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Tyler Yell
275 followers -
Financial Market Trading Instructor @ DailyFX.com
Financial Market Trading Instructor @ DailyFX.com

275 followers
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EUR has been on a steady downtrend since the ECB met on May 8th, 2014. This could continue vs. a handful of currencies however, $EURJPY could be looking at technical support. The 2014 Closing Low 136.50 has seen many bounces and due to a few levels of Support such as the Monthly S1, 61.8% Fibo Retracement, buyers could begin to emerge.  
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$USDollar Index bounces hard off of the Monthly Opening Range High of 10,558.  However, the Opening Range low of 10,508 should be looked at as support for the uptrend since the beginning of July '14.
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AUDUSD has 100-pips to-go before strong technical support

Are you familiar with the technical term of confluence? It's when completely different technical tools like moving averages, Fibonacci Levels, or pivots lay right on top of each other. This signifies a critical level could be sitting at a specific price area. 

There is a strong confluence on $AUDUSD near 0.9200. The chart below shows that these levels combine; prior price action support, the 200-dma, and 2 critical Fibonacci relationships.  If the USD continues to strengthen and AUDUSD continues to drop, the 0.9200 level will be a critical level to watch to see if buyers step in or the correction deepens. 

Happy Trading
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USDCAD about to test 2014 highs

The data out of the US is finally starting to impress. This is a story that Wall-Street and FX traders around the world have been waiting for. Based on a recent turn-around in $USDCAD, the best as well as the 2014 highs, could be yet to come. 
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Did EURUSD just Fake Everyone Out?

This morning, EURUSD punched below the infamous 1.3503 spike low of early June and printed an intraday low just 13 pips above the 2014 low. However, we're about to close on the highs, which is an ominous price action signal.

If you’re not comfortable with price-action analysis, register for our free online price action course here.
http://www.brainshark.com/fxcm/vu?pi=zHZzdr5XHz6tVaz0

If you're in this trade or aren't sure about entering, here are a few levels worth watching. 

A close above 1.3575 could warn of a bounce higher is in the works and it's best to put aside a short bias for now. However, a close back below the 2014 low of 1.3476 could bring the Nov. '13 low of 1.3295 into focus. 

Happy Trading
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After holding, 0.9320 Support, AUDUSD could be about to breakout

The USDollar continues to underwhelm in 2014 and if Risk-On sentiment continues (it's starting to feel like SPX500 will never drop 10% +) AUDUSD could find itself pushing higher yet again.  

A few key technical levels come into picture.  0.9450 is the corrective high that a trendline is drawn off of and a close above that level could see the correction as over.  A more aggressive entry would be to enter off the trendline break, which sits near 0.9405. 

Happy Trading
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NZDUSD continues to deserve our attention as the +USDOLLAR index tries to find a base and the 2011 highs at 0.8845 could hold firm on initial attempts as the uptrend takes a healthy breather.

Of course, a break above 0.8845 could target the 0.8975/0.9000 level which is a historical chart juncture from nearly 35 years ago.
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EURUSD Could be facing huge resistance around 1.3671-90 due to the prior price action high and the Daily Ichimoku Cloud. A break of the first major support near 1.3576 could favor a re-test of the 2014 low of 1.3476

Counts are based on Elliott Wave Theory 
To learn more, click here: http://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2013/10/18/Basic_Tenets_of_Elliott_Wave.html
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A Closer View of the USDOLLAR Index

I've yet to find something that can help you see where the next probable move in the market could land like the Elliott Wave Approach.  Looking to the USDOLLAR index provided by FXCM / Dow Jones, Keep an eye for the following levels: 

Bullish Break: 10,480
Very Bearish Break: 10,375
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Don't miss what has developed in $USDCAD, fundamentally speaking.

Recently, Canada bank debt outlook was downgraded and a potential soverign debt dowgrade could be in the works as the following headlines came across news wires: 

Day of reckoning nears for Ontario as growing deficit raises risk of fresh credit downgrade

http://business.financialpost.com/2014/06/06/ontario-election-deficit/

Moody’s lowers outlook on Canada’s biggest banks

http://www.theglobeandmail.com/report-on-business/moodys-lowers-outlook-on-canadas-biggest-banks/article19123799/

An important election took place which gave victory to the Liberal party in Ontario, which will look to boost the economy through a massive spending for infrastructure and education all the while the nations budget is in the red.  

Keep an eye on the 1.0820 level on USDCAD because if it holds, there could be opportunity on the horizon for USDCAD longs.  If that level breaks due to USD weakness, then GBPCAD could become increasingly attractive. 
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