HAPPY NEW YEAR 2011

 

HAPPY NEW YEAR 2011 FOR ALL READER! Wish you all a very good and prosperous in the year of 2011. As for me, I wish that in the year 2011, I will be able to achieve financial freedom and had a good, enjoyable and healthy life. 

By The Backyard Burner

AUDUSD reach double top

 

AUDUSD broke through the rising wedge and reach the target of 1.018 to perform a double top. Now the price is hovering around the resistance area. The resistance is at 1.023 and support at 1.0098.

  

If price break through the 1.023 , there is a possibility of the price reaching 1.04 or 1.05 of the inverse H&S target. However, be cautious if the rising wedge is break at the downside.

By The Backyard Burner

EURUSD testing H4 down trendline

The EURUSD now testing the H4 trendline and testing the intermediate double top resistance line. Short term resistance is at 1.333 and support at 1.318 and 1.308. 

 

The daily candle show a big bullish engulfing candle that may indicate bullish sentiment. The upside target is 1.343 and downside target is 1.297. 

By The Backyard Burner

AUDUSD hit the upper trendline but fail to break it

 

The AUDUSD had a significant rally last night and now retrace part of it after hitting the upper trendline. The resistance is at 1.018 and support is at 1.003 area

 

The AUDUSD is still inside the rising wedge. Price may move upside to reach 1.018 to form a double top before going down. Any break of the wedge on the downside indicate bearish sentiment.

By The Backyard Burner

EURUSD near support 1.307

 

 EURUSD just retest the support after a big drop but fail to break it. The price had return back to the last week ranges. The immediate support is 1.307 and resistance is 1.318. 

 

The EURUSD daily show the market undecided situation. Break of the support will bring the price to 1.297. Resistance at 1.327. 

By The Backyard Burner

AUDUSD fail to closed below resistance and now rebound to new intermediate high

 

The AUDUSD now is rising steadily and seem like forming a rising wedge. The immediate resistance is at 1.01 and support at 1.0 parity.

 

The AUDUSD is above the H&S neckline and had the possibility to go to 1.018 before turning bearish. It had to rise faster to break through the rising wedge upper trendline for further price. If not, the market is expected to turn to bearish once the rising trendline is broken on the downside.

By The Backyard Burner

EURUSD now in reversal after tristar

 

EURUSD broke through the resistance level of 1.318. Price may retest the area of 1.318 again before going up. The immediate support is 1.318 and the resistance area is around 1.333. 

 

The EURUSD reverse after the tristar candlestick signal. It is now testing the daily down trendline. Successful breakout of the trendline will bring the price further up. The upside resistance is 1.35 and support is 1.307. 

By The Backyard Burner

EURUSD support still hold

 

 EURUSD just retested the support area and rebound from it. The pair is expected to retested 1.318. The support at 1.3050. 

 

The pair just develop a tristar candlestick reversal pattern. Upside target is  1.34 and downside is 1.296.

By The Backyard Burner

AUDUSD just test the support area

 

AUDUSD just rebound from the support area. The pair may rally up to 1.018 if it is in a wave 3. The support is at 0.99. Resistance at 1.0065.

 

From daily chart, the pair had the just retest the inverse H&S neckline and may advance up to 1.018. 

By The Backyard Burner

EURUSD at top of channel now

 

The EURUSD is now nearing upper down channel. Price rebound yesterday night after a double bottom. Support at 1.3081 and 1.2970. Major resistance is at 1.318.

 

The EURUSD is developing doji and spinning top at the bottom for the market in a daily chart. Need confirmation on where the PA will go. 

By The Backyard Burner

AUDUSD broke throught the resistance neckline

 

AUDUSD is now above the neckline and at the intermediate double top. If price were to go up, it had the  possibility to reach 1.0080 or 1.0180 before retracement. 

 

The AUDUSD is now at  the resistance area. Immediate support area at 0.9983 and 0.9950. 

By The Backyard Burner

EURUSD may form a double bottom

 

The EURUSD had the possibility of forming a falling wedge pattern. If that is possible, then we may see a reversal to the uptrend. However, we may also see a double bottom first before reversal. Price resistance at 1.318 and support at 1.308.

 

The EURUSD is now at the bottom of the trendline and may rise. Price is forming a doji a daily candlestick yesterday. 

By The Backyard Burner

AUDUSD at sideways just below the inverse H&S neckline

 

The AUDUSD is now still hovering just below the neckline. Price need to break above the neckline for a uptrend. If not, price may reverse to form a H&S at H4 timeframe heading for a bearish trend. Resistance at 0.9993 to 1.0030. Support at 0.9920 and 0.9865.

 

 Daily show a strong uptrend candle. However, the candle is still an inside bar of the bearish candle. 

By The Backyard Burner

AUDUSD rising to the neckline

 

AUDUSD had rally near the H&S trendline following the rising channel. Resistance at 0.999 up to 1.0030 (previous high). Support at 0.9916 and 0.9890.

 

After a bullish engulfing on a daily candle, the AUDUSD had went up to the neckline. Wait for the PA for next action.

By The Backyard Burner

EURUSD rebound from support

 

The EURUSD had rebound from trendline support and now testing the 1.318 resistance level. As said yesterday, the pair had to break the resistance level 1.318 before it had the chance to go higher. With low liquidity this week due to Christmas and New Year, price are expected to have high volatility or dull movement.

Support at 1.3093 and 1.2970, resistance at 1.318 and 1.3355. 

By The Backyard Burner

EURUSD had broke below the 1.318 support level

 

The EURUSD had broke the major support of 1.318 and now trading just below the support level. To maintain upside trend, the pair must trade above the now resistance 1.318. Downside support at 1.3050 and 1.2968. Another resistance level is at 1.3360.

 

From daily chart, price fail to break above the 100 MA which indicate bearish trend still intact. 

By The Backyard Burner

AUDUSD forming 2 inside bar in daily candlestick

 

AUDUSD is in the bottom of the uptrend channel for H4 timeframe. Since touching the inverse H&S neckline, this pair had retrace 78.6%. Support at 0.9800 and 0.9750. Resistance at 0.9925 and 1.0025.

 

The AUDUSD had formed 2 inside bar of the big bearish candle. Breaking the channel at the downside had the possibility to bring the pair to 0.9750. Upside resistance is the inverse H&S neckline. 

By The Backyard Burner

AUDUSD 17 dec

AUDUSD also rebound from the support of the trendline. Resistance at 0.997 (Inverse H&S neckline) and support at 0.983. 

 

AUDUSD still making higher high and higher low. Price may test back the Inverse H&S depend on PA and now trading inside resistance area.

By The Backyard Burner

EURUSD support level hold tremendously well

 

EURUSD support level of 1.3181 hold tremendously well last night. Price rebound after slightly touching it. Price is still trapped between 1.343 resistance and 1.318 support.

 

From a daily chart, price is still trapped between 1.343 resistance and 1.318 support with both an usside doji and downside doji. 

By The Backyard Burner

AUDUSD 16 dec

 

AUDUSD at also show a bearish engulfing candlestick pattern. 

By The Backyard Burner

EURUSD 16 dec

 

The EURUSD just form a bearish evening star candlestick and is now trading at the support area. 

By The Backyard Burner

EURUSD retrace after breakout

 

The EURUSD drop after a tremendous rally during flag breakout. The support is 1.325 and 1.316. Resistance is at 1.35 and 1.36.

 

Daily candle show a shooting star. Price need to confirmation for further action. 

By The Backyard Burner

AUDUSD around the H&S neckline

 

The AUDUSD broke through the neckline but drop back. Resistance at 1.002 and 1.008. Support at 0.992 and 0.983.

 

The AUDUSD daily candle just closed above the neckline but fail to hold and now is dropping back. 

By The Backyard Burner

EURUSD broke out of the flag pattern

 

 The EURUSD had successfully broke out of the flag pattern and move up to 1.3433. It need to break the resistance of 1.3433 to make higher high to move up to the flag target of 1.36. 

 

The EURUSD also had a bullish daily candle. 

By The Backyard Burner

AUDUSD forming H&S

 

The AUDUSD is at the neckline of a H&S pattern. Resistance at 1.0000, 1.0100 and 1.0180. Support at 0.9900, 0.9830 and 0.9750.

 

The AUDUSD had a very big bullish daily candle. The inverse H&S target is 1.045. However, it need to clear the upside resistance first.

By The Backyard Burner

Gold daily-14 dec 2010

Gold is now in W5. It will likely stop at the price level indicate by small circle.The  red area is resistance area.

By The Backyard Burner

AUDUSD 12 dec

 

The AUDUSD is at the bottom of the upside trendline. Support at 0.975 and resistance at 0.996.

 

The AUDUSD daily candle is a shooting star. Market may develop a C wave to complete a wave 2?? 

By The Backyard Burner