GBP-USD
Daily time frame
Strategy: short
The prices reached the upper side of the a-symmetric triangle (turquoise background), with an attempt to break out the third time the level of 1.64, and failed. If it does not stop above this level we believe that the price will retrace the last upward continuous movement (broke blue line), between a third to two thirds Fibonacci- between the level of 1.6240 to the level 1.6100.
As can be seen by the graph bellow:
4 hour time frame
It can be seen how the price made exact upward movements to the level of 1.64 and completed the depth of the range target upward. The level of 1.64 constitutes a resistance point and after the price tried three times to break out this level and did not succeed we believe that the breakdown of the level 1.63 will lead to the downward movement of 100 pips in the first stage, to the level of 1.62.
Potential Trade
Short
Enter: 1.6295
Stop: 1.6430
Target: 1.6200
As can be seen by the graph bellow:
EUR-USD
Daily time frame
Time: 2.00 Rate: 1.4436
Strategy: short
The price got to its exact target that was set in the previous daily market review -1.4475 in addition got to the upper side of the parallel upward channel. Furthermore, the closing feature of the upward movement is a large bodied candlestick (last chance of buyers to create work in the field). If the level of 1.4775 will not break out we believe that a retracement movement will start of the last upward moving platform (broken blue line) first stage between one third to two thirds Fibonacci between the levels of 1.4310, to1.42.
As can be seen by the graph bellow:
4 hour time frame
It can be seen that the break out attempt of the upper side of the long parallel upward channel (discontinuous black), was not possible and the price returned under, in addition a second channel was created, (discontinuous red) where the price reached the upper side. We believe that this area is a resistance area and the price will retrace at least between one third to two thirds of the last upward movement (broken blue line), between the level of 1.4310-1.42.
As can be seen by the graph bellow:
Important News calendar for the 12.04.2011
Time: 11.30 GBP- CPI y/y
Time: 12.00 EUR- German ZEW Economic Sentiment
Time: 15.30 CAD- Trade Balance
Time: 15.30 USD- Trade Balance
Time: 16.00 CAD – BOC rate statement
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