The following chart shows an inverse head and shoulders breakout in the S&P. Given that currencies like to trail equities, this suggests that we could see further gains in the EUR/USD and maybe even USD/JPY.

Posted in Forex Technicals, S&P, Stock Market, forex blog No Comments »

Here’s an interesting chart from Nomura’s Technical Strategist showing how there seems to be a nearly a perfect 14 session cycle between peaks. It looks to me like some of the peaks are VERY short-lived but nonetheless it is an interesting chart with a pattern that’s worth keeping in mind because it suggests that [...]

Posted in S&P, Stock Market, forex blog 3 Comments »

Over the past few trading days, the British pound has been confined to a very tight trading range. The following chart illustrates the predicament that GBP/USD traders find themselves in right now and I believe that the breakout will be to downside with the GBP/USD testing 1.60 in the near term.
This morning, [...]

Posted in 2009 gbpusd forecast, British Pound, S&P, forex blog 11 Comments »