Sunday, March 25, 2012

Weekly Forecast (FX)


Market didn’t move up as much as we at Ayumi the Novice Trader expected to be. Market has suffered quite a bit of pull back last Wednesday and Thursday morning; GBP/USD traded 40 pips below strong support 1.5810 before it rebounds and close at 1.5870 for the week.

The rebound is not strong and the momentum is not strong enough to sustain the rally unless GBP/USD manage to break above group resistance 1.5900-1.5930.

Stochastic level is normal, so I guess Monday will be sideway, hunt for long near support level and expect to take home 90-100 pips.

Aggressive trader can hunt for Long at 30 pips away from opening, if market opens at 1.5870, then I will queue to Long at 1.5840 SL 1.5800, TG 1.5930 / EOD. Hunt for short at major group resistance level 1.5930, SL 40 pips, TG 1.5830.

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