Monday, October 11, 2010

Weekly Forecast (FX)

Friday closing: 1.3939

Finally EUR/USD has break above 1.4000 and recorded a high at 1.4029.
We do not have much news release next week, from last Thursday & Friday candlestick pattern, suspect the market to be consolidating in this week within 1.3850 - 1.4050.

Favour to Short, Trading Plan: wait patiently for clear reversals near 1.4000-50 region.

Intraday Fibo Range: 1.3760 - 1.4025

Friday closing: 1.5957

GBP/USD has break above 1.6000 and recorded a high at 1.6014, it failed to close above 1.6000 and closed the Thursday candle with a reversal pattern.

Current Resistance: 1.6014 (Thursday High)

Favour to Short when GBP/USD travels to 1.5975 region, SL at Thursday High.
If GBP/USD has break above current resistance and closed beyond 1.6000, it may hit 3L 1.6060.

Intraday Fibo Range: 1.5993 - 1.5778

Friday Closing: 81.92

Trending down.  Looking at this pair to continue to head south, to 80.00 region if there's no intervention from the government.

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