15:00GMT Pattern Wall Update - EURUSD completed Daily 127% & weekly 127%; GBPUSD did return to 127% - there are chances that it may try 161% of daily soon. Meanwhile JPYs return to new down pattern - must try -88.6% but I think Japanese govt will interfere in currency rate soon. Tokyo stock set to crash on Monday driving currency further down. Japanese Fm should do something "NOW"/weekend.
12:30GMT NFP was pretty bad looking GBPUSD & EURUSD to hit high & JPYs low -good chance to play in JPYs
03:40GMT Mohi, my take on the trends based on Pattern Walls - look at RSIs (weekly is UP in almost all our pairs GBPUSD & EURUSD is above 68 which shows UP trend. The trend line resistance was broken this week so it should jump UP before "the DROP". If you notice yesterday's GBPUSD 8 hrs technical play chart RSI was low. It should try UP before any down. The UP is only Temp (next session or so) not for medium-term. 1.52 based on Weekly chart is 50% support it should take some time to achieve that unless the NFP is TOO-STRONG.
03:30GMT Good Morning Friends, All our pairs are set for UP but Pre-NFP can go extremes. With GBPUSD & EURUSD hitting roofs and JPYs the floors for last few sessions; I think we are looking at new highs & lows for the week.
Friday, 6 August 2010
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Thanks J, you were right, we did see a small stophunt rise before the drop. I can see players playing service sector weakness and bad industrial data to drop gbp for a bit. Or you are expecting further rise - this current drop is a false move? Thanks again..
ReplyDeleteMohi no matter what happens GBPUSD has to fall from its current level - whether it will land 1.57 or 1.56 is the thing to look at.
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