Monday, August 29, 2011
Trend for 29th of August 2011
Hi, everyone who enjoys trend trading and analyzing financial markets daily. A normal Monday! My predictions regarding Yen are coming true. I guess it was a week ago or more when I wrote that Yen looked bearish and would fall sooner rather than later. I gave an example with aud/jpy and a few more Yen pairs. Bearish move is materializing now. Canadian dollar is also gaining power bit by bit. I am still waiting for eur/cad to go down. Data tomorrow or after tomorrow can push currencies pretty bad. We have some data from FED tomorrow. Be ready for some exciting moves. Gross domestic product on Wednesday can create a lot of volatility too.
I wanted to show you that eur/gbp is at resistance at the moment and may go down any moment. Support is 0.8930, but I do not think the level will hold for a long time. Breakout traders will be selling the pair below the level. I think the pair is headed towards support of 0.8650 and in the weeks to come it will be going much lower. At least I see so! Very bearish technical picture in eur/gbp long term! But I have already talked about it. Look through my previous posts to understand better what I mean.
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