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Forex Technical Review 3/24/08

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tsafi   Tuesday, 03/25/08 07:33:27 AM
Re: tsafi post# 204
Post # of 268 
Forex Technical Review 3/24/08

The pair corrected to the 1.5300 levels which is a key Fibonacci(not the king today) level yet failed to make a bearish breach. There is a bullish cross forming on the daily chart, and together with a sharp bullish spike it appears that there is now more room to run upwards. Next target price might be 1.5660.
The cable is in the middle of a bullish trend which according to the daily chart has positive momentum. The RSI is floating at 50 and the slow stochastic is showing no reversal crosses. It appears that the bullish trend might continue with a target price of 2.0070.
There is a very distinct narrowing bullish channel forming on the 4 hour chart as the pair now floats on the bottom barrier of it. The slow stochastic is showing a triple top formation with a positive slope, which indicates that the continuation of the bullish trend is quite imminent. Going long might be the right way to go today.
The bullish channel which was initiated at 0.9800 continues with full momentum. The Slow Stochastic of the 1 hour chart implies on an additional bullish move, and the RSI is showing that there might be a breach through the upper level of the channel in the next 48 hours. Going long with tight stops might be preferable today.

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