07 December 2009

EUR/USD : Weekly Trend Change

  • Last at 1.4792
  • Monthly : Inconclusive. But current candlestick ominous.
  • Weekly : UpTL broken at 1.4900.
  • Daily : Plenty of overhead resistance. Looks down to me.
  • Would use weekly/daily resistance at 1.4900 for entry short. Unfortunately was not keyed in this morning and did not sell the first break. Now have to await a pull-back.
  • Don't chase this. As we have seen repeatedly of late, TL breaks will usually see a pull-back to give one a 2nd chance to enter trade.
  • AUD/USD has very much the same outlook chartwise.

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