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Timeframe Breakdowns

42181eb3-f70a-4f0f-954f-9d43b5681453

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GBPUSD 4 HR trend line is at 16440

Wed, Jul 1 2009, 10:36 GMT
by Ian G Coleman

Turtle Futures

Going to try and use another method to get the analysis across. IF you prefer/dislike this format can you score the box at the top please. This will give me an idea of how to progress forward. I am going to use what I believe to be the past timeframe to show a pattern or support/resistance levels. Thank you.

EURUSD

4HR

We broke out of the downward channel (-11 degrees – corrective) only to be met by the resistance level at 141.48. The 4hr MACD trend line held true and we have pulled back lower. We have made a large triangle formation (bullish signal) with EURUSD making higher highs. We could see a pullback to the bottom trend line at 13940 making an ABC formation before a pullback higher. Look for the trend line on the MACD to break to signal the move up. At the moment I am short term bearish

GBPUSD

1HR

4 HR trend line is at 16440. We are holding at this level for the time being. We had an ABC formation (we have had a lot of them lately). Moving averages are in order to sell. We are at 61.8% of the move higher (16427). We have no divergence. If we break 16400 look to 16231 as the next level. A push above 16490 would leave us open to see 16745 broken.

EURGBP

1HR

We reached the descending trend line at 8436 where we were met by a large hammer candle. We broke the MACD trend line are moved higher. We are now at the 20 SMA on the daily chart (8555). If we break this level look to 8605 as the next level. We have formed a large doji at the high 8575. If we get confirmation of pull lower (MA crossover) look to 8430 as the next level.

USDJPY

4HR

I think we have a bit more to go on the USDJPY. A perfect sequence would take us to 97.38. All oscillator trend lines, on all timeframes, are holding well to the upside. I would start to look for reversal signs around this level. We are looking a bit overbought.

GBPJPY

1HR

As we said yesterday, this pair is a hard one to call at the moment. We are holding onto the descending trend line on the MACD 4HR. We broke the MACD lower on the 1HR. I would not expect to see a move above 160.30 (previous high) before a move lower. If we reach this level look to see if we have any potential divergence with the MACD making a lower high.

Published on  Wed, Jul 1 2009, 11:40 GMT