EURUSD, AUDUSD, NZDUSD, USDJPY potential
These are some slides I shared with my audience in my twice a month talk over the last two months.
They are projection of potential levels for EURUSD, AUDUSD, NZDUSD and USDJPY to reach should the current trend continue. They are drawn based on inspection of previous levels, projections based on chart patterns.
Please note 101 things affect price so all these projections are just P R O J E C T I O N. There are different schools of drawing so no doubt there will be as many different projected prices as well. So take care of your own risk and use your own strategy.
This slide was done on 02 August. There is a triple bottom pattern so this projected level at around 1.246 is based on the height of the triple bottom pattern. Very straightforward
At this moment, EURUSD is trading at 1.2052. Note that in around 50 pips or so, EURUSD will hit 1.2099 which is the 2014-close/2015-opening level. This means that at 1.2099, EURUSD comes to breakeven, erases it’s losses over the past 2 years and 8 months. Could be nothing, could be a psychological reaction, maybe some kind of profit taking.
This is the same picture in 12M (yearly candle) view.
This slide was done on 15 August. There is a channel printed between Q1 2016 to end Q2 this year. If price action repeats, based on height of this horizontal channel AUDUSD should be headed to .8300.
This slide for NZDUSD was done on 15 August. NZDUSD has fallen back into the lower channel so before it can reach it’s potential target, it has to climb back into the top half.
This slide was done on 13 July. Back then it wasn’t really clear that USDJPY will fall to it’s current level. So what this chart really shows are two features:
- That USDJPY could be conforming to a big trend line in red at the top.
- That USDJPY has a multi-year support below at around 101.
So trade accordingly.
Repeat: Please note 101 things affect price so all these projections are just P R O J E C T I O N. There are different schools of drawing so no doubt there will be as many different projected prices as well. So take care of your own risk and use your own strategy.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.