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Here’s a simple system that my friend Jose Leon has compiled on pdf. It’s relatively simple and make uses of Price Action, Support and Resistance.

Download it here. (Right-click and ‘Save As’ to your computer. Note, you’ll need Acrobat Reader to read it)

A clip of the pdf.

As you can see first I joined the low points with a trend line, then I drew another trend line n the highest point to form a channel, and finally I drew 2 new lines: from the last high point in the top of the channel to the nearest high point downwards and from the last low point in the button of the channel to the nearest low point upwards. And now you have a triangle and a channel in your chart. Finally I added the support-resistances to get a good indication about the price with these trend lines.

Now you can see that the price or candle could break one of the lines of this triangle. Actually the green candle is trying to break the top of the triangle, it could break or it could reverse, right?. And you can also see that this green candle is passing the resistance (red points)

US Dollar Index

The major trend of the US Dollar Index is still down. Last Friday, the index went to a high of 77.21 before settling at 76.98, which is down by 0.25 compared to Thursday. The low of the week is 76.94. Immediate resistance to the Index is 79.21 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing downward again at 26.91%, indicating that the index has lost its upward momentum for its major “upward” retracement, resulting in a weakening US Dollar. Looks like the RSI has no strength to go up to the 43% level.

General Market Commentary (October 26, 2007) by MG Financial Group:

The Dollar extended its loss versus the Euro and Sterling on expectations that the Fed may cut interest rates again next week. The Dollar Index slumped to a fresh all-time low at 77.035. The Euro approached 1.44 versus the Dollar, while the Sterling rose to as high as 2.0571.

This week’s economic data, including housing sales, durable goods orders, weekly jobless claims and today’s consumer sentiment index, all showed signs of economic growth slow down. University of Michigan consumer sentiment index fell from 83.4 to 80.9 in October, below the estimate of 82.

It is widely expected that the Fed will lower rates by a quarter-percentage point to 4.00%. Under the pressure of housing slump and rising credit costs, the nation’s economic growth may slow down in the future. The overall sentiment on the Dollar is bearish.

Eurogroup Chairman Junker said in a newspaper interview published today that last week’s G7 statement limited to the yuan showed they did not reach agreement on the Yen and Dollar foreign exchange range. He added that he preferred a stronger Euro and the currency’s current trading level was not yet an alarm-causing level. The Euro may rise further to reach next target area at 1.4420-50 versus the Dollar.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. Last week’s price candle turned bullish on Friday after breaking to a high of 1.4393, indicating that the major “downward” retracement is not going to happen so soon, even with the Weekly Stochastic over-bought. Immediate weekly support is at 1.4084, with next support at 1.4022 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4393, which is the pair’s historically high. Weekly Stochastic is seen crossing upward again at the 88% level, indicating that though the pair’s upside is limited, it is still attempting to move upward.

From the daily chart, last Friday the price candle closed at 1.4390 which is only 3 pips below the week’s and day’s high. Its immediate daily support is at 1.4276 (10-Day Moving Average Line), followed by 1.4154 and 1.4116 (40-Day Moving Average Line). The Default MACD is showing a down-trend that is slowly moving upward, while the two pairs of Moving Average Lines are still indicating an up-trend. Daily Stochastic is seen crossing upward at the 79% level, indicating a possible upward move over the next few trading days before making another attempt to undergo its major “downward” trend.

From the hourly chart, the pair is seen making a strong attempt to go higher. Immediate intra-day target is seen as 1.4400.

We are still bearish towards the pair, as the pair’s upside is limited. Once the pair shows a strong signal of undergoing its major “downward” retracement, we will look to short the pair. However, if the pair continue to break higher, we may go long for small profits of 30-50 pips.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. Last week the price candle broke higher to 2.0571, indicating that the pair’s attempt to undergo a downward move is losing its momentum. Its immediate weekly resistance is at 2.0600, followed by 2.0652, which is its historical high. Its immediate weekly support is at 2.0398, followed by 2.0303 (13-Week Moving Average Line) and 2.0140. Weekly Stochastic is seen moving sideway at the 87% level, indicating a limited upside.

From the daily chart, Friday’s attempt to move higher prevented the pair from undergoing a downward move. Its immediate daily resistance is at 2.0546 while its immediate daily support is at 2.0480, followed by 2.0462 (10-Day Moving Average Line) and 2.0360. The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen moving upward at the 83% level, indicating that the pair may still want to push higher before attempting to undergo its major “downward” retracement. We are still expecting the pair to make another attempt to undergo major downward retracement as its upside is limited.

From the hourly chart, the pair is seen breaking the resistance at 2.0545 and then retraced back to below that price level.

We are still bearish towards the pair. Once the pair shows sign of undergoing its major “downward” retracement, we will go short on the pair. However, there is still some momentum for the pair to move higher to around 2.0600.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. Last week’s price candle continues to maintain its bullishness after Friday’s fall. Its immediate weekly resistance is at 1.1642, followed by 1.1772 (Weekly 23.6% Fibo Level), 1.1848, 1.1904 and 1.1985, while its immediate weekly support is at 1.1502. Weekly Stochastic is seen crossing downward at the 30% level, indicating a possible downward move over the next few trading days.

From the daily chart, Friday’s candle continues to be bearish after the dive on Tuesday, Wednesday and Thursday, which seems to be a resumption of the major “downward” trend. Immediate daily resistance is at 1.1706 (10-Day Moving Average Line), followed by 1.1786 (40-Day Movig Average Line) and 1.1824, while its immediate daily support is at 1.1607. The default MACD is showing a downtrend while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving downward at the 42% level, indicating the pair will undergoing a downward move over the next few trading days.

From the hourly chart, the pair is seen moving downward continuously without any retracement since last Thursday. Expect an upward intra-day retracement before the pair resumes its downward move.

The pair has lost its momentum to undergo its major “upward” retracement. Its immediate downward target is 1.1600.

USD/JPY

From the weekly chart, last week the candle continues to maintain its bullishness. This may be its another attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. Its immediate weekly resistance is at 114.15, followed by 115.21, 115.61 (Weekly 38.2% Fibo Level) and 116.41.Its immediate weekly support is at 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen moving downward at 49% level.

From the daily chart, last Friday the pair continues to drift between 114.85 (Daily 61.8% Fibo Level) and 113.65. Its next daily resistance is at 115.18, while its next daily support is at 112.66. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating a downward move. Default MACD is also indicating a downtrend. However, Daily Stochastic is seen moving upward at 42% level, indicating a possible rebound over the next few trading days before resuming its downward move.

From the hourly chart, last Friday’s the price was ranging between the intra-day resistance at 114.36 and the intra-day support at 114.06 in a directionless manner.

The pair is seen to be losing its upward momentum. It may move downward over the next few trading days.

EUR/JPY

On the weekly chart, last week’s candle continues to maintain its bullishness. Its immediate weekly support is at 162.79 (13-Week Moving Average Line), followed by 161.89 (the lower band of the upward channel), 160.00 and 159.01 (52-Week Moving Average Line). Its immediate weekly resistance is at 163.63, followed by 168.11 (upper band of the upward channel). Weekly Stochastic is seen moving downward at 72% level. However, the pair may make another attempt to move upward over the next few trading days, riding on the strength of the Euro.

On the daily chart, last Friday, the pair is moving upward. Its immediate daily resistance 164.55 (Daily 23.6% Fibo Level), followed by 165.16 and 167.00, while its immediate daily support is at 163.93 (10-Day Moving Average Line), followed by 163.34 (40-Day Moving Average Line), 162.56 (89-Day Moving Average Line) and 162.05 (Daily 38.2% Fibo Level). Default MACD is indicating a downtrend while the Long MACD is still indicating an up-trend. Daily Stochastic is seen moving upward at the 67% level, indicating a possible rebound over the next few trading days before resuming its downward move.

On the hourly chart, the pair continues to move upward but met an intra-day resistance at 164.35.

The pair may rebound over the next few trading days, riding on the strength of the Euro before resuming its downward move.

TNT students, please use the updated TNT charting templates that was sent to you on October 28. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading week ahead!

Cheers,

Clarence

Admin of The Forex Club

Wonder when is his ebook gonna be ready for sale, hmm.

US Dollar Index

The major trend of the US Dollar Index is still down. On Tuesday, the index went to a high of 77.83 before settling at 77.525, which is down by 0.50 compared to Monday. The low of the week is 77.08. Immediate resistance to the Index is 79.253 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing sideway at 29.91%, indicating that the index is again losing its upward momentum in undergoing its major “upward” retracement, resulting a weakening US Dollar. However, there is still room for the RSI to go up to the 43% level.

General Market Commentary (October 23, 2007) by MG Financial Group:

The Dollar pared its gains against the Euro and Sterling as the bearish sentiment over the Dollar does not change after Monday’s unexpected Dollar strength. The Euro rebounded back to around 1.4250 versus the Dollar, while the Sterling passed through 2.05 against the Dollar.

The market will focus on US housing data this week and the FOMC next week. US existing home sales due tomorrow is seen to fall from an annual rate of 5.5 million units to 5.25 million in September. Also new home sales will be released on Thursday. The housing slump will continue to weigh on the nation’s economy and therefore put pressure on the Fed to cut rates.

Interest rate futures indicate that traders are pricing in a nearly 90 percent chance that the Fed will cut rates by a quarter percentage point to 4.50 percent at its Oct 31 policy meeting.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. This week’s price candle maintains its bearishness after the pair’s rebound on Tuesday, indicating that the pair is still attempting to undergo its major “downward” retracement. Immediate support is at 1.4084, with next support at 1.4022 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4343, which is the pair’s historically high. Weekly Stochastic is seen trending sideway at the 84% level, indicating that the pair’s upside is still limited.

From the daily chart, Tuesday’s rebound helps the pair to regain back half of its Monday’s loss, signaling the pair is still struggling to undergo its major downward” retracement. Its immediate daily resistance is at 1.4343, while daily support is at 1.4207, followed by 1.4154, 1.4065 and 1.4000. The Default MACD is showing a down-trend while the two pairs of Moving Average Lines are still indicating an up-trend. Daily Stochastic is seen crossing downward at the 63% level, indicating a possible downward move over the next few trading days. We are expecting the pair to undergo a major “downward” retracement, as its upside is limited.

From the hourly chart, the pair broke its intra-day resistance at 1.4187 and is now approaching its next intra-day resistance at 1.4260.

We are bearish towards the pair, as the pair’s upside is limited. If the pair continues to undergo its major “downward” retracement, we look forward to short the pair.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. On Tuesday the price candle turns into a doji, indicating that Tuesday’s rebound has recovered the pair’s loss on Monday. Its immediate weekly resistance is at 2.0652, which is its historical high. Its immediate weekly support is at 2.0398, followed by 2.0300 (13-Week Moving Average Line), followed by 2.0140. Weekly Stochastic is seen moving sideway at the 86% level, indicating a limited upside.

From the daily chart, Tuesday’s strong rebound recovers the loss incurred on Monday, indicating that the major “downward” retracement has again lost its momentum. Its immediate daily resistance is at 2.0546, while its immediate daily support is at 2.0480, followed by 2.0422 (10-Day Moving Average Line), 2.0360, 2.0322 (40-Day Moving Average Line). The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen moving downward at the 70 level, indicating that the pair is still making an attempt to undergo its major “downward” retracement. We are still expecting the pair to make another attempt to undergo major downward retracement as its upside is limited.

From the hourly chart, the pair is has reached above 2.0500. Both the hourly and 4 hourly charts are showing the pair to be over-bought.

We are still bearish towards the pair. If the pair continues to undergo its major “downward” retracement, we will go short on the pair.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. This week’s candle continues to maintain its bullishness after Tuesday’s fall. Its immediate weekly resistance is at 1.1772 (Weekly 23.6% Fibo Level), followed by 1.1848, 1.1904 and 1.1985, while its immediate weekly support is at 1.1642. Weekly Stochastic is still pointing upward at the 37% level, indicating a possible major “upward” retracement is on the way.

From the daily chart, Tuesday’s bear candle may just indicate a secondary “downward” retracement. We need a confirmation based on Wednesday‘s candle. Immediate daily resistance is at 1.1739 (10-Day Moving Average Line), followed by 1.1824, while its immediate daily support is at 1.1607. The default MACD is showing a downtrend while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving upward at the 39% level, indicating the pair is undergoing a possible major “upward” retracement.

From the hourly chart, the pair met a firm intra-day resistance at 1.1777 (Intra-day 23.6% Fibo Level) and retraces back to its support a 1.1717.

The pair is undergoing its major “upward” retracement and we are watching to go long on the pair on pull-backs.

USD/JPY

From the weekly chart, this week the candle continues to maintain its bullishness. This may be its another attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. Its immediate weekly resistance is at 115.21, followed by 115.61 (Weekly 38.2% Fibo Level) and 116.41.Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen crossing downward at 51% level.

From the daily chart, the pair met a firm resistance at 114.85 (Daily 61.8% Fibo Level), with next resistance at 115.18. Immediate daily support is at 113.65. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating a downward move. Default MACD is also indicating a downtrend. However, Daily Stochastic is seen crossing upward at 21% level, indicating a possible rebound this week before resuming its downward move.

From the hourly chart, the pair has breached its intra-day resistance at 114.67, and is seen moving towards its next resistance at 115.20 (Intra-day 100% Fibo Level).

The pair looks like undergoing a possible secondary “upward” retracement. We may go long  for small profits, otherwise wait for it to resume its major “downward” retracement and go short on it.

EUR/JPY

On the weekly chart, this week’s candle turns bullish on Tuesday due to  the strength of the Euro. Its immediate weekly support is at 162.68 (13-Week Moving Average Line), followed by 161.53 (the lower band of the upward channel), 160.00 and 158.93 (52-Week Moving Average Line). Its immediate weekly resistance is at 163.63, followed by 168.08 (upper band of the upward channel). Weekly Stochastic is seen moving downward at 70% level. The pair may make another attempt to undergo a major “downward” retracement.

On the daily chart, the pair met strong support at 162.07 (Daily 38.2% Fibo Level) on Tuesday. Its immediate daily resistance is at 164.19 (10-Days Moving Average Line), followed by 165.16, while immediate daily support is at 163.31 (40-Day Moving Average Line), followed by 162.49 (89-Moving Average Line) and 160.92. Default MACD is indicating a downtrend while Daily Stochastic is seen crosiing upward at the 27% level, indicating a possible rebound this week before resuming its downward move.

On the hourly chart, the pair has breached above the price level of 163.55. The pair may do a pullback down to 162.35 today.

The pair may undergo a secondary “upward” retracement this week. We are watching to buy on pull-back for small profits.
TNT students, please use the updated TNT charting templates that was sent to you on October 20. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading day ahead!

Cheers,

Clarence

Admin of The Forex Club

US Dollar Index

The major trend of the US Dollar Index is still down. Last Friday, the index went to a high of 77.57 before settling at 77.37, which is down by 0.15 compared to the previous day. The low of the week is 77.33. Immediate resistance to the Index is 79.51 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing downward at 28.44%, indicating that the index has lost its momentum to undergo its major “upward” retracement, hence a weakening US Dollar.

General Market Commentary (October 19, 2007) by MG Financial Group:

The Yen rallied across the board in the Friday session amid a slide in global equities. The Greenback, which initially tumbled against the Euro and Sterling, recovered amid profit taking heading into this weekend’s G7 Finance Ministers meeting. We’re not anticipating the G7 communiqué to single out Dollar weakness, but do expect increased pressure on China to hasten currency flexibility. It will be important to focus closely on post-meeting commentary from Eurozone officials as there will be scope for criticism of recent Euro strength impeding on trade competitiveness.

UK’s Finance Minister Alistair Darling said that while there was a mix of views among the G7 on exchange rates, he reiterated that forex levels should be determined by markets. Meanwhile, Canada‘s Finance Minister Flaherty said he would not be surprised to see stronger language in the communiqué on China’s foreign exchange policy. Further, he expects vigorous discussion on the topic at the meeting. We look for the Yen to remain buoyed heading into the meeting, given the currency’s characteristic to trade as a proxy to China’s Yuan.

The Dollar’s near-term direction will likely remain linked to sentiment over upcoming Fed policy decisions. Earlier in the session, Fed Funds futures were pricing in a 98% chance of a rate cut at the end of the month, up from over 70% yesterday and just over 30% a week earlier. Recent economic data continues to point towards further deterioration in the housing market, but have yet to reveal any spillover effects on the consumer. Next week’s US economic calendar is light but will provide additional gauges on the housing market, with the releases consisting of existing home sales, new home sales, durable goods orders and weekly jobless claims.

Fed Chairman Bernanke said central bank predictability was important in making long-term rates respond to Fed actions. He reiterated that central banks should strive for transparency, predictability and avoid overreactions. However, he provided little insight into the FOMC’s policy deliberations in the coming weeks.

Cable edged out to a fresh multi-month high at 2.0522 on the heels of stronger than expected growth data. The report revealed robust GDP growth for Q3 at 3.3% annualized, versus 3.1% a year earlier and 0.8% q/q. The Bank of England remains in a precarious situation amid tightening credit conditions, lingering inflationary pressure and strong economic growth. We now expect the BoE to remain on hold for the remainder of the year at 5.75%.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. Last week’s price candle was bullish and it broke the previous high of 1.4300 and reached 1.4318, indicating that the pair has lost its momentum to undergo its major “downward” retracement. Immediate support is 1.4084, with next support at 1.4025 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4318, which is the pair’s historically high. Weekly Stochastic is seen crossing downward at the 83% level, indicating that the pair’s upside is still limited.

From the daily chart, the price candles are still above the 10-Day Moving Average Line. Its immediate daily resistance is at 1.4318, while daily support is at 1.4210 (10-Day Moving Average Line), followed by 1.4154 and 1.4065. The Default MACD is showing a down-trend while the two pairs of Moving Average Lines are still indicating an up-trend. Daily Stochastic is seen moving upward at the 78% level, indicating a possible upward move over the next few trading days. However, sometime this week we are expecting the pair to make another attempt for a major “downward” retracement, as its upside is limited.

From the hourly chart, the pair is currently ranging between 1.4318 and  1.4260.

We are still bearish towards the pair, as the pair’s upside is limited. However, we need to wait for a clear signal to indicate that the pair is undergoing its major downward retracement before going short on the pair.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. Last week the price candle was bullish, as the pair moved above  2.0500, its recent high in weeks. Its immediate weekly resistance is at 2.0652, which is its historical high. Its immediate weekly support is at 2.0398, followed by 2.0267 (13-Week Moving Average Line) and 2.0140. Weekly Stochastic is seen crossing downward at the 85% level, indicating a limited upside.

From the daily chart, the price candles are still above its 10-Day Moving Average Line. Its immediate daily resistance is at 2.0546, while its immediate daily support is at 2.0401 (10-Day Moving Average Line), followed by 2.0360 and 2.0302 (40-Day Moving Average Line).The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen moving upward at the 76% level, indicating that the pair may continue its upward move for a few more trading days. However, we are still expecting the pair to make another attempt to undergo major downward retracement sometime this week.

From the hourly chart, the pair has broken upward above its previous trading range of 2.0307 (Hourly 23.6% Fibo Level) – 2.480, to a high of 2.0512 (Last Friday’s R1).

We are still bearish towards the pair, waiting to short the pair when it makes another to undergo its major “downward” retracement.  We will only act when the pair shows a clear downward trend.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. However, last week the pair met a firm resistance at 1.1848 and went south after that, with 1,1642 as its immediate weekly support. Weekly Stochastic is still pointing upward at the 33% level, indicating a possible recovery this coming week.

From the daily chart, the pair is seen on a bearish move and is seen approaching the next daily support at 1.1625. Immediate daily resistance is at 1.1767 (10-Day Moving Average Line), followed by 1.1824. The default MACD is showing a downtrend while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving downward at the 19% level, indicating the pair may recover or rebound sometime this coming week.

From the hourly chart, the pair has broken two key intra-day support at 1.1760 and 1.1717 over the past two days. The pair needs to break above these two levels to indicate a strong rebound. Otherwise, it is still weak as long as it remains below these levels.

We are waiting for the pair to resume its major “upward” retracement and go long on the pair.

USD/JPY

From the weekly chart, last week the pair failed in its attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. This week the pair met firm resistance at 117.93 (52-Week Moving Average Line) and went south after that. Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen going to cross downward at 72% level, indicating a possible beginning of a major downward move.

From the daily chart, the pair has broken its daily support at 115.18 and is seen approaching the 113.65 daily support level. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating its downward move. Default MACD is indicating a downtrend. Daily Stochastic is seen pointing downward at the 13% level, indicating a possible rebound this week before resuming its downward move.

From the hourly chart, the pair is on its downward move, breaking intra-day support levels at 115.83, 115.60, 115.20 and 114.67.

We will look for a rebound and then go short on the pair.

EUR/JPY

On the weekly chart, last week the pair met firm resistance at the upper band of its upward channel (i.e. 167.89) and went south, like its counterpart USD/JPY, and reached a weekly support level at 163.63, with next weekly support at 162.69 (13-Week Moving Average Line). Weekly Stochastic is seen crossing downward at 84% level. The pair maybe undergoing a possible major “downward” retracement.

On the daily chart, the pair broke a key daily support at 165.16 and went south towards the 163.39 (40-Day Moving Average Line). Default MACD is beginning to  indicate a downtrend. Daily Stochastic is seen moving downward at the 20% level, indicating a possible rebound this week before resuming its downward move.

On the hourly chart, the pair is currently supported at 116.80.

We are now bearish towards this pair. Watching to sell on rebound.

TNT students, please use the updated TNT charting templates that was sent to you on October 20. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading day ahead!

Cheers,

Clarence

Admin of The Forex Club