'Market and Human' Psychology perspectives with tips on how to avoid common mistakes by Pierre Charlebois, Senior Trading Coach at www.TradingPostFinancial.com
Asian Session: Live Market Analysis
by Dr.S.Sivaraman
November 23, 05:00 GMT
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This pair has carved out a very nice ending diagonal. I will admit, I am not quite sure if the pattern has terminated or if one more blow-off top is to come. This is why I have offered two Elliott wave counts.
This pair should be observed for either a new or double top with a strong reversal, or for continued breakdown of support areas. Below .65 and then below .62 should result in much lower printings.
Here is this week’s view on the Daily charts.
Cheers
http://www.fxstreet.com/technical/analysis-reports/fx-weekly-report/2009-06-29.html
We are not out of the woods yet, however there are some great levels to watch.
A break above 81.50 adds to the evidence of Bullishness for the USD.
I’ve relabeled my count sightly however I think the potential remains the same. However there is no evidence of a new bottom yet.
A turn here and new high is very bullish
A new low would likely simply be reversed very rapidly
Here’s a snap of the index.
As always this is only one of many potetntial interpretaions however; evidence continues to mount for the reversal case.
Cheers
Here’s a snap or the dollar index on the 4 hour chart.
At this time we can see that the most recent 4 hour candle was very bullish. Engulfing candles like this are most often followed by a continuation.
So for now I would suggest that the sentiment is in favour of the USD.
Cheers
