Thursday, July 28, 2011

Dollar Index

Update after yesterday's posting....

Happy cuz yesterday forecast is right and my favourite GBP/USD has came down.
Dollar index is travelling up to test the resistance as posted in my chart.
Either head up to 74.50, or 74.80 to fulfill fibonacci retracement level before it continue to come down for the week ahead.

Yesterday daily candle is very bullish for Dollar Index.

however, today I expect a little pull up to resistance, then pull back down to 74.00 region.

Lets look at GBP/USD:

Recap what I have done in my weekly forecast:

Resistance 1.6440, forecast the market to continue going up towards this resistance, , unless market break above 1.6468, I will be hunting for short.

Once 1.6468 has been taken out, expect GBP/USD to go further up to 1.6550 (May-31 high).
Weekly forecast on FX
Related Chart GBP/USD here

Expect a little pull back today and my trade plan:
Short at 1.6400 region, SL 1.6437 (yesterday high).
I have also set an alert at 1.6374, I will observe for reversal sign when market is trading at this level.

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