By trading below 1.4715 we can see that the likelihood for the wave to extend the decline is valid for this week's trading, as the pair now targets 23.6% correction at 1.4520 and then 1.44890 and those targets represent Fibonacci levels for various timeframes. Stochastic is oversold which include the possibility for heightened volatility and a number of upside correction, yet trading below 1.4850 will keep the downside wave valid for this week's trading.
The trading range for this week is among the major support level at 1.4320 and the major resistance at 1.5065.
The general trend is to the upside as far as 1.4135 remains intact targeting 1.6000.
Support1.46251.45201.44901.44401.4370
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Resistance1.47601.48501.49151.49651.5065
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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.4760 targeting 1.4490 and stop loss above 1.4860, might be appropriate this week
Great British Pound (GBP)
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Weekly Report – 23-27/11/2009
The pair is trading below the 61.8% extension and that is prevailing negatively over this week's expected trading. Despite the upside reversal on RSI still the pair can not find solid support to consolidate upon to initiate this reversal and for that we expect the downside wave to prevail over this week as far as the pair is steady below the mentioned extension at 1.6350. A negative pattern is seen on the secondary image in the yellow area which confirms our expectations while holding the possibility for heightened volatility and fluctuations amid expected upside correction as Stochastic is trading near oversold areas.
The trading range for this week is among the major support level at 1.5810 and the major resistance at 1.6685.
The general trend is to the upside as far as 1.4840 remains intact targeting 1.7200.
Support1.61551.61201.60601.59901.5900
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Resistance1.63501.64251.65451.66101.6685
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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.6335 targeting 1.6120 and stop loss above 1.6425, might be appropriate this week
Japanese Yen (JPY)
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Weekly Report – 23-27/11/2009
This week's trading is still below the major resistance level for the downside wave at 90.70 and now the pair needs to return to trade steadily below 20 MA, and this level resides 88.25. Stochastic is leading an upside attempt yet the move is not supported with consolidation above the mentioned resistance and by that we see that trading below this level will keep the downside wave generally valid.
The trading range for this week is among the major support level at 84.70 and the major resistance at 92.40.
The general trend is to the downside as far as 102.60 remains intact targeting 82.60.
Support88.2087.7587.3586.2085.60
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Resistance89.2590.7091.0591.9592.40
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RecommendationBased on the charts and explanations above our opinion is selling the pair from 89.25 targeting 85.60 and stop loss above 90.70, might be appropriate this week
Swiss Franc (CHF)
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Weekly Report – 23-27/11/2009
The selling saturation signals on momentum indicators in addition to approaching the major resistance level for the downside wave makes us believe in the downside correctional potential which might be valid this week. Despite that we expect the downside move will be temporarily and correctional we still believe that this week's general trend is to be to the downside as far as 1.0400 resistance is intact.
The trading range for this week is among the major support level at 1.0175 and the major resistance at 1.0480.
The general trend is to the downside as far as 1.1225 remains intact targeting 0.9600.
Support1.03001.02601.01801.01001.0065
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Resistance1.04001.04801.05501.06101.0770
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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0400 targeting 1.0180 and stop loss above 1.0550, might be appropriate this week
Canadian Dollar (CAD)
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Weekly Report – 23-27/11/2009
Trading above the 50 MA at 1.0545 in addition to continued trading above 61.8% correction makes us believe that the pair is preparing for further upside moves. Stochastic is providing upside signals accompanied by a general upside signal on RSI; meanwhile we can see that the recorded bottoms have taken the form of ascending bottoms which validates the potential for upside movement this week. Stabilizing above 1.0660 will confirm the upside direction.
The trading range for this week is among the major support level at 1.0230 and the major resistance at 1.1065.
The general trend is to the downside as far 1.1870 remains intact targeting 1.0000.
Support1.04601.04001.03751.03501.0230
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Resistance1.06601.07101.07801.08351.1065
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RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0600 targeting 1.0810 and stop loss below 1.0400, might be appropriate this week
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IWAN CAHYO SURYADI, "The Trend is Your Friend"
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