Tuesday, March 31, 2009

03/31/09 Forex Market Comments

Both cable and euro showed reduced volatility today. Their rallies stopped at 38.2% Fibonacci retracement level. For cable, there was a pin bar on hourly chart at the rally top. Cable formed a NR20 (the narrowest range in 20 trading days). Watch out for tomorrow might be a trending day.

On hourly point and figure chart, yen made a double top breakout at 98.25 confluenced with the breakout of resistance line. The up thrust stopped at 99.25. Looks like yen need more time before made a decision how to attack the key 100 level.


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