Lets have a go thru the updates on all 3 markets that we watch:
GBP/USD
Phew! Precision!
We have a good start of the year by shorting GBP/USD earlier at 1.5650, SL 690 (-40pipis), TG 460 (+210 pips), everything has moved pretty fast, that we at Ayumi the Novice trader believe GBP/USD may still have room to reach higher, I am happy that we took profit, closed the position and do not need to struggle to watch the market consolidate between 650-450 (200 pips).
What we foresee is GBP/USD find its base at 450 / 430 strong, and continue to reach higher to 1.5800! sounds crazy huh? Firstly, GBP/USD must cross above current high of 1.5660 to confirm the rally. By end of the week, lets see how the announcement will push the market higher.
If not this week, then will GBP/USD reach 1.58-1.60 again before 21-Jan-11?
I do not know.. lets see how things unfold...
Support Resistance remain the same as my previous post (3-Jan-11).
R3: 1.5800
R2: 1.5730
R1: 1.5630 (BKO)
S1: 1.5530
S2: 1.5430 (BKO)
*all figures rounded to nearest 30, or multiple of 10
Related Post: GBP/USD on 3-Jan-11
Related Post: Weekly Forecast 3-Jan-11 (FX)
DJIA
On 4-Jan-2011 (Monday closing) we forecasted DJIA to find its minor support 11630, and strong support 11530.
DJIA has actually come to a low of 11635 on Tuesday, resisted at 11700, to me, this is a psychological play because I almost think that the momentum would have slowed down... BUT! DJIA edged higher tonight, marking a new high at 11742, closing @ 11722.
what does all these means... We missed the entry (to long), but we still remain the view that DJIA is going towards 11850.
Ultimate TG: 12300
Resistance 2: 12000
Resistance 1: 11850
Support 1: 11630
Support 2: 11530
Related Post: DJIA on 4-Jan-2011 (Monday Closing)
Weekly Forecast - DJIA and Nasdaq 100
updated last night, click here = 2nd Kill, Gold on 5-Jan-2011
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