Friday, November 27, 2009
Cable has reached the target mentioned in previous post while GBP/JPY broke the TL and went further down to 140.93 support. I am expecting GBP/JPY retracement toward 143.74 and Cable ranging between 1.6292 and 1.6466. For the downside, break of current lows should target the next Fibonacci level which is 61.8%.
Sunday, November 22, 2009
After making a higher high from the previous week and formed double top formation, Cable broke the trendline/target from my previous post and touched 5th Nov low before closing at 1.6500. I think the pair will definitely test this month low at 1.6261 near 50% Fib level and the another support trendline.
I am anticipating 2 scenario of retracement toward the broken trendline: a lower low to 38.2% level at 1.6430 first or straight retracement to test the broken trendline near 23.6% level at 1.6601. The third scenario is a smooth move to 1.6300 area. So, I will enter short near 1.66 if Cable retrace or below 38.2% Fibonacci at 1.6430, 70 pips from current price.
Friday, November 20, 2009
The Pound lose against the Yen to 147.31, following the triangle break and 148.40 support. My key support level is around 146.46/74 (near 50% level of 139.70 to 153.22), which is my target for current position. Next target is the rising trendline from daily chart near 61.8% level at 144.86.
Thursday, November 19, 2009
GBP/USD break the rising trendline on daily chart early today. The pair currently testing the 13th November low after closing below 13-day EMA on 4 hour chart. Next support is the white trendline connecting the 5th and 12th November lows. If the pair sustain below that support, we might see the pair goes to 1.6280/90 support (lime green).
Sunday, November 15, 2009
Just a quick update for GBP/JPY and GBP/USD hourly chart setup before the week starts. GBP/USD reachead 50% retracement after went as high as 1.6843 on Monday.The pair bounced from the falling trendline on Friday and I plan to enter on trendline breakout. GBP/JPY had a similar move with GBP/USD, tested the resistance on Monday, tested the support after that, and closed near the week open. Anyway, the is the same with GBP/USD. Thats all. Have a nice day guys! oh one more thing, I can't upload the chart from blogger so click the links below ok..