Tuesday, March 17, 2009

03/17/09 Forex Market Comments

Yen did breakout but without much following through momentum, and met resistance from former swing high 98.91. If yen drop under 97.54, which will null the NR7/ID setup. Today's volatility dried up and formed a NR20 (narrowest range in 20 trading days). On hourly point and figure chart, yen formed a triple top. Today's trivial breakout only surpass the triple top formation by one box (25-pip). There is a perfect support line when yen edged up. I will post the point and figure charts tomorrow.

Pound formed a NR20/ID too. Watch out when market approaches today's high and low levels(4135-3963).


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