The pair has built a local bottom at 1.5283 and has advanced well beyond 1.5571. Technical indicators are reversed and divergent. The 50- day SMA is currently projected at 1.5631.
Unfortunately there was no final corrective swing to 1.5512 before advancing beyond 1.5633 as expected, as the pair reached a local top at 1.5684. Since that level a consolidation is unfolding downwards, that should find support at 1.5633 for the next leg upwards to 1.5710 and 1.5748. Today's strategy: Buy on dips to 1.5641 with a risk limit below 1.5615 and target 1.5734.
resistance
support
intraday
intraweek
1.5684
1.5807
1.5748
1.60-sentiment
intraday
intraweek
1.5521
1.50
1.5283
1.4467
USD/JPY
Daily Analysis
21 May2008 Current level - 103.31 The pair is in a corrective uptrend from the 95.75 short-term bottom. Technical indicators are rising slowly and the upmove is dynamically supported at 102.36. The inner structure of the rise is by all means a corrective one, so from a larger point of view the overall downtrend from 124.14 is not over yet.
The pair has tested the dynamic resistance at 105.44 and is downtrending nicely since that level. Yesterday's inner corrective pattern was limited to 104.22 and sell-off came after setting this high, that reached our target at 103.14. We will wait for a nice rebound to sell again for 102.68. Today' strategy:Sell a break below 103.14 for 102.76 with a stop above the beginning of the downtrend.
resistance
support
intraday
intraweek
105.68
106.31
105.93
108.31
intraday
intraweek
103.56
100.82
103.12
95.75
GBP/USD
Daily Analysis
21 May2008 Current level- 1.9656
Downtrend from the 2.0397 local top is still intact and has reached a low at 1.9374. Technical indicators are reversed on the 4 h. chart and the trading is situated below the 50- and 200-day SMA, currently projected at 1.9819 and 2.0044.
The expected advance to 1.9724 came directly after breaking above 1.9625 and unfortunately there was no chance to catch a nice bottom around 1.9437. Now the dynamic resistance o the 8 hour chart has been tested at 1.9748, so we expect it to provoke a rebound towards 1.9451 once again. Intraday the pair should be bought above 1.9625 for next advance to 1.9748. Today's strategy : Buy on dips to 1.9642 with a stop below 1.9612 and target at 1.9724.
resistance
support
intraday
intraweek
1.9714
1.9961
1.9748
2.0192
intraday
intraweek
1.9625
1.9338
1.9338
1.9196
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