraday double top between 1.0438 (R1) and 1.0430 (R2). This allowed the bears to shift intraday market sentiment lower, and allowed the strong three-day rally in the USD/CAD to reverse lower towards the 1.0300 level. The idea behind most reversals is that the trend is either broken or has shifted – the latter is exactly the case on this 60-minute chart. This is confirmed by Autochartist’s low, two-bar Initial Trend reading, which points to a non-trending market direction. ... read more

Weekly Forex Update: EUR/JPY
autochartist.com - 18 May 2010
The daily time frame for the Euro versus the Japanese Yen has been steadily making new lows each year, the most recent being the 110.62 low on May 6. Previous lows include 113.64 on October 27, 2008 and 112.10 on January 21, 2009. The continual push lower shows that bearish sentiment has not shifted, and that the downtrend persists. The Falling Wedge pattern that broke on May 5 (when prices traded lower through 122.80) was triggered the day before the dramatic sell-off in the U.S. equities market. Finding support since then has been a question of whether prices will indeed trade down to the 110.62 low that was reached during the frenzy of the equities meltdown. ... read more

Daily Fundamental Analysis - When Will Stability Appear?
autochartist.com - 18 May 2010
USD The USD kept the pressure on the EUR and GBP on Monday as cautious sentiment continued to dominate the currency markets. Wall Street turned in a slightly positive day after struggling for most of the American session. The Empire State Manufacturing Index turned in a rather surprisingly poor reading of 19.1 compared to the estimate of 30.1 and was well below the previous outcome of 31.9. The report showed that the manufacturing sector in the Northeast of the U.S. has cooled, but the New York Fed tried to put a positive spin on the statistics saying that its shows a sustainable recovery. ... read more

Daily Forex Update: GBP/USD
autochartist.com - 17 May 2010
The GBP/USD’s daily chart has reached what could be a double bottom. With today’s test of the 1.4496 level, prices are once again trading near the May 7 low of 1.4476. These two levels might indicate where near-term support is waiting for this pair. After three consecutive down days, the GBP/USD could be ready for an upside correction – especially since the 1.4500 area still maintains buying support. ... read more

Daily Commodities Update: Spot Gold
autochartist.com - 17 May 2010
The Gold market held steady today despite a 162-point sell-off in the Dow Jones Industrial Average. Gold had been gaining – not only because of the weakness in equities over the past two days, but also because of the recent levels of high volatility, which invokes fear in investors. Therefore, dismissing Gold’s rally as simply a flight-to-safety or flight-to-quality move would be to overlook the strong speculation that has taken place in the Gold market since it broke the 1,000 big figure level. Investors want to own Gold, and as long as prices remain above 1000 it’s reason enough to hold and buy more on pullbacks – which is exactly what has continued to occur since Gold rallied back above the millennium mark in September of 2009. ... read more

Daily Forex Update: AUD/JPY
autochartist.com - 14 May 2010
The AUD/JPY is poised to test 83.00 once again following buyers being rejected at the resistance waiting between 84.75 (R1) and 84.50 (R2). The weakness of the AUD/JPY reflects the weakening of the Australian Dollar versus the Japanese Yen. In fact, the Australian Dollar is trading lower against most major currencies thanks to a stronger U.S. Dollar pushing commodities lower; weak commodities, in turn, hurt the Aussie Dollar. ... read more

Daily Commodities Update: High Grade Copper
autochartist.com - 14 May 2010
Following a Triangle pattern breakout earlier in the session (which followed through to the Forecast area between 322.00 and 324.80 [F]), High Grade Copper is congesting on the short-term 15-minute chart. The rally began with a break of the downtrend line resistance at 320 [R], and the current range, between 324.80 and 323, is setting up a momentum entry – otherwise known as an Autochartist Initial Movement (A.I.M.) / Momentum trade. This entry relies upon prices first moving sideways, followed by a rally above resistance or below support. ... read more

Daily Commodities Update: Silver
autochartist.com - 13 May 2010
Spot Silver rallied higher today following a brief downward spike to 1937. This was the only significant weakness seen in the market, as prices continued the strong uptrend seen across the intraday charts. Uptrends correct as buyers take profits on their long positions; these brief moves lower are usually then re-bought in expectation of higher prices. However, the current uptrend line break, at 1960 (S), on the 30-minute chart is setting up the potential for the range-bound volatility of a distribution cycle. Such a market cycle is not unexpected: Silver is trading towards 2000, a level which it hasn’t been above since March of 2008. ... read more

Daily Forex Update: AUD/USD
autochartist.com - 13 May 2010
Many traders watch both the Gold market and the AUD/USD at the same, looking for correlations. This is because the AUD/USD is a "commodity currency," meaning that it tracks with certain commodity futures markets – in this case, precious metals. For many years the connection between Gold and the AUD/USD was strong, but once speculators took hold of Gold that connection slowly dissolved. Notice that Gold’s 60-minute chart is rallying higher – but not pulling the AUD/USD higher along with it. ... read more

Daily Commodities Update: US Dollar Basket
autochartist.com - 12 May 2010
The U.S. Dollar Basket, better known as the Dollar Index, gauges the performance of the U.S. Dollar against a range (hence, "basket") of currencies. Included currencies consist of the Euro, Japanese yen, Pound sterling, Canadian dollar, Swiss franc, and the Swedish krona. The rally seen on the Dollar index has been strong as fears concerning the fate of the Euro and the European Central Bank (ECB) grew. However, thanks to the steps taken by the ECB to control the debt that has plagued the Euro (especially amongst the "PIIG" countries of Portugal, Italy, Ireland, and Greece), this fear has lessened. ... read more

Daily Forex Update: USD/CHF
autochartist.com - 12 May 2010
When we follow up on the May 11 Daily Forex Update (specifically for the Three Point Extension Fibonacci pattern on the USD/CHF’s 30-minute chart), we see that the Triangle that has formed on the 60-minute chart (below) is now above the 0.382 Fibonacci support at 1.1043 (S1). If this support can hold, it will allow buyers to attempt to rally prices at the 60-minute chart’s downtrend line resistance at 1.1120 (R). ... read more

Weekly Forex Update: EUR/AUD
autochartist.com - 11 May 2010
The EUR/AUD "cross rate" has become an interesting pair, given the current turmoil in Europe sending the Euro lower in what traders are calling a death spiral for the Eurozone currency. The Australian Dollar, by comparison, is still quite strong – the currency has rallied over the past year, though during the last six months it’s been trading in more of a wide, sideways range. During that time, prices have bounced against a ceiling four separate times, signaling that sellers are keeping the bulls from making higher highs. ... read more

Weekly Commodities Update: US Light Crude
autochartist.com - 11 May 2010
Due to the combination of a weak equities market and a strong U.S. Dollar, U.S. Light Crude oil broke the support of the uptrend that had carried prices from the February low of 69.50 to the high at 87.15. (The resistance that allowed sellers to take back control of the market formed at 87.09 on April 6.) The sell-off from the May 3 high at 87.15 completed a double top, and prices are now searching for a floor that buyers are willing to support even amidst four sessions of heavy negative sentiment. Also note the break, at 76.52, of the daily chart’s 200 simple moving average. ... read more

Daily Commodities Update: Lumber
autochartist.com - 11 May 2010
Lumber continued its downtrend across the intraday time frames as prices traded below 280.00. Prices have been strongly supported by the 270.70 level (S), which has held Lumber within the middle of the Channel Down pattern on the 60-minute chart, and selling pressure currently holds prices at 283.80 (R). The pattern’s downtrend line resistance would trigger either a trend-following swing short or an Autochartist Continuation of Trend trade (A.C.T.) on a bounce – note that trend-following trades are best entered in patterns with high Initial Trend readings. ... read more

Daily Forex Update: EUR/JPYD
autochartist.com - 11 May 2010
The strong uptrend on the 30-minute USD/CHF chart formed a Three Point Extension thanks to the fact that prices exhausted at the D point, at 1.1120. As long as the high at the D point is not broken to the upside, prices are projected to retrace lower to the Fibonacci support levels (in green), starting with initial support at the 0.382 level, at 1.1043. These represent the support levels based on the USD/CHF’s move from point C to point D; the 0.382 figure represents a 38.2% retracement of the move from point C (at 1.0919) to point D. ... read more

Daily Fundamental Analysis - Divergent And Fast Markets
autochartist.com - 11 May 2010
USD The broad markets proved how divergent they are on Monday. The USD gained in a swift manner against the EUR again, while it only picked up a bit of ground against the GBP. This happened as Wall Street turned in wide gains on the major indexes. Without any major economic data to fall back on, investors were left to sift through a variety of existing stories to gauge their risk sentiment. The U.S. will basically be quiet with statistics again today with only the Wholesale Inventories numbers due and expecting an increase of 0.5%. ... read more

Daily Commodities Update: Gold
autochartist.com - 10 May 2010
There’s little reason to be surprised by Gold’s recent rally: during the past four days the equities market has reflected just how risk-adverse investors and traders really are, with the Dow Jones trading between 11,000 and 11,200. The sell-off during Thursday’s and Friday’s sessions pushed Gold towards the high on the daily chart, and is now close to testing the 1227 high from December 3, 2009. ... read more

Daily Forex Update: EUR/CAD
autochartist.com - 10 May 2010
The intraday EUR/CAD has found the near-term resistance, below which prices are currently trading – this is important because the downtrend on the daily chart over the past three trading sessions has congested, causing prices to trade sideways and within a volatile range. The current Three Point Fibonacci levels identify where sellers are pressuring the 15-minute EUR/CAD; this resistance could eventually become the ceiling that will push the pair lower, thus continuing the downtrend. ... read more

Daily Commodities Update: Heating Oil
autochartist.com - 07 May 2010
Heating Oil continued its intraday move lower before settling at 2.0558. The support waiting there helped rally the market, retracing the sell-off from the 2.1885 high to the current level at 2.1158. This retracement is a healthy sign – not for bulls, but for bears looking for yet another move lower. Healthy trends correct themselves, as seen on this 60-minute Heating Oil chart, and corrections are often the result of profit-taking. In this case, short-sellers bought back their positions, which then caused the market to move higher. This all occurred within a Channel Down pattern. ... read more

Daily Forex Update: USD/JPY
autochartist.com - 07 May 2010
The USD/JPY – which often correlates directly to the U.S. equities markets – sold off sharply as the Dow Jones sank during the second half of the trading session. The USD/JPY sell-off could have been traded in two different ways based on two separate chart pattern alerts. The 60-minute chart formed a Falling Wedge pattern as prices slowly traded lower within a very narrow range. The sellers took over and accelerated negative sentiment once prices broke support at 93.00, triggering a continuation entry short. ... read more

Daily Commodities Update: High Grade Copper
autochartist.com - 06 May 2010
High Grade Copper trended lower throughout most of Wednesday’s session, with prices selling off due to a weak equities market and a strong U.S. Dollar. It’s interesting, though, that as Copper was in the second half of the trading session and heading into the close, the market rallied sharply. Most traders and investors interpret a market’s close as the true indication of sentiment and direction. Intraday, High Grade Copper’s downtrend helped form a Channel Down pattern on the 30-minute chart. ... read more

Daily Forex Update: EUR/JPY
autochartist.com - 06 May 2010
The intraday EUR/JPY trended lower through 123.00, 122.00, and 121.00 today, until finally finding buying support at 120.00. Prices have begun to congest at this level on the 15-minute chart, trading within the range from 119.89 to 120.48. This intraday time frame is slowly transitioning out of the strong mark down cycle and towards sideways movement – this volatile, sideways direction is confirmed by Autochartist’s four-bar Initial Trend reading. ... read more

Daily Commodities Update: Spot Gold
autochartist.com - 05 May 2010
Spot Gold had a dramatic roller-coaster ride within the early parts of the New York trading session. With equities opening – and staying – weak for the Tuesday trading session, Gold rallied and proved the flight-to-safety play remained alive and well. This play is most apparent when there is risk aversion in equities, followed by traders and investors fleeing for safer ground within (most often, anyway) the U.S. Dollar Index and precious metals such as Gold. ... read more

Daily Forex Update: USD/CAD
autochartist.com - 05 May 2010
After a down day in the crude oil and lumber markets, strength in the U.S. Dollar, and an entire session where the Canadian Dollar lost ground against the U.S. Dollar, the USD/CAD seems to have found a near-term intraday top. The uptrend that accelerated throughout the New York trading session has found selling pressure along the range from 1.0249 to 1.0255 (R). The Rising Wedge pattern is now breaking down through 1.0239 (S), revealing that the uptrend may be under some profit-taking as traders and investors sell their long positions after today’s strong move higher. ... read more

Weekly Forex Update: GBP/JPY
autochartist.com - 04 May 2010
The GBP/JPY, known for its high amount of pip movement and volatility, is uptrending on the daily char, with the climb higher forming a Rising Wedge pattern. The volatility common to this pair must be considered before entering a trade, because high price movement equates to higher risk. The graph below shows the price movement range, by hour of the day, across the 24-hour trading day. The day is shown in one-hour intervals, with the average and expected high and low price ranges. ... read more

Weekly Commodities Update: High Grade Copper
autochartist.com - 04 May 2010
High Grade Copper’s intraday chart has formed a Channel Down pattern, reflecting the overall weakness in the market going into Friday’s close. Prices were able to break the lower downtrend line’s support at 33,170 (S), and even though prices have remained below 33,361 (R1) and the downtrend line at 33,474 (R2), the intraday chart points to some near-term buying support. This, despite the fact that prices initially broke lower through the pattern with significant selling momentum (seen clearly by Autochartist’s maximum Breakout reading of ten bars). ... read more

Daily Commodities Update: US Light Crude
autochartist.com - 04 May 2010
The crude oil market had trended higher towards 8,980 until prices sold off to support at 8,899. It’s worth noting that the summer driving season is approaching, which corresponds to crude oil prices moving higher from May to August; however, the momentum of the overall uptrend may be seeing a test on the daily chart, which today established a double top with the peak near 8,982. So the move lower on US Light Crude’s 30-minute chart is more significant, due to the daily chart’s ceiling.. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 04 May 2010
The intraday 30-minute chart of the EUR/USD consolidated into a Triangle pattern, with downtrend and uptrend lines having squeezed prices into a narrow range – a range that was then broken to the upside. Prices traded through the downtrend line resistance at 1.3195 (R1), triggering an Autochartist Initial Movement (A.I.M.), or Momentum buy entry. This type of entry signals a shift from a sideways range to the first signs of upward (or downward) momentum. ... read more

Daily Commodities Update: WTI
autochartist.com - 03 May 2010
West Texas Intermediate (WTI) continues its rally higher, with prices finding support at 85.18 during a slight pullback on the 30-minute chart. The pullback came as prices broke lower through the Rising Wedge pattern’s uptrend line support at 85.74 (S), and reached the Forecast support plotting between 84.18 and 84.42. Autochartist’s four-bar Initial Trend reading suggested that follow-through would not be significant because the pattern broke within a wide, volatile range known as a distribution cycle. ... read more

Daily Forex Update: GBP/USD
autochartist.com - 03 May 2010
The 15-minute GBP/USD’s short-term intraday chart indicates that strong near-term resistance is waiting for any bulls thinking about rallying this pair higher through 1.5300 during the coming week. An Ascending Triangle formed when prices squeezed into the narrowing range, with strong resistance showing between 1.5315 (R1) and 1.5304 (R2). Current support is steady at 1.5273 (S1), as well as at the uptrend line support just seven pips above this level, at 1.5280 (S2). ... read more

Daily Commodities Update: Brent
autochartist.com - 30 April 2010
Brent crude oil has rallied over the course of the past two trading sessions, including a bounce just above 85.00 on April 28. The rally coincides with two days of U.S. equities strength, which is unsurprising: strength in the equities market often pushes Brent crude higher as well. Brent is now pulling back to the intraday uptrend line support, at 86.64 (S), a level that is also the support of a Flag pattern on this 60-minute chart. ... read more

Daily Forex Update: AUD/USD
autochartist.com - 30 April 2010
Friday, 30 April 2010 03:53 The AUD/USD has reached an intraday double-top, with prices now exhausting between 0.9288 and 0.9292. This caps what has been a strong two-day rally in the AUD/USD, with the Australian Dollar strengthening against the U.S. Dollar. The current levels represent an important pause in the market as the bulls decide whether there is enough buying momentum to challenge the 0.9300 level, or whether the bears take over and push the market lower, correcting a rally of over 140 pips that started on April 28. ... read more

Daily Fundamental Analysis - Calmer Waters For A Day
autochartist.com - 30 April 2010
USD The USD lost some ground on Thursday after having made swift gains previously against the EUR and GBP. The currency markets remained EUR centric yesterday but investors appeared more aggressive as they showed a tendency to take on risk. The U.S. released its weekly Unemployment Claims and the number disappointed as it came in worse than expected with a result 448K compared to the estimate of 442K. Today is a big day of releases from America and it will be led by the Advance GDP figures, which are forecasted to produce a number of 3.4%. Also on the agenda will be the Chicago PMI and the Consumer Sentiment reading from the University of Michigan. ... read more

Daily Commodities Update: Silver
autochartist.com - 29 April 2010
Intraday Silver is showing a perfect example of classic distribution follow-through. The 30-minute time frame alerted a Channel Down pattern as prices trended slowly lower. The downtrend line (R) provided solid resistance until prices rallied through 18.0650 and triggered a trend reversal buy entry. The expectation for follow-through higher is tempered by Autochartist’s five-bar Initial Trend reading, which indicates a more volatile, sideways market cycle – otherwise known as distribution. ... read more

Daily Forex Update: USD/CHF
autochartist.com - 29 April 2010
Understanding when breakouts and continuations may occur is essential to trading a trending pattern. Autochartist’s Initial Trend reading will indicate whether a continuation or breakout is more likely, and based on this analysis a trader can prepare for the eventual entry. There is, however, a period of time after a trending pattern has formed during which the trend strength may suggest that price action will remain within the pattern’s support and resistance. The Initial Trend reading for the 30-minute chart on the USD/CHF is four bars, which lets us know that this is a distribution cycle; within this type of cycle, prices tend to exhaust at the pattern’s support and resistance lines. ... read more

Daily Fundamental Analysis - Is Europe Behind The Curve?
autochartist.com - 29 April 2010
USD As another wave of EUR centric developments occurred, the USD gained strongly against the EUR and GBP. The greenback made a swift move as the European Sovereign Debt situation continued to roil. The Federal Reserve’s FOMC entered the fray late in the day but came out with a rather vanilla monetary policy statement. Surprising few, the Fed stated that while the economy continues to improve - that interest rates will remain low for an extended period of time. The weekly Unemployment Claims will be released today and importantly tomorrow the Advance GDP will be brought forth. ... read more

Daily Commodities Update: Gold
autochartist.com - 28 April 2010
Gold prices were able to build a base and rally off the 1,050 level as the Dow Jones Industrial average sold off – a signal of risk-aversion within the marketplace. Gold benefited from the weakness in U.S. equities, and has rallied back through resistance to trigger a breakout, with prices rallying higher through 1,166 (R). The Channel Up pattern on the 60-minute chart has been broken, which means the next level of resistance will be found at Autochartist’s Forecast area between 1,172 and 1,178. ... read more

Daily Forex Update: GBP/USD
autochartist.com - 28 April 2010
The pattern alert on the GBP/USD’s 15-minute chart offers an interesting analysis of current price action, beyond the breakdown of the Channel Down pattern. The pattern is currently trading with a four-bar Initial Trend reading, and this may reveal the most important information regarding what the next move in the GBP/USD (also known as the "cable") may be – that is, the reading points to a sideways, volatile range, the type of which will often pierce support and/or resistance... but not necessarily follow through ... read more

Weekly Commodities Update: Natural Gas
autochartist.com - 27 April 2010
Natural Gas has been moving sideways on the daily time frame as prices find a range between 4,335 and 3,801, and this range is being tested to the upside with a rally to 4,320. There are two congestion patterns that have formed on the 240-minute chart – a Triangle and a Double Bottom. Both are breaking their respective resistance levels, but previous near-term highs will dictate whether there is upside follow-through towards Autochartist’s Forecast Range. ... read more

Weekly Forex Update: AUD/JPY
autochartist.com - 27 April 2010
The AUD/JPY – popular for its carry-trade status – is continuing to rally as the Australian Dollar strengthens against the Japanese Yen. (The central bank rate in Australia is 4.25% versus Japan’s miniscule 0.10% rate.) The uptrend on the daily chart has been strong since the low of 78.21 during the last week of February 2010. The uptrend was tested recently when prices pierced the Channel Up pattern’s uptrend line support at 85.20. The nearby support, identified by Autochartist’s Forecast readings, caught the move down as prices reached the top of the Forecast range from 84.00 to 82.34 (F). ... read more

Daily Commodities Update: Gold
autochartist.com - 27 April 2010
Intraday Gold has lost much of the uptrending momentum that carried prices higher from the prior consolidation between 1,140 and 1,145. The current two-bar value on Autochartist’s Initial Trend reading shows that not only has the uptrending cycle transitioned to a sideways, narrow market, but that price action – after piercing the Rising Wedge’s uptrend line support on the 30-minute chart – triggered a short-sell. This type of trend reversal entry, where an uptrending pattern is shorted as prices trade lower through support, creates an expectation of lower prices. ... read more

Daily Forex Update: USD/CAD
autochartist.com - 27 April 2010
The USD/CAD has broken the Channel Up pattern’s support on the short-term 15-minute intraday time frame. The short time frame indicates near-term weakness; however, it’s the short time frames that offer the first look at what could possibly build into a longer-term move. Autochartist’s Initial Trend reading of seven bars confirms the strength of the uptrend, and combined with the Breakout reading of only one bar we should not expect the reversal to have much follow-through. The uptrend line broke at 1.0009 (S), and prices are now finding support at the parity level (1.000), where each U.S. Dollar exchanges for exactly one Canadian Dollar. ... read more

Daily Commodities Update: WTI
autochartist.com - 26 April 2010
WTI (West Texas Intermediate) crude oil has been congesting recently. Prices are able to attract buying support above 82.00, but, thanks to selling pressure, are rejected above 86.00. This four-dollar point has been moving lower, albeit slowly, on the longer-term, 240-minute intraday time frame, and the selling pressure has created a shallow Falling Wedge pattern. (Saying a trending pattern is "shallow" means it lacks a steep downtrending angle.) This lack of trend is confirmed by Autochartist’s Initial Trend reading of four bars, which points to the more sideways, range-bound volatility known as distribution. ... read more

Daily Forex Update: NZD/USD
autochartist.com - 26 April 2010
The 240-minute NZD/USD broke higher through resistance at 0.7138 – the price at which a breakout buy was triggered on the Triangle pattern’s downtrend line. Currently, the pattern has an Autochartist Initial Trend reading of three bars, which is ideal for this non-trending consolidation pattern (a three-bar reading points to an accumulation cycle, which is a narrow ranging, non-trending market). The move higher has maintained support above the pattern’s top line, and this bodes well for continuation higher to Autochartist’s Forecast area between 0.7173 and 0.7215; ... read more

Daily Commodities Update: Brent
autochartist.com - 23 April 2010
Brent crude oil has been trading within a range across the intraday time frames, even as its daily chart maintains a slow, shallow uptrend. Prices have been able to maintain support above 82.30, but they are exhausting around 88.00. As volatility decreases the range has narrowed, though Autochartist’s four-bar Initial Trend reading does suggest some volatility still remains. ... read more

Daily Forex Update: EUR/USD
autochartist.com - 23 April 2010
The intraday EUR/USD has broken the 1.3300 level, making a new 11-month low at 1.3259. (The last time prices traded at these levels: May 1, 2009.) The downtrend has formed a Falling Wedge pattern, with prices continuing to press down and make not only lower lows, but lower highs as well; these lower highs are the resistance that is currently keeping selling pressure on the EUR/USD. Prices are testing the Wedge’s resistance at 1.3290, just below the 1.3300 "big figure" level. If selling pressure holds here, look for the downtrend to resume. ... read more

Daily Commodities Update: Brent
autochartist.com - 23 April 2010
Brent crude oil has been trading wi