Monday, August 15, 2011

Weekly Forecast (FX)

May be the market has been interesting for past few months, but once I hear the crash, and the past two weeks has been a very good trading week for intraday trades. Most of my trades were filled and covered within 24 hours.

Weekly chart, strong resistance at 1.6450-470.
As long as GBP/USD do not trade above the strong resistance 1.6450-470, Bias Down.

Daily chart, temporary rebound, support level 1.6210.

4 Hour Chart, neutral, suspect a consolidation to happen within 1.6200 – 1.6350.

Prefer to short at 1.6350-390, as well as long at 1.6150-200 for intraday trade, target exit 150 pips, must close by EOD.
SL 45 pips.


Consolidation, consolidation in bigger range.

Group Resistance 1.4400
Group Support 1.4050

Intraday chart (30 min) show higher low, without a higher high, if there’s nothing from the fundamental to boost up the EUROs… or nothing from US again, it is possible for this pair to come lower. My preference is to aim to short the EUR/USD.

Guess it will be a quiet day on Monday… in case EUR/USD moves higher in slow-motion, upon reaching the group resistance I will get ready to short.

Intraday Trade:
Short EUR/USD 1.4410 SL 1.4460 (-50) TG 1.4210 (200)
Long EUR/USD 1.4090 SL 1.4040 (-50) TG 1.4290 (200)

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