The GBPCHF has been trading in a rectangular chart pattern as visible in this D1 chart. This currency pair has now approach its horizontal support level from which we expect it to initiate a mover higher back into its horizontal resistance level which is enforced by its 200 DMA. A breakout above this level would allow the GBPCHF to form a double top and a potential reversal from there. MACD has confirmed the last move lower and has been trading in bearish territory, but bearish pressures have started to recede and MACD has formed a...
The USDCAD has rallied sharply after it touched its 200 DMA as visible in this D1 chart. This currency pair then broke through resistance and reached a new multi-month high before retreating. The USDCAD now broken down through support levels and currently trades near support-turned-resistance which also marks the top of is underneath rising wedge formation which is a bearish chart pattern. We expect a correction to take place which would take this currency pair back down to its 200 DMA. MACD shows that bullish momentum is fading...
The EURUSD has rallied off strong support levels as visible in this D1 chart. The rally has now paused and has left this currency pair with a head-and-shoulders reversal pattern. We expect this currency pair to correct back down to its support level based more on Euro weakness as the Eurozone debt contagion starts to flare up again. MACD has confirmed the head-and-shoulders chart pattern and formed the same a head-and-shoulders pattern of its own. MACD has just completed a bullish centerline crossover which we believe is a false...
The second-quarter ended as well as the first half of 2013 ended and it was a volatile run so far. The GBPUSD whipsawed back and forth and allowed us to exit all our positions which were in our portfolio since the first trading day of 2013. Our overall exposure to the Sterling was reduced over the past six months down to four EURGBP positions which we expect to reduce in the third-quarter. Overall the first half of 2013 was a mixed half for us. We have outperformed on our earnings side and constantly delivered above 1,200 pips per...
