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GBP/USD is in a downward channel

Fri, Jul 3 2009, 08:49 GMT
by Ian G Coleman

Turtle Futures


EURUSD4

EURUSD

4HR

We broke out of an ascending wedge formation yesterday. Breakouts from these formation are normally quite aggressive. I have emphasised the MACD to show that the 4 HR trend line is still holding on. MA’s are in order to sell. We had Class A divergence at 14203 to sell.

An ABC correction would take us down to 1.3764. The previous low is at 1.3748


GBPUSD 1

GBPUSD

1HR

We are in a downward channel. We have been trading sideways for the last two days. MA’s are mixed. A break of 1.6325 would signal a potential move down to 1.6240

EURGBP 4

EURGBP

4HR

We broke out of the descending wedge and have been trading in a slightly upward manner but with no real trend. The 4HR MACD trend line is holding to the upside. If we break the trend line, look to .8460 as the possible target (ABC formation)

USDJPY 1

USDJPY

1HR

This move up looks corrective. We are making a near prefect Elliott Wave formation. The MASCD trend line is holding (just) and we have not had a clear break of the 20 SMA to the upside. If the MACD holds I would look to 95124 as a possible target (previous low at 95050)

GBPJPY 1

GBPJPY

1HR

Similar picture to the USDJPY. As long as we hold the MACD trend line I would look to 15485 as a possible target. We need to break the low at 15646 first.

Published on  Fri, Jul 3 2009, 09:18 GMT


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Turtle Futures  | One Moulsham Street. Chelmsford - Essex CM2 0HR
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