Tuesday, April 14, 2009

04/14/2009 Forex Market Comments

After good Friday's narrow range bar (NR20), yen chose to heading south. On the point and figure charts, yen made a bearish triple bottom breakdown at 99.50. The nearest downward target could be the 61.8% fib retracement level 98.03. The former swing low, also the 38.2% fib ret level 99.31 becomes resistance.

Yesterday British pound made a triple top breakout at 1.4766, a very bullish sign and beautiful up trending day for pound. The up thrust is not ready to challenge the former swing high 1.4956 yet. Pound formed a double top pattern.

Euro cooled off today, and remained below pivot point 1.3294 and 10-day ema 1.3300. There is no signal from point and figure charts. It's still an opportunity - an opportunity no to trade as stated in one of my day trading rules.


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