Tuesday, March 31, 2009

03/30/09 Forex Market Comments

This is fourth down day for Cable. Usually it's time for swing trader to cash in. On hourly point and figure chart, 1.41 was the support. There was a pin bar on hourly candlestick chart pointing the swing low at 1.4109. It would be unwise to initiate a short trade. Too late to the party.

On hourly candlestick chart, euro had a MACD divergence signals the stop of slide.

Yen is still in the swing mode. The quick slide stopped at the beginning of London session, then snapped back. The long lower shadow on daily chart indicated the support.


Post a Comment