04/01/09 Cable Made a Tricky Narrow Range Breakout

The narrow range breakout for cable happened at 4:am during London session. At the beginning of US session, cable made a 100-pip quick slide, shaken out most weak hands, and rallied up the rest of the day. Remember 03/31/09 was a NR20 (narrow range 20 day). Once cable crawled back above 1.4372, the daily directional bias should still be upside. Now it's already Thursday morning 6:50am, the real jump happened at 1:00am and followed through during London session. It's a up trending day for cable.


It was a NR7 for both euro and yen.

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.