AceTraderFx March 17: Daily Technical Outlook on Major – GBP/USD

[acetraderfx]

WEEKLY TECHNICAL OUTLOOK ON GBP/USD
Last Update At 17 Mar 2014 00:07GMT

Trend Daily Chart
Up

Daily Indicators
Turning down

21 HR EMA
1.6631

55 HR EMA
1.6632

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
53

14 HR DMI
+ve

Daily Analysis
Choppy trading to continue

Resistance
1.6745 - Last Mon's high (NZ)
1.6719 - Last Thur's high
1.6686 - Hourly res

Support
1.6605 - Hourly sup
1.6587 - Last Fri's low
1.6568 - Last Wed' 3-week low


. GBP/USD - 1.6635... Although weakness in sterling last week pressured
the pound below previous daily sup at 1.6583 to a 30-week trough of 1.6568,
broad-based short-covering lifted cable to as high s 1.6719 Thur but only to
fall sharply back to as low as 1.6587 Fri b4 staging another bounce.

. Cable's aforesaid strg bounce fm 1.6568 to 1.6719 suggests correction fm
Feb's 4-year peak at 1.6823 has possibly ended there n initial consolidation is
in store this week, abv 1.6719 wud add credence to this view, then price shud
head twd pivotal res at 1.6787, break wud encourage for a re-test of 1.6823 n
later twd 1.6921, this is 61.8% proj. of MT intermediate rise fm 1.6252-1.6823
measured fn 1.6568. On the downside, below 1.6568 wud confirm MT rise fm 2013 3-
year trough at 1.4814 has formed a temporary there, then risk wud shift to the
downside for weakness twd 1.6470, this is 61.8% r of the intermediate rise fm
1.6252-1.6823.

. Today, in view of abv analysis n intra-day neutral outlook on cable, we
are standing aside initially n may trade fm both sides of the market for short
trade. However, as long as Fri's low at 1.6587 holds, price may ratchet higher

 

[acetraderfx]

AceTraderFx March 28: Dailly Technical Outlook on Major –GBP/USD

DAILY TECHNICAL OUTLOOK ON GBP/USD
Last Update At 28 Mar 2014 00:10GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
1.6604

55 HR EMA
1.6578

Trend Hourly Chart
Near term up

Hourly Indicators
Tuning down

13 HR RSI
55

14 HR DMI
+ve

Daily Analysis
Consolidation b4 one more rise

Resistance
1.6719 - Mar 13 high
1.6667 - Mar 17 high
1.6647 - Y'day's high

Support
1.6555 - Y'day's low
1.6509 - Wed's low
1.6460 - Mon's low in NZ


. GBP/USD - 1.6611...Cable continued its recent winning streak Thur n rose
for a 4th day as 'upbeat' U.K. retails sales triggered broad-based buying of
sterling, price jumped fm session low of 1.6555 after the data n climbed to a
1-week high of 1.6647 in NY b4 retreating to 1.6500 in Aust. on profit taking.

. Although y'day's anticipated rally to 1.6647 confirms cable's 1st leg of
correction fm Feb's 4-year peak at 1.6823 has ended earlier at 1.6460 on Mon n
as long as y'day's low at 1.6555 holds, consolidation with mild upside bias
still remains for gain twd 'dynamic' obj. at 1.6684, this is 61.8% r of said dec
line fm 1.6823-1.6460, however, as hourly oscillators wud display 'bearish diver
ging signals' on sch move, reckon upside wud falter well below res at 1.6719 n
risk has increased for a strg retreat to occur later today or Mon. Looking ahead
, only a daily close abv 1.6719 wud retain bullish prospect of further headway
to 'pivotal res at 1.6787 next week.


. Today, we're holding a long position in anticipation of one more rise n
profit sud be taken on next upmove. On the downside, a daily close below 1.6555
anytime wud signal correction fm 1.6460 ha ended n yield weakness twd 1.6509.