Hey everyone, happy Monday. For today’s London Outlook I take a look at the Kiwi USD, Pound Yen and Euro USD. All three currency pairs are enjoying a period of “volatile consolidation”. Not really going anywhere sustainable but moving several hundred pips daily. I am looking for some range breakouts very shortly on many different crosses. I have identified the ranges and perspective targets. Good luck and I hope you enjoy the video. David Pegler
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One Response to “Pre London Outlook June 29th 2009”
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Jun-26, 2009
Stuck in a Range, but Look Closer
Well the GPD/USD has been stuck in a range. A range from 1.62 at a low to 1.66 at a high.
Taking a closer look, it looks like a head and shoulders.. Actually it looks like a “W”.
On June 19th then it reach 1.6560. Then it plunged to 1.62. close to the 23rd.. Then it rose to 1.66 to for the head. Next it fell to 1.6231 and rose again to 1,6560 on the 26th before the market closed on Friday. And then a slight turn downward before the day was over. (see GPD/USD 2 hour chart),
Now the downward movement of the left shoulder should take place, probably on the European session on Monday.
Most analyst are voicing that the GPD/USD is Bullish that is contray to my technical analysis.
Will it take place. I do not know. According to all the courses I took .it will happen. I have seen things happen in the FOREX market recently that mystify me.
So I will wait for the fundamental data and analyze the chart data before I move.
Ted Wood
6-28-08
What I hear about the GBP and USD debt
On Sunday, I heard about the GBP debt in relation to the USD debt is 8 to the USD debt of 14. However the USD economy is 6 times the size of the GBP.
This is in response to the head and shoulders of last Friday.
It is still early, but 1.469 is a start to the head and shoulders.
Ted Wood