All Blog Entries

INTRA-DAY GBP/USD: 1.6120

Last Update At 04 Nov 2010 04:19 GMT

Despite cable's intra-day rebound to 1.6134, as
the strg retreat fm y'day's 9-month high of 1.6180 to 1.6035 signals MT uptrend has formed a temp. top there, reckon 1.6135/40 wud cap upside n yield a retreat later.


Trade fm short side with stop as indicated n
only abv 1.6180 wud extend upmove to 1.6200/10.


Range Forecast
1.6090 / 1.6134

Resistance/Support
R: 1.6134/1.6157/1.6180
S: 1.6033/1.6007/1.5962

http://www.acetraderfx.com

[B]Bias: [/B] This has me a little confused too but overall I remain bullish.

I suggested that we should see extension into the 1.0061-88 area for a correction and this worked well - mostly. The small problem I have is slotting in the structure which doesn't seem quite right. However, if there is any pullback I can't see losses moving below the 0.9980-00 pivot support and will look for the upside to re-emerge from there or on an earlier break above yesterday's 1.0064 high. We do still need to be careful at 1.0088 and 1.0114 which could provide resistance if the rally is direct. However, any push from a deeper correction would more likely break above 1.0114 and provoke follow-through to the 1.0180-87 area. Take care there as ...

Attached Files

• The Brief Daily Forecaster.pdf (33.4 KB, 82 次查看)

USDJPY moved sideways in a range between 80.30 and 81.98. The price action in the trading range is more likely consolidation of downtrend from 85.92, another fall towards 79.75 (1995 low) is expected. Support is at 80.30, a breakdown below this level could signal resumption of downtrend. Key resistance is at 81.98, only break above this level could indicate that the fall from 85.92 is complete.



Daily Forex Reports

Welcome to the FXReturn.com London Forex Market Call for November 4th.,2010. GBP/USD: Closes mid-range on the session as the market challenges the 1.6200 handle. The next upside objective is 1.6430. Support is at the 10 day average which resides at 1.5950. Technicals remain positive | GOLD: Closes mid-range on the session but is creating bullish overtones as the market rallies off the worst levels of a $39.00 intraday range. Consecutive closes above $1350.00 will spark a rally into the all time high at $1386.9. A close below the 10 day average which resides at $1346.00 could encourage selling down to $1299.00. Technicals are neutral | DailyFX Forum visitors can sign up for our FREE Live Interactive Webinars and Live Trading Room at FXReturn.com ...