(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)

11/10/2009 - USD/JPY - Price action on USD/JPY, a daily chart of which is shown, is currently on the verge of a bearish breakdown below a newly-formed symmetrical triangle consolidation pattern. This occurs in an overall environment of USD/JPY bearishness within the context of a general downtrend that has been in place since April. Within this downtrend, price has broken down below several bullish corrections and pattern consolidations, as shown on the chart. The current triangle could be the next bearish continuation pattern. If a strong breakdown indeed occurs, the next reasonable support target to the downside resides around the 88.00 price region. Further to the downside is another key support target in the 87.00 price region, which represents support from the long-term double-bottom low that occurred in the beginning of the year.

November 10 - USD/JPY - Symmetrical triangle consolidation is a post from the TradingMetro blog, Chart Of The Day. Get a blog like this for free by joining our trading community today. TradingMetro is the first online trading marketplace for self-directed traders.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

11/09/2009 - AUD/USD - Substantial dollar-weakening to begin the week has just approached the 14-month high for AUD/USD, a daily chart of which is shown. This occurs after price action broke out cleanly above a short-term downtrend resistance line extending from that high. AUD/USD, much like EUR/USD, continues to operate within the context of a long-term uptrend extending from March. Also much like EUR/USD, if the 14-month high on AUD/USD (around 0.9325) is broken strongly to the upside, an uptrend continuation will have been confirmed. The key target to watch in this event would be in the 0.9800-0.9850 price region, which represents both the all-time high for the pair as well as the 161.8% Fibonacci extension of the most recent bullish run. The noted long-term uptrend support line extending from March lows should continue to provide dynamic support for the pair going forward.

November 11 - AUD/USD - Long-term uptrend is a post from the TradingMetro blog, Chart Of The Day. Get a blog like this for free by joining our trading community today. TradingMetro is the first online trading marketplace for self-directed traders.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)

11/04/2009 - Gold - Late last week, price action on spot gold (a daily chart of which is shown) formed a bullish engulfing pattern right at strong support in the 1025 region, which represented previous resistance. After that bullish engulfing pattern established the new support level, which also coincided with a key 50% Fibonacci retracement level, price shot up this week to overtake the previous all-time high above 1070. Currently having just established a new all-time high above 1095, price on gold is now shooting for greater heights, potentially around the 161.8% Fibonacci extension of the most recent bullish run. As price is now in uncharted territory again, this key Fibonacci extension, which places the upside technical target around 1125, serves as further upside resistance. At this juncture, however, the potential for a bearish correction is significant. But with Indian demand for gold helping to prompt the recent bullish run, and potential Chinese demand possibly fueling a continuation, the overall directional bias continues to be bullish.

November 4 - Gold - Bullish, engulfing pattern is a post from the TradingMetro blog, Chart Of The Day. Get a blog like this for free by joining our trading community today. TradingMetro is the first online trading marketplace for self-directed traders.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

11/03/2009 - EUR/USD - Price action on EUR/USD, a daily chart of which is shown, has finally made a tentative breakdown below the key uptrend support line extending from the March lows. While this downside breach is significant and raises important questions as to the future direction of this pair, the prevailing uptrend is still technically considered to be intact. Today’s breach represents a weakening of conviction on the part of the EUR/USD bulls (dollar bears), and suggests indecision in the market and a potential continued consolidation. Any continued bearishness on today’s tentative breakdown should target strong support in the 1.4450 price region. And any further breakdown below that level should indicate a potential trend reversal to the downside. To the upside, major resistance currently resides around the 1.4850 price region. If price subsequently retests and respects that resistance level, a potential head & shoulders reversal pattern could possibly be in the making. Any confirmation of the current prevailing uptrend would only occur on a breakout above the 1.5060 14-month high.

November 3 - EUR/USD - Prevailing uptrend is a post from the TradingMetro blog, Chart Of The Day. Get a blog like this for free by joining our trading community today. TradingMetro is the first online trading marketplace for self-directed traders.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

11/02/2009 - AUD/USD - Price action beginning the new week on AUD/USD, a daily chart of which is shown, has retraced all the way down to a key uptrend support line extending from the March lows, before making a pronounced bounce up off the trendline, tentatively respecting the current prevailing uptrend. This bullish price action represents the fifth instance of this currency pair respecting the trendline. Continued bullishness off this bounce would be displayed on a strong breakout above the short-term downtrend resistance line extending from the 0.9325 14-month high. In the event of this breakout, the next major upside target resides around that 0.9325 high. And in the event of a further break above that high, the key upside resistance target to watch for would be the all-time high around 0.9850, which coincides with an important 161.8% Fibonacci extension (the low-to-high Fibonacci span being measured from the low on 10/2/2009 to the 14-month high on 10/21/2009).

November 2 - AUD/USD - Prevailing uptrend is a post from the TradingMetro blog, Chart Of The Day. Get a blog like this for free by joining our trading community today. TradingMetro is the first online trading marketplace for self-directed traders.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

10/29/2009 - EUR/USD - Once again, price action on EUR/USD, a daily chart of which is shown, has turned up and respected a key uptrend support line extending from the March lows. This occurs after dollar-strengthening price action for the past week has prompted EUR/USD to correct back down to this uptrend line on the heels of hitting a 14-month high around 1.5060 in the beginning of the week. The current uptrend support line (which has now been respected at least 5 times since its inception) is part of a larger parallel uptrend channel, although for the past 4 months price has been languishing near the lower half of the channel. Today’s tentative trendline bounce hints at a potential uptrend continuation (and continued dollar-weakening), but the key level to watch for confirmation of this continuation would be the noted 1.5060 high. Any breakout above that level should confirm the uptrend and target further significant resistance in the 1.5300 price region. In the event of any subsequent breakdown below the currently-respected uptrend support line, a clear further support target to the downside resides in the key 1.4450 price region.

October 29 - EUR/USD - Parallel uptrend is a post from the TradingMetro blog, Chart Of The Day. Get a blog like this for free by joining our trading community today. TradingMetro is the first online trading marketplace for self-directed traders.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

10/28/2009 - AUD/USD - Price action on AUD/USD, a daily chart of which is shown, has displayed some significant U.S. dollar strengthening in the past several trading days, much in the same manner as other dollar-based currency pairs. But the strong uptrend in AUD/USD, which has been firmly in place since early March, is currently still very much intact. The current bull market correction in this currency pair has thus far constituted a normal, minor retracement after over-extending to the upside in a steep bullish run. That bullish run culminated in a 14-month high just above 0.9300. Any subsequent breakout above that high would confirm a continuation of the strong general uptrend, and could potentially target the all-time high above 0.9800, which also happens to coincide with a 161.8% Fibonacci extension of the last bullish run. To the downside, the highly significant uptrend support line extending from the March lows (which has thus far been respected at least 4 times) serves as strong dynamic support. Any substantial price breakdown below this trendline could place the current uptrend under a potential risk of trend change/reversal.

October 28 - AUD/USD - Strong uptrend is a post from the TradingMetro blog, Chart Of The Day. Get a blog like this for free by joining our trading community today. TradingMetro is the first online trading marketplace for self-directed traders.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

10/26/2009 - USD/CHF - Bearish price action on USD/CHF, a daily chart of which is shown, is approaching parity within the context of a steep, continuing downtrend. Parity (at 1 U.S. dollar to 1 Swiss franc) was last hit in July of 2008. Therefore, the long-term low from last week, which fell just shy of reaching parity, represented a 15-month low for the pair. Currently, the key near-term level to watch, as mentioned, is parity at 1.0000. But even if this is reached, there is likely further room to the downside for this pair potentially to fall. On any strong breakdown below parity, the major further support target to the downside resides around 0.9640, the all-time low for the pair that was reached in March 2008. Within the context of the strong current downtrend, dynamic upside resistance resides in the region of the downtrend resistance line that extends from the April high.

October 26 - USD/CHF - Steep, continuing downtrend is a post from the TradingMetro blog, Chart Of The Day. Get a blog like this for free by joining our trading community today. TradingMetro is the first online trading marketplace for self-directed traders.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)

10/23/2009 - USD/JPY - Bullish price action for the last two weeks on USD/JPY, a daily chart of which is shown, has formed a steep short-term uptrend within the context of a longer-term downtrend channel. Price has also just reached strong resistance in the 92.00 support/resistance region, and additionally, is approaching the approximate upper resistance border of the rough parallel downtrend channel. Momentum indications are showing signs that price on this currency pair may be close to overbought. If there is indeed an impending exhaustion of the current bullishness within the context of the overall downtrend, a clear bearish trigger would be a strong breakdown below the short-term uptrend line. In this event, major downside support targets reside around 88.00, which represents the last major swing low earlier this month, and 87.00, which represents the double-tested low at the end of 2008 and beginning of 2009. On any bullish breakout above the current parallel downtrend channel, the 94.00 price region serves as a further key resistance target to the upside.

October 23 - USD/JPY - Short-term uptrend is a post from the TradingMetro blog, Chart Of The Day. Get a blog like this for free by joining our trading community today. TradingMetro is the first online trading marketplace for self-directed traders.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; Fibonacci levels and chart patterns in white; 50-period simple moving average in light blue.)

10/22/2009 - Gold - Price action on spot gold, a daily chart of which is shown, has formed the appearance of a pennant pattern consolidation after reaching new all-time highs last week. This potential continuation pattern occurs within the context of a strong continuing uptrend. The all-time highs that were reached last week, just above 1070, represented a 161.8% Fibonacci extension of the prior bullish run. On the latest bullish run that represents the pole of the pennant pattern, the important 161.8% Fibonacci extension resides around the 1125 level. As gold would be in uncharted territory if it breaks out above the pennant and the 1070 high, in the absence of any further precedented resistance levels to the upside, the 161.8% Fibonacci level serves as a high-probability price target. This is, of course, provided the pennant actually turns into a continuation pattern and last week’s all-time high is broken. Immediate downside support within the context of the current consolidation resides around the level of the pennant’s lower border, which is in the approximate vicinity of 1042-1043.

October 22 - Gold - Pennant pattern consolidation is a post from the TradingMetro blog, Chart Of The Day. Get a blog like this for free by joining our trading community today. TradingMetro is the first online trading marketplace for self-directed traders.