The Kiwi has definitely topped out

Forexmentor.com Forex Trading Price Action

The Kiwi (New Zealand currency) has definitely topped out, as evidenced by MACD’s attitude on the weekly chart. That said, MACD on the 4 hour and 1 hour charts is reflecting a short-term correction to the upside. That can be seen on the 15 minute chart, where price came into today’s session, above the central pivot point – trending up.

When a market is moving up (or down), an oscillator like Stochastics (STO) is a good vehicle to pick your entry points – when it goes oversold (in an up-market) and overbought (in a down-market). On another front, I will more than likely be out of the USD/CAD pair this coming Monday. I will confirm that if and when it happens.

Have a great weekend, and don’t forget to visit www.forexmentor.com.

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Commentary on the USD/CAD and USD/JPY

Forexmentor.com Forex Trading Price Action

The USD/CAD pair has come back to life, but I am keeping a watchful eye on it, as it could very well be moving towards a 1-2-3 top on the weekly chart (or double top, or whatever). Not sure at this point, but I have my finger on the trigger to unwind the other half of my position in this pair. You will know it the minute I do it. I’m not greedy. I’ve made over 850 pips since I jumped on board, back in September of last year. Not too shabby.

On the other front, the USD/JPY pair performed as I expected it would. We got the price weakness I talked about earlier this week, but now we are experiencing a retracement against the overall trend, which was down. I’ve been asked to comment on the euro, and will endeavorto do so tomorrow, or early next week. In the meantime, keep your eyes glued to www.forexmentor.com where new things are happening all the time.

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Commentary on the currency pairs

Forexmentor.com Forex Trading Price Action

I’m still calling for further downward price pressure on the USD/JPY pair. Evidence: the three EMAs stacked in their proper order for downtrend continuation on the 4 hour chart; 200 EMA trending down on the 1 hour, with price well below it; a possible downtrend continuation pattern in place on the 15 minute – not to mention the massive price collapse on the weekly and daily charts. So, I’d be looking to be on the short side here folks. Just pick a good entry point, and Bob’s your uncle.

The following nine pairs should be considered good short opportunities also: AUD/CHF, AUD/JPY, CAD/JPY, EUR/CHF, EUR/JPY, GBP/CHF, GBP/JPY, NZD/CHF, NZD/JPY.

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Commentary on the USD/JPY and other currency pairs

Forexmentor.com Forex Trading Price Action

All chart levels for the USD/JPY pair are showing price weakness. The 200 EMA is trending down on the 4 hour and 1 hour charts, and yet price is bucking this trend on the 15 minute, in the form of a potential uptrend continuation pattern, with MACD neutralization in place. I see this as an opportunity to look for a place to go short, once the dumb money has had its day.

On other fronts, there are at least nine other pairs all showing severe price weakness, and representing good short opportunities. I have identified those pairs in the AM Review for Tuesday March 6/07.

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See latest sample AM Review at: http://www.forexmentor.com/sampler/