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Week of MARCH 7-12, 2010

EURUSD fall from the January 13, 2010 high of 1.4579 remains active as ONLY a daily open and close above 1.3871 will complete this fall while last week’s 1.3433 low holds. As to the downside, a daily open and close below 1.3482 will confirm resumption of the downside extension with 1.3030 followed by 1.2885 as the next objective.

Short Term Trade Recommendation: For the session ahead, look to buy EURUSD within the 1.3568-1.3595 zone with stop loss below 1.3529 for 1.3656, 1.3735, 1.3778 and 1.3871 targets.

Long Term Trade Recommendation: Sell EURUSD within the 1.3871-1.4006 zone with stop loss above 1.4086 for 1.3433, 1.3030 and 1.2885 targets.

GBPUSD fall from the January 19, 2010 high remains active as ONLY a daily open and close above 1.5422 will complete this fall while the March 1, 2010 low of 1.4782 holds. A daily open and close above 1.5422 will see further price extension to the upside within a 1.5422-1.5817 consolidation zone before another attempt to the downside.  As to the recent rise from the March 1, 2010 low of 1.4782, this corrective wave remains active as ONLY a daily close below 1.5019 will complete this fall with prices then continuing to move lower within a 1.4928-1.5019 consolidation zone before another attempt to the upside.  Once prices have moved within the sited consolidation zone, a sustained break of this consolidation zone will see further price extension in the direction of the break.
  • Posted by adminfx
  • On March 7, 2010
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