Tuesday, April 7, 2009

04/07/09 London Session Forex Market Comments

All three major currency pairs reversed on hourly point and figure charts and took a breakdown of yesterday's low.

British pound also reversed on daily PnF at 1.46. The 1st downward target for pound is 1.4552, confluenced with 10-day ema 1.4553.

If euro touch 1.32, it will make a 3-box reversal on daily PnF too. The 1st downward target for euro is 1.3213. The 2nd target is 1.3117.

Japanese yen will make a reversal on daily PnF at 98. As long as yen stays above 100, forex trader shouldn't worry too much of current slide. The 1st downward target for yen is 99.44.


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