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The Daily Forecaster

Fri, Nov 20 2009, 04:13 GMT
by Ian Copsey

FX-Forecaster.com

Bias:       I look for follow-through to the 145.53-90 area before a larger correction higher

Please read the attached PDF file which provides more detailed analysis

Daily Bullish

I think there's a good chance we saw the corrective high at 148.39 and only back above 147.95 would retest this resistance - max 148.78. While the 148.39-78 area caps I feel the downside remains more at risk. Therefore only a break above 148.78 would risk an earlier reversal back above 149.24 and towards the 149.68-81 resistance area. Take care there as this could stall in a larger sideways consolidation. Next resistance is at 150.15-43. Any earlier break lower as I suspect there should be that reaches the 145.53-90 area should be watched for a bullish set up as I suspect a more sustainable correction from here.

Medium Term Bullish
19th November:    We should hold off from a bullish stance unless the 149.40 & 150 areas break.

Daily Bearish

Given the outlook in GBPUSD I feel we still have another leg lower here as well. The 148.39 high probably provided that high but there is a small risk we could see a second push higher but no further than 148.78-90. More likely we shall see a retest of the 147.32 low area first. This should cause a minor correction and once complete should break lower to extend losses to the 146.13 area minimum and my favored target area is at 145.53-78. However, also take note of the 145.12 support. Take care as we reach these targets as I feel we shall see a reversal higher.

Medium Term Bearish
20th November:   The expected weakness has developed nicely but should stall on this occasion around 145.53-78 (max 145.17.) However, I only expect a correction and not a reversal and once the downtrend resumes the 141.30 and 138.48 areas provide the next targets.

For access to my daily support & resistance levels please see the Daily Forecast page of my web site

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site along with a new report showing the prior day’s support & resistance levels.

• The Brief Daily Forecaster

Published on  Fri, Nov 20 2009, 04:13 GMT