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Forex Technical Review 3/24/08

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tsafi   Monday, 03/24/08 07:24:31 AM
Re: tsafi post# 189
Post # of 268 
Forex Technical Review 3/24/08

There is a bearish channel forming on the 4 hour chart, as the pair now shows moderate bearish momentum and is floating in the middle of the channel. The slow stochastic is pointing on additional room, for the correction, and the next target price might be 1.5300.
The cable has breached through the 1.9810 which a key Fibonacci level(Remmber on the FOREX Fibonacci is the king) and has validated the next bearish move. The RSI is heading to the 20 level and the slow stochastic shows no cross. It appears that going short with tight stops might be a good choice.
The pair is showing a strong bullish break on the daily chart and the RSI is floating at 50. The Bollinger bands are still very wide, and no crosses are seen on all time scales of the Slow Stochastic. This indicates that there should be no up coming reversal move, and that the bullish trend might continue. Next target price might be 100.50.
There is a very tight bullish channel forming on the 4 hour chart as the pair now floats in the mid section. The slow stochastic is showing a positive slope formation and the daily chart is showing very wide Bollinger bands. It appears that the bullish momentum will continue, probably up to the top level of the channel at 1.0230.

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