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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

Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.