The uptrend on the four hour AUD/USD has continued to climb higher and is trading with the Rising Wedge as the market cycles remains in a mark up cycle.
The mark up cycle is the key to playing trending patterns such as a Wedge. The trend is confirmed by the 12 to 2 o’clock angle of the 34EMA Wave. The plug in for my GRaB 2.0 plug in for MT4 is available at my blog, RagheeHorner.com - but please only download it if you are already familiar with how to install plug ins on the MT4 platform.
The support of the 34 period EMA high currently at 0.9124 as well as the bottom line (support) of the pattern at offer an excellent area to enter a swing buy on a correction.
The 0.9100 major psychological level is also another level to watch for continuation as this level of support will be a key levels that bulls will have to support if the trend is to continue higher.
Recent bearish price action on spot gold, a daily chart of which is shown, has prompted a correction back down to the long-term uptrend support line. This bearish correction occurs right after price reached a high of around 1145 just last week. As of Thursday (3/11/2010) morning New York session, price is hovering right around the key trendline. For more technical analysis on gold, please click here for Thursday’s (3/11/2010) Chart of the Day.
- James Chen, CTA, CMT
* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
Euro / US Dollar | ||||
| Weekly | Daily | Hourly | ||
| Trends |  |  | | |
| Resistances | 1.374 | 1.371 | 1.368 | |
| Supports | 1.344 | 1.354 | 1.3625 | |
| Our strategy | ||||
| Entry | Stop | Target 1 | Target 2 | |
| 1.3645 | 1.368 | 1.36 | 1.3565 | |
British Pound / Yen | ||||
| Weekly | Daily | Hourly | ||
| Trends | | | | |
| Resistances | 138.85 | 137.4 | 135.95 | |
| Supports | 131.2 | 132.45 | 134 | |
| Our strategy | ||||
British Pound / US Dollar | ||||
| Weekly | Daily | Hourly | ||
| Trends | | | | |
| Resistances | 1.52 | 1.5095 | 1.5 | |
| Supports | 1.4785 | 1.4875 | 1.495 | |
| Our strategy | ||||
| Entry | Stop | Target 1 | Target 2 | |
| 1.4975 | 1.504 | 1.486 | 1.481 | |
