acetraderfx
AceTrader.com Representative
- Messages
- 1,109
WEEKLY TECHNICAL OUTLOOK ON GBP/USD
Last Update At 07 Apr 2014 00:01GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.6582
55 HR EMA
1.6596
Trend Hourly Chart
Near term down
Hourly Indicators
Bullish convergences
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Marginal fall b4 rebound
Resistance
1.6684 - Last Mon's high
1.6665 - Last Wed's high
1.6606 - Last Fri's low
Support
1.6554 - Last Fri'slow
1.6509 - Mar 26 low
1.6460 - Mar 24
. GBP/USD - 1.6579.. Despite continuing its recent winning streak n rising for a 6th consecutive day to 1.6684 last Mon, the pound then ratcheted lower as weaker-than-expected U.K. PMIs triggered broad-based profit taking in sterling n price later weakened to 1.6554 after Fri's U.S. jobs data b4 staging a recovery.
. Although cable's erratic upmove fm Mar's low at 1.6460 confirms the 1st leg of correction fm Feb's 4 year peak at 1.6823 has ended there, as price has faltered right at the 'dynamic' res at 1.6684 (being 61.8% r of 1.6823-1.6460) last Mon, the selloff to 1.6554 Fri signals correction is over. A daily close below 1.6554 sup wud encourage for a re-test of 1.6460, break wud confirm early decline fm 1.6823 has resumed n yield weakness twd 1.6321 (equality projection of 1.6823-1.6460 measured fm 1.6684) later this month. On the upside, only abv 1.6684 wud abort present bearish scenario n may risk stronger gain twd 1.6787.
. Today, as Fri's 1-week low at 1.6554 was accompanied by 'bullish cover-
gences' on the hourly oscillators, range trading is in store initially. As long
as 1.6619/21 (previous sup) holds, further fall to 1.6538 (61.8% r of 1.6460-
1.6684) is still envisaged. Only abv said res may risk retracement to 1.6650/60.
Last Update At 07 Apr 2014 00:01GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.6582
55 HR EMA
1.6596
Trend Hourly Chart
Near term down
Hourly Indicators
Bullish convergences
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Marginal fall b4 rebound
Resistance
1.6684 - Last Mon's high
1.6665 - Last Wed's high
1.6606 - Last Fri's low
Support
1.6554 - Last Fri'slow
1.6509 - Mar 26 low
1.6460 - Mar 24
. GBP/USD - 1.6579.. Despite continuing its recent winning streak n rising for a 6th consecutive day to 1.6684 last Mon, the pound then ratcheted lower as weaker-than-expected U.K. PMIs triggered broad-based profit taking in sterling n price later weakened to 1.6554 after Fri's U.S. jobs data b4 staging a recovery.
. Although cable's erratic upmove fm Mar's low at 1.6460 confirms the 1st leg of correction fm Feb's 4 year peak at 1.6823 has ended there, as price has faltered right at the 'dynamic' res at 1.6684 (being 61.8% r of 1.6823-1.6460) last Mon, the selloff to 1.6554 Fri signals correction is over. A daily close below 1.6554 sup wud encourage for a re-test of 1.6460, break wud confirm early decline fm 1.6823 has resumed n yield weakness twd 1.6321 (equality projection of 1.6823-1.6460 measured fm 1.6684) later this month. On the upside, only abv 1.6684 wud abort present bearish scenario n may risk stronger gain twd 1.6787.
. Today, as Fri's 1-week low at 1.6554 was accompanied by 'bullish cover-
gences' on the hourly oscillators, range trading is in store initially. As long
as 1.6619/21 (previous sup) holds, further fall to 1.6538 (61.8% r of 1.6460-
1.6684) is still envisaged. Only abv said res may risk retracement to 1.6650/60.
Last edited by a moderator:
