US Market shows mix feelings last night, though the European and Asian market traded stronger yesterday (profit taking). The market may show a mix today with everyone trading with caution.
In the daily chart, for GBPUSD a hammer was formed. WMA5 still sandwich between EMA55 and EMA100. Throughout the last 3 days the price has been moving side way. I am expecting a breakthrough. Using a fibonachi retracement, the support line is at 2.0200, above the EMA55 line, while the support is at 2.0013, below the EMA100 line. But even should the price fall below 2.0013, the next support line is at the EMA200 at 1.9900.
Friday, August 31, 2007
Thursday, August 30, 2007
30 Aug 2007
GBPUSD - UP
I was wrong yesterday, profits taking take place in the midst of Tuesday freefall and despite the concerns of the spread of sub-prime woes.
Leading toward Feb interest rate announcement, I will expect the market to head north with an assurance that the rate is going to be cut.
Looking at the technicals, on a daily chart, WMA5 nows hover between EMA55 and EMA100. Both direction can go. If the last 2 days is the formation of the B-wave, I will expect a big breakout north today.
I will set the breakout for today at 2.0190 and 2.0010. The resistance is at 2.0330 and the support is at 1.9935.
I was wrong yesterday, profits taking take place in the midst of Tuesday freefall and despite the concerns of the spread of sub-prime woes.
Leading toward Feb interest rate announcement, I will expect the market to head north with an assurance that the rate is going to be cut.
Looking at the technicals, on a daily chart, WMA5 nows hover between EMA55 and EMA100. Both direction can go. If the last 2 days is the formation of the B-wave, I will expect a big breakout north today.
I will set the breakout for today at 2.0190 and 2.0010. The resistance is at 2.0330 and the support is at 1.9935.
Wednesday, August 29, 2007
29 Aug 2007
29 Aug - GBPUSD - Down
The Asian market as predicted, closed in the red. So are the European market. Wall Street after Feb FOMC meeting, plunged more than 280points.
Now with every banks taking stocks of their impact of the sub-prime woes and Feb refusal to confirm interest rate cut, I liken that for today, we will see more reds.
Using a daily chart, GBPUSD broke pass EMA55 and EMA100. It too sailed pass the support line as predicted yesterday at 2.0050. I expect the price to hit towards EMA200 with the first support line at 1.9916 and 1.9852. This is calculated using Fib Retracement from the last climb.
The Asian market as predicted, closed in the red. So are the European market. Wall Street after Feb FOMC meeting, plunged more than 280points.
Now with every banks taking stocks of their impact of the sub-prime woes and Feb refusal to confirm interest rate cut, I liken that for today, we will see more reds.
Using a daily chart, GBPUSD broke pass EMA55 and EMA100. It too sailed pass the support line as predicted yesterday at 2.0050. I expect the price to hit towards EMA200 with the first support line at 1.9916 and 1.9852. This is calculated using Fib Retracement from the last climb.
Tuesday, August 28, 2007
28 Aug 2007
GBPUSD broke the 2.01330 support, meaning that it will head south.
But I believe this as part of the B-wave retracement.
The next support is at 2.0050. Once this sail pass, WMA5 will also sail pass EMA100 and EMA55 on the daily chart. The price will find the next support at EMA200, which is approx at 1.9900.
The Asian and the European market did well yesterday, but not he DOW. I expect some profit taking this morning and this will drive GBPUSD further south.
But I believe this as part of the B-wave retracement.
The next support is at 2.0050. Once this sail pass, WMA5 will also sail pass EMA100 and EMA55 on the daily chart. The price will find the next support at EMA200, which is approx at 1.9900.
The Asian and the European market did well yesterday, but not he DOW. I expect some profit taking this morning and this will drive GBPUSD further south.
Monday, August 27, 2007
27 Aug 2007
I believe GBP/USD will continue to be bullish.
Looking at the news that is coming up - FOMC on the 28 Aug. The feb will adjust the interest rate low to give a push in the economy. But fundamentally, the reason for doing so imply a weaker economy.
Technically, GBPUSD, using a daily chart, WMA5 has just clear EMA55 and EMA21 is still showing signs of going north.
I will put the support line at 2.0130 and expect a U-turn north. On the break out I have place long at 2.0210
Looking at the news that is coming up - FOMC on the 28 Aug. The feb will adjust the interest rate low to give a push in the economy. But fundamentally, the reason for doing so imply a weaker economy.
Technically, GBPUSD, using a daily chart, WMA5 has just clear EMA55 and EMA21 is still showing signs of going north.
I will put the support line at 2.0130 and expect a U-turn north. On the break out I have place long at 2.0210
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