July 27th, 2010 | 
Author: Today’s price action was very typical of a Monday during the Mid-Summer; mostly range-bound outside of any major news announcements. Traders took the +23.6% headline U.S. June New Home Sales Number (MoM) and ran. EUR/USD rallied from 1.2940 to test the psychological 1.3000 level, EUR/JPY went from 112.70 to a
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Technical analysis can be applied throughout all time periods. Typically, the posts you see on Facebook focus primarily on Swing or Trend trading. The time frames that James and I use range from Daily charts to 1 hour charts. For day trading setups, sometimes I will provide analysis on 15 minute charts.
Price action on EUR/USD (a 4-hour chart of which is shown) as of Monday (7/26/2010) has ascended to reach for key resistance around 1.3026, which represents the top of a shooting star candle that established the 2-month high for the pair just last week. This occurs within the context of
This week market attention is poised to turn to U.S. economic data, which include second-quarter gross domestic product on Friday. The rest of the week is full of releases as well, with new home sales released today, the Case-Schiller house prices and consumer confidence on Tuesday, durable goods and the
Traders saw gains on stock market today, and pushed the Eur/Usd higher from its 1.2886 European session low towards the 1.3000 region, which seems to a strong resistance region. An updated count below suggests that a triangle pattern could be in place on Euro, with wave E low at 1.2886.
Price action on AUD/USD (a 4-hour chart of which is shown) as of Monday (7/26/2010) morning has just closely approached its key bullish resistance target of 0.9000, the potential for which was noted in last week’s AUD/USD analysis. This reach towards resistance, which establishes a new 2+ month high, occurs
New home sales in June jumped 23.6% to 330,000 units from May’s downwardly revised record low of 267,000 units (initially reported 300,000 units). The rise beat market expectations for an increase to 312,000 units. Months’ supply of unsold new homes dropped to 7.6 in June from May’s 9.6 (revised from
New home sales bounced back 23.6 percent in June, following a 36.7 percent plunge in May. The absolute level of new home sales remains exceptionally low at just 330,000 units. May’s new home sales were revised down from a previously published 300,000 units to just 267,000, and new home sales