Monday, April 20, 2009

04/20/2009 Forex Market Comments

Last Wednesday pound made a double top breakout at major resistance level of 1.49 on daily point and figure charts, which was proved to be a bull trap. On hourly PnF, pound made a double bottom breakdown at 1.4933. The slide broke former swing low at 1.4580/4584, and found support at 1.46 which formed a double bottom pattern on daily PnF. As long as pound stays below 1.46, I will remain bearish. On hourly chart, pound just made a head and shoulders top reversal and reached its minimal target at 1.4582.

1st downward target: 1.4622
2nd downward target: 1.4566
3rd downward target: 1.4510

This is the fourth down day for euro. There is a critical support at 1.2944 (61.8% fib retracement on daily chart).

1st downward target: 1.2873

There is no clear signal for yen on PnF. More information is needed to make an intelligent speculation.

1st downward target: 98.22


Post a Comment