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Monday, June 7, 2010

Monday

Market recap:
Today's black candle was a continuation of the trend.

There is a lot of support in this area from trend lines, pitchforks, the Chikou-span, and the daily and hourly indicators are both somewhat oversold. Therefore I expect a bounce before we see the next attack on the 1037-1040 area, but it would be extremely bearish if the were violated.

As I mentioned last week, any rallies will have to contend with strong resistance from the hourly Kumo at 1072. Also Price is still at the high end of the downward fork from 2007, and the weekly indicators are bearish with room to move lower. So bounce or not it's not the time to be long.



Price bounced off the magenta curve.
This is the 255 day MA (One Year MA).


Was this prediction precise enough for you?
Got to go, I'll be back latter with a recap.

15:30 EST
Here's a look at my indicators.



15:15 EST
The two cyan forks are pointing right at this red spot.


13:00 EST
Price has played nicely within the DDF limits as well as the Andrews Pitchforks. If Price breaks the handle a likely target will be the magenta Persons Pivot.


11:00 EST
The 34 and 89 day MA's will cross at 1138 today.



Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.

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