Daily Market Review for the 14.03.2011

GBP-CHF

The pair stands around the supporting area from December 2008 at – 1.5120 (the brown line) that broke in 2010 and ever since crosses the area back and forth.

The daily graph is situated on the secondary support level at 1.4855 (the red line) which is at 61.8, and which fixes all the last uptrend.

 

If this level will break there is a need to think about only other short targets between 1.4650-1.4600, the changes resulting from the daily time frame.

As can be seen by the graph bellow:

NZD-USD

On the daily graph the pair is located on the area of point D of the pattern ABCD. In the case in which the pattern will fail and the supporting level will not will not last, the breakdown of 0.7320 will lead us to the next supporting level in the area of 0.7200 (red area).

As long as, the supporting level resists, it is expected to repair itself and go back to 38.2 Fibonacci at the price of 0.7515.

As can be seen by the graph bellow:

 

Potential Trade

Long on the 4 hour time frame above 0.7455

Stop at- 0.7400

Target at- 0.7515

As can be seen by the graph bellow:

 

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