EURDUSD
EURUSD is currently making attempt to break out of its trading zone depicted by the blue zones.
Recommendation:
SELL. Wait for price to rise back to 70 point mark on the daily RSI, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit.
USDCAD
The downward pressure is still on USDCAD and the pair is still respecting the downward trendline on the weekly chart. Every attempt to rise met resistance at the 50 point mark. History has shown no currency pair remain low for ever.
Recommendation:
Wait for price to fall back to the 30 point mark on the daily chart and watch out for the 50 point mark to take profit or lock your profit.
GBPJPY
GBPJPY concluded its pward movement from 125.45 by a 1000 pips to 135.50. As I mentioned earlier the pair usually move at least a 1000 pips divided in 500 pips to complete a circle. The Japan earthquake brought the currency down to 122.14 (1200 pips). Prompt intervention by the G7 brought the price to 130.00 (800 pips reversal) within the week. If the intervention continues the dragon is expected to trade between 130 - 140. The current move is expected to reach around 137-139 area. Price is currently trading above the 50 point mark.
Recommendation:
Wait for price to rise back to 70 point mark, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit. Personally I would prefer to short between 136-138. I actually have a current pending order at 139.00. I can enter a trade manually if daily gives signal
GBPPUSD
Price was unable to break the blue zone I mentioned in one of posting and went down below 1.60000. What we are trading now now 1.64000 - 1.60000. The blue zone is still important for a break out. 1.61500 is the stumbling block for the bulls for now. Price is stalling around 50 point mark
Recommendation:
Wait for price to rise back to 70 point mark on the daily chart, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit. Remember whenever a daily candle opens and clososes outside the concrete zone the direction is confirmed.
AUDUSD
AUDUSD broke out of the its trading i.e. 1.02500 and 0.95092 (our current concrete zone). The middle of the zone is established at 0.98038. Where the weekly candle closes this week is very important. If it close above 1.02500, that will be the new base for attacking 1.04000 and above.
Recommendation:
SELL. Wait for price to rise back to 70 point mark, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit.
USDJPY
For USDJPY the currrent top is at 86.69 while the bottom is at 80.00. circle. The Japan earthquake brought the currency down to an all time low of 75.98. Prompt intervention by the G7 brought the price back to 80.00 within the week. If the intervention continues price might touch 86.69 before any major reversal. Price is currently trading above the 50 point mark and getting closer to the blue zone on the daily RSI.
Recommendation:
Wait for price to rise back to 70 point mark, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit. Personally I would prefer to short between 85-86 area.
See the relevant daily charts attached. These recommendation should suffice for the next few weeks or months. It is important to note that the close of the week today is crucial to all major currency being the last day, week and month and first quarter of 2011.
Happy trading weeks ahead.
EURDUSD
EURUSD is currently making attempt to break out of its trading zone depicted by the blue zones.
Recommendation:
SELL. Wait for price to rise back to 70 point mark on the daily RSI, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit.
USDCAD
The downward pressure is still on USDCAD and the pair is still respecting the downward trendline on the weekly chart. Every attempt to rise met resistance at the 50 point mark. History has shown no currency pair remain low for ever.
Recommendation:
Wait for price to fall back to the 30 point mark on the daily chart and watch out for the 50 point mark to take profit or lock your profit.
GBPJPY
GBPJPY concluded its pward movement from 125.45 by a 1000 pips to 135.50. As I mentioned earlier the pair usually move at least a 1000 pips divided in 500 pips to complete a circle. The Japan earthquake brought the currency down to 122.14 (1200 pips). Prompt intervention by the G7 brought the price to 130.00 (800 pips reversal) within the week. If the intervention continues the dragon is expected to trade between 130 - 140. The current move is expected to reach around 137-139 area. Price is currently trading above the 50 point mark.
Recommendation:
Wait for price to rise back to 70 point mark, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit. Personally I would prefer to short between 136-138. I actually have a current pending order at 139.00. I can enter a trade manually if daily gives signal
GBPPUSD
Price was unable to break the blue zone I mentioned in one of posting and went down below 1.60000. What we are trading now now 1.64000 - 1.60000. The blue zone is still important for a break out. 1.61500 is the stumbling block for the bulls for now. Price is stalling around 50 point mark
Recommendation:
Wait for price to rise back to 70 point mark on the daily chart, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit. Remember whenever a daily candle opens and clososes outside the concrete zone the direction is confirmed.
AUDUSD
AUDUSD broke out of the its trading i.e. 1.02500 and 0.95092 (our current concrete zone). The middle of the zone is established at 0.98038. Where the weekly candle closes this week is very important. If it close above 1.02500, that will be the new base for attacking 1.04000 and above.
Recommendation:
SELL. Wait for price to rise back to 70 point mark, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit.
USDJPY
For USDJPY the currrent top is at 86.69 while the bottom is at 80.00. circle. The Japan earthquake brought the currency down to an all time low of 75.98. Prompt intervention by the G7 brought the price back to 80.00 within the week. If the intervention continues price might touch 86.69 before any major reversal. Price is currently trading above the 50 point mark and getting closer to the blue zone on the daily RSI.
Recommendation:
Wait for price to rise back to 70 point mark, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit. Personally I would prefer to short between 85-86 area.
See the relevant daily charts attached. These recommendation should suffice for the next few weeks or months. It is important to note that the close of the week today is crucial to all major currency being the last day, week and month and first quarter of 2011.
Happy trading weeks ahead.