Forex Trading: Euro ready to breakout?

by Joe Oliver, Forex Trading-Pips

Forex Trading: Euro currency has been in weekly squeeze for the past 8 weeks. Last week produced an inside week and NR7 raising the possibility of a wide range move this week. A close above 1.4536 should decent upside gains for Euro currency.

Forex Trading, EUR weekly squeeze

Forex Trading, EUR weekly squeeze

 

 

 

 

 

 

 

Australian dollar has been in weekly squeeze for the past 5 weeks. Last week produced an inside week and NR7 raising the possibility of a wide range move this week.

Forex Trading, AUD weekly squeeze

Forex Trading, AUD weekly squeeze

 

 

 

 

 

 

 

Last week USD.CAD made a false breakout to the upside on the daily wedge formation.

Forex Trading, CAD daily bars

Forex Trading, CAD daily bars

 

 

 

 

 

 

 

Canadian dollar has been in weekly squeeze for the past 12 weeks. USD.CAD needs to close above parity to confirm the double bottom basing pattern.

Forex Trading, CAD weekly squeeze

Forex Trading, CAD weekly squeeze

 

 

 

 

 

 

 

USD continues to appreciate against the Swiss Franc following last Monday’s NR7 inside day consolidation. Traders who bracketed Monday’s high / low with buy / sell stops are sitting on decent gains of 180 pips profit on risk of 70 pips.

Forex Trading, CHF daily bars

Forex Trading, CHF daily bars

 

 

 

 

 

 

 

US$ Index has been in weekly squeeze for the past 10 weeks. Last week produced an inside week and NR7 raising the possibility of a wide range move this week. The recent bear flag consolidation pattern should see a retest of the May 2011 lows.

Forex Trading, US$ Index weekly squeeze

Forex Trading, US$ Index weekly squeeze

 

 

 

 

 

 

 

GBP has been in weekly squeeze for the past 14 weeks and continues to be rangebound.

Forex Trading, GBP weekly squeeze

Forex Trading, GBP weekly squeeze