The Fusion Media Network: |
 |
Welcome,
Guest!
- BROKERS
Main Directory Promotions Interviews Compare Demo Accounts Live Accounts Special Offer - SOFTWARE
Main Charts Signals Trading Platforms - FUND MANAGERS
Main Interviews - EDUCATION
Main - MEMBERSHIP
Technical
Central Banks
Forex Brokers
Trading Tools
Regaining 1.9968 Puts GBP/USD in a Strong Position
By: James Hyerczyk - 03-07-2008
0votesAnalysis
Since the main trend bottom at 1.9488 (06-13-08), the GBP/USD has been walking up a Gann angle at 1.9968 today.
Wednesday's sell off was triggered when this angle was broken. The close, however, has the market in a position to regain this angle once again and put the Pound in a strong position to rally.
If the market cannot pick up momentum, then look for the break to resume with a support cluster at 1.9708 to 1.9688 the first downside target.
With the main trend up, look to be a buyer in this zone.
If buyers can support the market over 1.9968, then look for the market to take out downtrending resistance at 1.9998 and accelerate to the upside. There may be some choppy trading at 2.0002 and 2.0008.
Acceleration points to the upside are 2.0008, 2.0027 and 2.0050.
Pattern
Main Trend: Up
Main Trend Top: 2.0027 (04-21-08)
Main Trend Bottom: 1.9408 (06-13-08)
Price
2.0398 Main Trend Top (03-14-08)
2.0193 Main Trend Top (03-27-08)
2.0050 Main Trend Top (04-04-08)
2.0027 Main Trend Top (04-21-08)
2.0008 Minor Top (07-01-08)
2.0002 .618 Retracement
1.9998 Gann Angle Down
1.9880 50% Retracement
1.9968 Gann Angle Up
1.9934 New York Close
1.9708 50% Retracement
1.9688 Gann Angle Up
1.9637 .618 Retracement
1.9548 Gann Angle Up
1.9408 Main Trend Bottom (06-13-08)
1.9362 Main Trend Bottom (05-14-08)
Time
07-04 90-Day Cycle
07-10 90-Day Cycle
Next Analysis: Crude Oil Rally Could Help USD/CAD Change Trend to DownContent Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
Become a member and get 6 free Forex courses by OTA! - Charts
- Survey
Have you ever attended an investing related conference?
Browse The Entire ForexPros.com Site:
News
Quotes
Forex Analysis
Forex Brokers
Forex Software
Live Events
Charts
Fund Managers
Education
Forex Forums
Languages
