1 hour/4 hour indicators: Turning higher
Daily Indicators: Turning Neutral.
Weekly Indicators: Up –Possible topping formation.
Preferred Strategy: It has been a wild ride today and with the short term momentum indicators pointing higher, we can possibly look for a run towards 1.4065, above which there is not too much resistance until 1.4120 (61.8% of 1.4345/1.3764). The dailies look less certain on the topside, and a failure here would allow a run back to 1.3930 and possibly back below 1.3900. For now, buying dips seems to be the plan.
Buy GbpUsd @ 1.3940. SL @ 1.3885, TP @ 1.4100
|1.4100||8 Feb high||1.3960||Minor|
|1.4066||8 Feb high||1.3930||200 HMA|
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.