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GBPUSD

Fri, Nov 6 2009, 09:22 GMT
by Ian Coleman

Turtle Futures


GBPUSDGBPUSD

GBPUSD

Morning all. NFP today. I would suggest not trading until after the figures. Stock markets are bullish at the moment so we have USD bears out in play. That ‘could’ all change at lunchtime GBPUSD, on the daily chart, looks bullish to me. We bounced of the resistance line on the 3rd of November with a large doji. We then had a large green and yesterday, a spinning top (which is a bit of indecision). We are above all the moving averages, MACD is showing a bullish bias and in the buy zone (above zero). The next target high is at 16700. It should be noted that we have previous highs at 16745 so this area will see some resistance.

1HR chart: Look at the oscillators first. They have all gone flat showing that we are going nowhere fast. Now the chart formation is looking like a large ascending wedge formation which is a reversal pattern. We are, however, still in the formation. We have made higher highs and higher lows. We are above the MA’s. So where is the bias? At the moment it has to be up BUT with extreme care. On the upside I would look to 16676-16700 area as a target zone. On the downside, we need to see a break of the trend line and probably a new low (below 16560) to signal a bearish move. A break lower would take us to 16390 then 16275.

Good luck today and have a great weekend.

Published on  Fri, Nov 6 2009, 09:39 GMT


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