Monday, April 11, 2011
Trend for 11th of April 2011
Eur/usd and eur/cad failed to move higher today. In fact, it was a pretty boring day in currency markets. Mondays have a tradition to be boring with very little volatility and minor moves. Oil has just taken a nose dive and it was pretty nice to watch. At the moment I am watching gbp/jpy (my favorite currency pair). And I state it, maybe for the third time that gbp/jpy might reverse soon. What makes me say that? First of all we have a technical pattern (a reversal pattern). We have two support points at 137.90 level and lower highs.
If you looked at the economic calendar you will see that we have a pretty important data coming from Great Britain tomorrow at 8.30 GMT (Consumer Price Index). So, if we combine the technical stuff which I mentioned above and this fundamental thing coming from Britain, you can have a pretty strong impression that there is going to be at least a short term shift in trend. If there won’t be, be ready to go up and clear away the most recent high again. In terms of selling, get ready to have a sell stop order below 137.90 level.
Read my previous posts:
Long term trend in silver
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