Hi All

As per moderator request, I have opened a new thread for FXOpen discussion. This one is more centred on technical analysis and discussion of the market by FXOpen traders.

I'll start it off with a little technical discussion about gbp/usd.

See on the 1H chart, the uptrend channel has been well and truly broken! GBP is being hammered hard this morning.



It has also broken mid channel on 4H



The next support area I can see is around 1.6250 followed by the 1.6000 psychological support. Personally, I will be following it all the way down after taking the short trade based on the Inside Bar that appeared last night on the 1D Chart.



Good luck with your trades and enjoy the discussion and analyses in this thread along with other FXOpen traders like yourself!

The fact CIT maybe go bankrupt makes it possible for UJ to fall to 92.8 again.

Take a look at this video of Bonehead Bernenke, this is one of the reasons that the EUR has been so strong against the USD.

Bonehead Bernenke - No Idea - I'm Glad I Live In Australia

GP

Although there is some uncertainty in the trend of EUR/USD, I think we can make a short trade at a higher positios such as around 1.4260.

For EUR/USD short around 1.43 you can get good profits~

Short EU at a higher positions such as 1.4300/1.4295 today, will gain good profits.

Wow, just wow. I knew Bernanke was a bit of a Muppet, but this just left me with my jaw on the ground.

waiting to long USD/JPY

I have had trouble opening site is it just me or is anybody else having this same problem. It has happended for the last two days.
Peace
Rusty

GBP/USD charting analysis
Now G/U is close to the the highest point 1.6742 of 2009.06.30
If it can break through the point, it will start a big trend to 1.7x.

G/U Daily chart:
Waiting: long from retracement point 1.6600



USDX Weekly chart will start the 5th wave.

Agree with you. And it suits me at least.

short GU EU UJ and long USD/CAD join now z`

EUR/USD Weekly charting analysis

E/U break through 1.4331 yesterday, it's in the 5th wave on weekly chart now, just long E/U from any retracement.

EUR/USD Hourly charting analysis
E/U still in up-trend, continue long E/U ...
buy limit 1.4380, Stop-loss 1.4350, Target to fibo 1.618: 1.4580

GBP/USD charting analysis

Continue long G/U...
buy limit 1.6930, S/L 1.6880, T/P 1.7130


G/U Hourly Chart:

GBP/USD Hourly charting analysis

A big retracement yesterday...
buy limit 1.6700, S/L 1.6670, T/P 1.6870
S/L 30 pips vs T/P 170 pips
If 1.6680 be broken, give up long G/U, the next target will drop to 1.6600.

G/U Hourly Chart:

The economic datas from Britain are better than expected which should make us negelect the monetary shock, maybe can long GBP/USD at a lower positions.

EUR/USD H4 charting analysis


buy limit 1.4100 , S/L 1.4080, T/P 1.4300

I made the wrong direction for GU, losing so many pips. GU has fallen to 1.6633, wait and see where the bottom is.

GBP/USD H4 charting analysis


buy limit 1.6450, S/L 1.6400, T/P 1.6580

G/U H4 Chart:

continue to long EUR/USD today

I don't understand why EUR/USD and GBP/USD fell so fast, EUR/USD has fell to 1.4130 and GBP/USD to 1.6471. Maybe both fall into a downtrend.

EUR/USD H4 charting analysis

continue long E/U...
stop-loss 1.4100, target 1.4300

I won't long EU at the current price, waiting for the results of FOMC on monetary policy meeting.

GBP/USD H1 charting analysis


buy limit 1.6460, S/L 1.6420, T/P 1.6600

G/U H1 Chart:

Both EU and GU are rising sharply again, and seems it is easy for EU to break 1.43. I will see whether it can break effectively this level.

USD/JPY Daily charting analysis

sell U/J 95.30 , S/L 95.70 T/P 93.00

The resistance and support of EU

resistance:

1.4720 the high of Dec 18th, 2008

1.4450 the high of Aug 5th

1.4430

1.4325 the low of Aug 6th, the high of Aug 13rd

support:

1.4245 the hour support of Aug 13rd

1.4180 the hour low of Aug 13rd

1.4125 the hour low of Aug 12nd

1.4085 the average line of 50 days

GBP/USD H4 charting analysis


buy G/U 1.6515, S/L 1.6480, T/P 1.6695

I don't think it is a good choice to long GU now. GU has fallen below 1.64, it may fall to 1.6000.

AUD/USD H4 charting analysis

sell limit 0.8300, stop loss 0.8350, target 0.8000

Hi, I strongly suggest that you add an oscillator to your chart. This would help you spot divergence. There sure are good trading opportunities when any kind of divergence is spotted.

GU is strengthening again due to the economic data released from Britain is better than predicted. But it seems these news are not enough to send it rise back 1.6500.

EUR/USD H4 charting analysis

buy stop 1.4150, stop loss 1.4100, target 1.4250

My short trades on GU got nice profits. I will take part in longing EU at a lower positioans today. Hope we can't make the wrong direction.

GBP/USD H4 charting analysis


buy limit 1.6490, S/L 1.6460, T/P 1.6650

EU has risen above 1.4230 now and consolidate around 1.42. Focus on where it will go, up or down. But seems we can make a short trade on a higher positions.

EUR/USD H4 charting analysis
sell limit 1.4300, stop loss 1.4340, target 1.4150

I made a short trade on GU at 1.6561. I think the high price give us a chance to short it.

GBP/USD H4 charting analysis


buy 1.6500, S/L 1.6450, T/P 1.6700

I closed my short order on GU just now and got nice profits. I will wait to short it at a higher positions.

EUR/USD H1 charting analysis
sell stop 1.4280, stop loss 1.4310, target 1.4210

Does someone suggest to long GU at the current price? It has fallen below 1.6400. I will keep my eyes on whether it can hold above 1.6270, if it is, maybe I will long it at a lower price.

EUR/USD H4 charting analysis
sell E/U 1.4290, stop1.4380, target1: 1.4200, taeget2: 1.4100

GU has fallen below 1.6270. But I am not sure whether it has been in the downtrend.

USD/JPY Daily charting analysis

sell stop 93.70 , S/L 94.70, T/P 92.00

Focus on the revised GDP which will be released by US tonight. If this data is better than predication, GU may further down.

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Good Luck

AUD/USD H4 charting analysis
sell limit 0.8430, stop loss 0.8500, target 0.8200

I closed my long trade on GU, and got 59 pips profits. I am considering to short it at a higher positions.