DailyFX - Analyst Picks - Joel Kruger

Long EUR/USD

Joel Kruger, Technical Strategist — Tue, 26 Jun 2012 11:01:00 GMT

Established a long position on Friday and will hold on as we continue to look for the upside correction that began at the start of the month to continue. Only below 1.2440 negates but we have set our stop on a daily close below 1.2465. Leave the objective open and expect acceelration on a close back over 1.2600.

Long EUR/USD

Joel Kruger, Technical Strategist — Mon, 25 Jun 2012 11:01:00 GMT

Looking to Buy Euro

Joel Kruger, Technical Strategist — Fri, 22 Jun 2012 11:01:00 GMT

Not as convinced that the Euro is ready to collapse just yet. Still see more room for upside beyond 1.2750 before the market ultimately stalls out. As such, will be looking to be a buyer. No formal recommendation just yet.

Looking to Buy Upside Break in USD/JPY

Joel Kruger, Technical Strategist — Wed, 20 Jun 2012 11:07:00 GMT

Don't see any trades out there right now, but will look to buy this pair by 79.80. However, more aggressive traders might want to consider buying a break of 79.30.

Stand Aside; Await Clearer Signal

Joel Kruger, Technical Strategist — Mon, 18 Jun 2012 11:01:00 GMT

Still sidelined and will look to get back into the markets tomorrow.

Stand Aside; Await Clearer Signal

Joel Kruger, Technical Strategist — Fri, 15 Jun 2012 11:01:00 GMT

Happily on the sidelines today and will wait for the Greece event risk to play out before looking to re-enter the market.

Looking to Buy USD/JPY

Joel Kruger, Technical Strategist — Thu, 14 Jun 2012 11:01:00 GMT

Not sure it will happen today, but will wait for an opportunity to buy on the next upside break beyond 79.80. The market has been very well capped below this level over the past several sessions and a break could very well accelerate back above 80.00.

Booked Profit on Eur/Usd Long

Joel Kruger, Technical Strategist — Mon, 11 Jun 2012 11:01:00 GMT

On Friday we went long at 1.2460 following an oversold hourly move and found some nice profit early Monday on the sharp open back over 1.2600. Recommend fresh long on Monday by 1.2490 with stop-loss only on a daily close below 1.2450.

Long EUR/USD @1.2460

Joel Kruger, Technical Strategist — Fri, 08 Jun 2012 11:01:00 GMT

Fresh long established on Friday in European session following excessive hourly pullback. Despite the retreat, we still see a chance for a bullish weekly reversal and like the idea of buying a dip with hourly studies well oversold. Stop only if market closes in NY below 1.2400.

Looking to Buy Euro Above 1.2625

Joel Kruger, Technical Strategist — Thu, 07 Jun 2012 11:01:00 GMT

Booked some profit on a Euro long from 1.2440 and will look to scale back into the position should the pair be able to take out next key resistance by 1.2625 which represents the previous weekly high.

Looking to Buy USD/JPY

Joel Kruger, Technical Strategist — Wed, 23 May 2012 11:01:00 GMT

We contend this is a market that is now in the process of carving a significant longer-term bottom after posting record lows by 75.50 in 2011. As such, the latest pullback from yearly highs by 84.20 is classified as corrective and the market is in the process of looking to carve a fresh higher low. Our recommendation is to look to buy either on a dip to the 200-Day SMA by 78.50 or on a break back above 80.60. Once triggered, look to hold the position for an eventual break back above 84.20.

Looking to Buy USD/JPY

Joel Kruger, Technical Strategist — Tue, 22 May 2012 11:01:00 GMT

Looking to Buy USD/JPY

Joel Kruger, Technical Strategist — Mon, 21 May 2012 11:01:00 GMT

Sidelined for Friday

Joel Kruger, Technical Strategist — Fri, 18 May 2012 11:01:00 GMT

No good feel about the markets right now and prefer to stay sidelined until a clearer opportunity presents.

Sidelined for Thursday

Joel Kruger, Technical Strategist — Thu, 17 May 2012 11:41:00 GMT

No good feel about the market today. May look to enter on a buy in Euro once the 2012 lows are broken given how stretched technicals are.

Long EUR/GBP

Joel Kruger, Technical Strategist — Wed, 16 May 2012 11:01:00 GMT

This trade has not been kind and we are hanging on by a thread after the market traded down towards our stop-loss level. However, daily studies remain highly oversold and we still expect a bounce over the coming sessions. Unfortunately, we will exit the trade on a daily close below 0.7950. A close back above 0.8015 on Wednesday would be encouraging.

Long EUR/GBP

Joel Kruger, Technical Strategist — Mon, 14 May 2012 11:01:00 GMT

The cross rate has now accelerated to fresh yearly and multi-month lows, leaving daily studies well oversold and in serious need of a major corrective bounce. In the previous week, we had warned of the potential for another drop down towards the 2010 base by 0.8060, but also said that we would be looking to buy on a dip once this level was broken. The latest downside break has finally cleared 0.8060, and we will look to take advantage of the pullback. There is also now a good deal of previous resistance turned support at current levels, with some consolidation and congestion from back in 2008 likely to prop for the time being. The daily RSI is correcting from dramatically oversold territory, and we like the idea of the fresh long in favor of a significant bounce over the coming sessions. POSITION: LONG AT 0.8050 FOR AN OPEN OBJECTIVE; STOP ONLY ON A DAILY CLOSE BELOW 0.7950.

Long EUR/GBP

Joel Kruger, Technical Strategist — Fri, 11 May 2012 11:01:00 GMT

The cross rate has now accelerated to fresh yearly and multi-month lows, leaving daily studies well oversold and in serious need of a major corrective bounce. In the previous week, we had warned of the potential for another drop down towards the 2010 base by 0.8060, but also said that we would be looking to buy on a dip once this level was broken. The latest downside break has finally cleared 0.8060, and we will look to take advantage of the pullback. There is also now a good deal of previous resistance turned support at current levels, with some consolidation and congestion from back in 2008 likely to prop for the time being. The daily RSI tracks down by 20 and is dramatically oversold, and we like the idea of the fresh long in favor of a significant bounce over the coming sessions. POSITION: LONG AT 0.8050 FOR AN OPEN OBJECTIVE; STOP ONLY ON A DAILY CLOSE BELOW 0.7950.

Long EUR/GBP

Joel Kruger, Technical Strategist — Thu, 10 May 2012 11:01:00 GMT

The cross rate has now accelerated to fresh yearly and multi-month lows, leaving daily studies well oversold and in serious need of a major corrective bounce. In the previous week, we had warned of the potential for another drop down towards the 2010 base by 0.8060, but also said that we would be looking to buy on a dip once this level was broken. The latest downside break has finally broken below 0.8060, and we will look to take advantage of the pullback. There is also now a good deal of previous resistance turned support at current levels, with some consolidation and congestion from back in 2008 likely to prop for the time being. The daily RSI tracks down by 20 and is dramatically oversold, and we like the idea of the fresh long in favor of a significant bounce over the coming sessions. POSITION: LONG AT 0.8050 FOR AN OPEN OBJECTIVE; STOP ONLY ON A DAILY CLOSE BELOW 0.7950.

Long EUR/GBP

Joel Kruger, Technical Strategist — Wed, 09 May 2012 11:01:00 GMT

The cross rate has now accelerated to fresh yearly and multi-month lows, leaving daily studies well oversold and in serious need of a major corrective bounce. In the previous week, we had warned of the potential for another drop down towards the 2010 base by 0.8060, but also said that we would be looking to buy on a dip once this level was broken. The latest downside break on Monday has finally broken below 0.8060, and we will look to take advantage of the pullback. There is also now a good deal of previous resistance turned support at current levels, with some consolidation and congestion from back in 2008 likely to prop for the time being. The daily RSI tracks down by 20 and is dramatically oversold, and we like the idea of the fresh long in favor of a significant bounce over the coming sessions. Throw in the UK market closure on Monday, and it seems like this market may have been sold a little too aggressively. POSITION: LONG AT 0.8050 FOR AN OPEN OBJECTIVE; STOP ONLY ON A DAILY CLOSE BELOW 0.7950.

Long EUR/GBP

Joel Kruger, Technical Strategist — Tue, 08 May 2012 11:01:00 GMT

The cross rate has now accelerated to fresh yearly and multi-month lows, leaving daily studies well oversold and in serious need of a major corrective bounce. In the previous week, we had warned of the potential for another drop down towards the 2010 base by 0.8060, but also said that we would be looking to buy on a dip once this level was broken. The latest downside break on Monday has finally broken below 0.8060, and we will look to take advantage of the pullback. There is also now a good deal of previous resistance turned support at current levels, with some consolidation and congestion from back in 2008 likely to prop for the time being. The daily RSI tracks down by 20 and is dramatically oversold, and we like the idea of the fresh long in favor of a significant bounce over the coming sessions. Throw in the UK market closure on Monday, and it seems like this market may have been sold a little too aggressively. POSITION: LONG AT 0.8050 FOR AN OPEN OBJECTIVE; STOP ONLY ON A DAILY CLOSE BELOW 0.7950.

Looking to Buy USD/JPY

Joel Kruger, Technical Strategist — Fri, 04 May 2012 11:01:00 GMT

Right now, our in-house model is keeping us on the sidelines, but we very much like the idea of looking to buy this pair either on an upside break or into a deeper setback. Overall, this is a market that looks to be on the verge of a major structural shift since basing by record lows in the Fall of 2011, and the pair looks like it is attempting to find a fresh higher low above 75.55 ahead of the next major upside extension back through 84.20. As such, we recommend looking to either buy a dip to 78.50, or on a daily close back above 81.00. Look to hold long-term for a move to the 92.00 area. Only exit below 75.00.

Looking to Sell EUR/USD

Joel Kruger, Technical Strategist — Mon, 30 Apr 2012 11:01:00 GMT

Although the latest rally has been impressive, we contend the market is still locked within a more well defined medium to longer-term downtrend off of the 2008 record highs, and as such, looking to sell rallies in 2012 is the preferred strategy. The rally has now extended beyond 1.3200 and from here we see scope for additional upside towards 1.3300. However, once the 1.3300 level is tested, there is a very compelling technical argument to be made for a bearish resumption. A closer look at the 1.3300 level shows a confluence of resistance which includes the obvious psychological barrier itself, some falling trend-line resistance off of the February 2012 peak, the upper bollinger band, and a very attractive 78.6% fib retrace off of the most recent March-April, 1.34400-1.3000 high-low move. As such, we really like the idea of fading the strength to this area if it is tested today and will place our entry just over 1.3300. (This is also contingent on our in-house risk management system approving the trade) STRATEGY: SELL AT 1.3350 FOR AN OPEN OBJECTIVE; STOP-LOSS ONLY ON ANY DAILY CLOSE (5PM NY TIME) ABOVE 1.3500.

Looking to Sell EUR/USD

Joel Kruger, Technical Strategist — Thu, 26 Apr 2012 11:01:00 GMT

Although the latest rally has been impressive, we contend the market is still locked within a more well defined medium to longer-term downtrend off of the 2008 record highs, and as such, looking to sell rallies in 2012 is the preferred strategy. The rally has now extended beyond 1.3200 and from here we see scope for additional upside towards 1.3300. However, once the 1.3300 level is tested, there is a very compelling technical argument to be made for a bearish resumption. A closer look at the 1.3300 level shows a confluence of resistance which includes the obvious psychological barrier itself, some falling trend-line resistance off of the February 2012 peak, the upper bollinger band, and a very attractive 78.6% fib retrace off of the most recent March-April, 1.34400-1.3000 high-low move. As such, we really like the idea of fading the strength to this area if it is tested today and will place our entry just over 1.3300. (This is also contingent on our in-house risk management system approving the trade) STRATEGY: SELL AT 1.3310 FOR AN OPEN OBJECTIVE; STOP-LOSS ONLY ON ANY DAILY CLOSE (5PM NY TIME) ABOVE 1.3410 (PREVIOUS LOWER TOP/MARCH PEAK).

Looking to Sell EUR/USD

Joel Kruger, Technical Strategist — Thu, 26 Apr 2012 11:01:00 GMT

Although the latest rally has been impressive, we contend the market is still locked within a more well defined medium to longer-term downtrend off of the 2008 record highs, and as such, looking to sell rallies in 2012 is the preferred strategy. The rally has now extended beyond 1.3200 and from here we see scope for additional upside towards 1.3300. However, once the 1.3300 level is tested, there is a very compelling technical argument to be made for a bearish resumption. A closer look at the 1.3300 level shows a confluence of resistance which includes the obvious psychological barrier itself, some falling trend-line resistance off of the February 2012 peak, the upper bollinger band, and a very attractive 78.6% fib retrace off of the most recent March-April, 1.34400-1.3000 high-low move. As such, we really like the idea of fading the strength to this area if it is tested today and will place our entry just over 1.3300. STRATEGY: SELL AT 1.3310 FOR AN OPEN OBJECTIVE; STOP-LOSS ONLY ON ANY DAILY CLOSE (5PM NY TIME) ABOVE 1.3410 (PREVIOUS LOWER TOP/MARCH PEAK).