Saturday, August 6, 2011

Weekly Forecast (FX)

GBP/USD

Weekly candle: Consolidation, with widening range.
Group Resistance: 1.6480
Group Support: 1.6220

Daily Candle: neutral, slightly Bullish, immediate support 1.6320.

Monday GBP/USD may tend to go up higher towards 1.6450 and challenge the group resistance around 1.6480.
Upon reaching this resistance area, GBP/USD may form a bearish divergence in intraday 30 mins chart and trade down to current support 1.6320 again, without breaking below 1.6320, GBP/USD may resume uptrend to 1.6550.

However, if GBP/USD unable to break above resistance but traded below 1.6220 group support, GBP/USD may challenge 2nd support 1.6150.

Monday stay out unless market show good support at 1.6320.

EUR/USD

To be continued....

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