The US dollar is struggling to extend its gains against the Japanese Yen, leading everyone to wonder where it is headed next. According to Traditional Candlestick study, the presence of a Dark Cloud Cover hampers the outlook for the currency pair.
Do you think that the EUR/USD is headed higher according to Candlestick studies? Discuss this on the DailyFX Forum
1/28/08 EUR/USD Daily Chart
Trading Strategy
Arguments for Further Strength
2. EUR/USD back above Shoulder Line
3. MACD crossing into positive territory
1/28/08 GBP/USD Daily Chart
GBP/USD Trading Strategy
2. Buy after a daily close above 1.9900 with a stop below 1.9800 stop. Lock in profits on half of the position at 2.00, move stop on rest to breakeven, targeting 2.02.
Arguments for Fading Strength
1. Deliberation on Daily Charts
2. Doji on Daily Charts
Arguments for Further Strength
GBP/USD Daily Chart
1/28/08 USD/JPY Weekly Chart
USD/JPY Trading Strategy
Arguments for Further Weakness
2. Shooting Star on Daily Charts
3. Prior Low of 107.22 Already Breached
4. Inverse Hammer on Daily Charts as Well, Bottom Also Broken
Arguments for a Bottom
2. MACD Turning Positive on Daily Charts
USD/JPY Weekly Chart
1/28/08 AUD/USD Daily Chart
AUD/USD Trading Strategy
1. Stay long (now at 0.8880) with a stop at 0.8750. Sell half of the position at 0.8950, move stop on rest to breakeven, targeting 0.9100
Arguments for Further Gains
1. Three White Soldiers on Daily Chart
2. Price Crossed Above 50 and 100-day SMA on daily Charts
3. Daily MACD Flips Into PositiveTerritory
4. Hammer on Weekly Charts
AUD/USD Daily Chart
1/28/08 NZD/USD Weekly Chart
NZD/USD Trading Strategy
Arguments for Further Gains
2. Three White Soldiers on Daily Chart
3. Price Crossed Above 50 and 100-day SMA on daily Charts
4. Daily MACD Flips Into PositiveTerritory
NZD/USD Weekly Chart
1/28/08 USD/CAD Daily Chart
USD/CAD Trading Strategy
Arguments for a Rebound
2. Triple Bottom on Daily Charts
Arguments for Further Weakness
2. MACD in NegativeTerritory
