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Multi TimeFrame Market Outlook: GBPUSD
Tue, May 13 2008, 18:11 GMT
by David Gaudre
Weekly Outlook :
Triangle consolidation pattern finnaly ended with a
downside break.. towards 2008 lows.. Expected trading range extends from 1.9330
to 1.9670.
To the upside, triangle base and LT fib. level at 1.9670/90 act as
main resistance (1st objective). A pullback & weekly close above
this level is needed to expect further rise towards 1.9730 initially (2nd
objective).
To the downside, the 1.9395 – 1.9420 support zone has to be broken in order to validate downside break. Below 2008 low at 1.9335 (1st objective), price may rapidly fall towards 2007 low at 1.9205 (2nd objective). Price reaction on this long-term support has to be monitored in order to determine if further fall may be seen.
Daily Outlook :
Last weeks nervous price action finnaly ended by a downside
channel break. Expected trading range for coming weeks extends from 1.9415 to
1.9630.
To the upside, bias remain neutral to negative while below 1.9620/30 (1st
objective). Price may continue to swings in current range, but only a sustained
break above this lelvel may argue in favor of a pullback into the main channel,
validated only above 1.9685 (2nd objective).
To the downside, 1.9440 act as immediate support. A break below will targets 1.94 intermediate support (1st objective), ahead of 1.9335 low (2nd objective).
4-Hours Outlook :
To the upside, while above 1.9440 the bias remain neutral and price may continue to swing in the 1.9440 – 1.9580 range. A break above 1.9580 will allow price to climb towards 1.9620 (1st objective). Above cluster resistance remain at 1.9660 (2nd objective), and we may expect a test of the 1.97 handle if a sustained break above this level occurs. However, wedge high remain at 1.9760 and the bias is still consolidative while below.
To the downside, break of 1.9440 is descisive. This is the last clear support, and a fall towards 1.9360 may occurs if this support fails to reject prices..
Published on Tue, May 13 2008, 18:14 GMT
Archive
- Multi TimeFrame Market Outlook: GBPUSD
Published On Mon, Sep 22 2008, 13:56 GMT - Multi TimeFrame Market Outlook: GBPUSD
Published On Mon, Aug 25 2008, 15:19 GMT - Multi TimeFrame Market Outlook: GBPUSD
Published On Mon, Aug 11 2008, 14:28 GMT - Multi TimeFrame Market Outlook: GBPUSD
Published On Mon, Jul 21 2008, 14:32 GMT - Multi TimeFrame Market Outlook: GBPUSD
Published On Mon, Jul 7 2008, 14:56 GMT
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