I am short GBP/USD - but it looks like I picked the most sluggish pair of today . I am betting that we will not trade above 1.5720 and reach the 1.5650 area.
London session review and outlook May 28 - 2012
Review of markets covered in today's edition of Bulls vs. Bears: EUR/USD, GBP/USD, AUD/USD, FTSE100, S&P500, Gold, Brent Crude and WTI.
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Alejandro Zambrano
Currency Strategist | DailyFX Forum (London) azambrano@fxcm.com
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on a daily TF, i expect price to find support sooner rather then later and we are in need of a correction, up.....
on a shorter TF, (30 min) i like what im seeing for the bulls.
bulls have a chance. for the last 20 days, price stayed below the daily pivot. today price managed to stay above it. in short, tmrw daily pivot will be critical. if we manage to stay above tmrw, we will have a good chance at breaking that upper resistance (weekly pivot and 200MA).
trying to take in to account with GBPUSD, it likes to move alot. for me, price can make a new low to 1.5600/15 and ill still be bullish this pair.
CB Consumer Confidence tmrw can potentially make this pair move. and i would like to say it would move up.......
over all, i would like to see this pair make a new higher in the coming day or two above 1.57.
and i would like to end the night bying saying, GOOD LUCK BULLS, im voting for you :P
GL
ok enough will all the chit chat coming out my mouth, im retired for the night
EUR/USD has been trading sideways the last few days which means that the market neither has a bullish or bearish bias in the short term. Stock markets as the S&P500 have however been trading higher and higher. This is giving us a bullish bias for the EUR/USD. As long as we trade over 1.2495 risk appetite will probably lift the Euro to 1.26. A drop under 1.2495 will open for a further drop to 1.2450 and thereby resume the down trend. Traders looking to go short with the overall down trend will probably wait until we reach the 1.26 highs before making a decision to go short.
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GBP/USD 60 min chart
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Cleared out some shorts overnight on the dip back towards 1.5650/60. Will try a small long from 1.5680 & look to take profit around 1.5740, whereby I'll reverse into shorts & average up to 1.58, if it can manage it. For entertainment value the scalping in this environment is doing ok for me, if you dont mind chasing 10pips or less at a time!!
Not entirely comfortable with the stickyness of this pop downwards, although looking quite short-term, seems to want to keep pushing downwards rather than recover upward momentum... Any thoughts anyone...?
It appears the 4 low is in now which is due today. Now moving to the 5 high due about May 28. Long trade is now recommended to hold to the end of this week.
Edit: Forgot to mention, this is the 32 lunar month Delta solution that some follow. No inversions here.
Originally Posted by Cesil9227
Not entirely comfortable with the stickyness of this pop downwards, although looking quite short-term, seems to want to keep pushing downwards rather than recover upward momentum... Any thoughts anyone...?
Hi,
As Howdyy wrote there is a pretty good chance that no.5 top (weekly high) is in. Previous 5s and 6s were pretty consistent (check Howdy`s chart 5 pages earlier), so it is reasonable to expect a bottom arround friday/monday.
I`m nursing a short from yesterday high.
There could be one more swing higher,or we`ve just seen a truncated C wave which would be very bearish.
edit: Resrve Bank Of India didn`t wait for higher prices and sold the high today, and a break below 1.569
As Howdyy wrote there is a pretty good chance that no.5 top (weekly high) is in. Previous 5s and 6s were pretty consistent (check Howdy`s chart 5 pages earlier), so it is reasonable to expect a bottom arround friday/monday.
I`m nursing a short from yesterday high.
There could be one more swing higher,or we`ve just seen a truncated C wave which would be very bearish.
edit: Resrve Bank Of India didn`t wait for higher prices and sold the high today, and a break below 1.569
Patryk
Hey Patryk,
The EW count i'm following(red alternate on chart) is suggesting that we are in wave 4 at the moment. A quick pop-up to the 23.6% @ 1.5745 would provide a nice short opportunity to ride a potential wave 5 down. This would fit with the Delta low on Friday/Monday.
Looking at the Dailyfx home page, it shows that the analyst are mostly bearish the USD. Hence I would say that there is more strength in USD ahead this week.
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Originally Posted by Cesil9227 
CABLE IS AWESOME :) 5MTF
