British Pound Crosses Mark Time in Ranges.Summary: -GBPCHF tests low of range but vulnerable -GBPCAD at 55 day SMA (1) See SMA connector. (2) (Shared Memory Architecture) See shared video memory. (3) (Software Maintenance Association) A membership organization that began in 1985 and ended in 1996. -GBPAUD supported by moving averages / trendline -GBPCHF tests low of range but vulnerable -GBPCAD at 55 day SMA -GBPAUD supported by moving averages / trendline British Pound / Swiss Franc The rally from the December low reached 1.75 and the advance is in 3 waves and fits as wave 4 within the 5 wave decline from the 2007 high. A drop below 1.5113 (December low) could occur in order to complete 5 waves down. It is also possible that the GBPCHF has entered into a longer term range. Even so, the pair likely ranges at lower levels (could be a flat or triangle). Staying below 1.75 keeps the trend down. British Pound / Canadian Dollar There may be an inverse head and shoulders forming in the GBPCAD from the beginning of 2009. There is potential support in the 1.7344-1.7160 zone. This is the 61.8% of the rally from 1.6711 to 1.8418. A rally above 1.8418 would present a breakout opportunity. The red line on the chart is the 55 day SMA, which is resistance at the current juncture. British Pound / Australian Dollar The series of higher highs and higher lows since the January low is bullish. Price is also above both the 55 day SMA (blue) and 233 day SMA (red). There is the potential for weakness below 2.1730 prior to a bottom and test of 2.2880. Trendline support is just below 2.1730 from a line drawn off of the January 5th and January 26th lows. British Pound / New Zealand Dollar Noun 1. New Zealand dollar - the basic unit of money in New Zealand dollar - the basic monetary unit in many countries; equal to 100 cents A multi-year triangle has been underway in the GBPNZD. I had previously thought that wave e was complete but this seems unlikely after reconsideration given how little time wave e has consumed. Waves a through d took 9, 19, 9, and 4 months. Wave e is in its second month. Expect consolidation / upward pressure over the next few months before wave e is complete. Price ideally remains above 2.5625 on its way to 3.00. Jamie Saettele publishes Daily Technicals every weekday morning (930 am EST EST electroshock therapy. EST abbr. electroshock therapy ), COT analysis (published Monday mornings), technical analysis of currency crosses throughout the week (EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. on Tuesday, JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. on Wednesday, GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. on Thursday, AUD AUD In currencies, this is the abbreviation for the Australian Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. on Friday), and the DFX Trend Index every day after the NY close. He is also the author of Sentiment in the Forex Market. Please send comments about this report to jsaettele@dailyfx.com 2009 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion