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Forex Technical Review 4/10/08

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tsafi   Thursday, 04/10/08 07:16:25 AM
Re: tsafi post# 225
Post # of 268 
Forex Technical Review 4/10/08

The pair is testing the very important key resistance level of 1.5810 and is looking to breach. The daily RSI and slow stochastic are very bullish and it appears that the breach might be imminent. A preferable strategy for today might be to wait for the bullish breach and swing into the trend.
There appears to be a narrowing bearish channel on the daily chart as the cable now floats in the middle of it. The slow stochastic is showing moderate bearish momentum as it shows a double top formation with a negative slope. Going short today like yesrarday.
There is a very distinct bullish channel forming on the 4 hour chart as the pair now made the first breach through the bottom barrier. The breach has been validated by an additional bearish bar, and the momentum now is extremely bearish. The next target price might be 100.50 on the first move.
Narrow range trading continues as the pair did not make a significant move in either direction. The daily chart is showing first signs of a bearish momentum as the slow stochastic shows no crosses and the RSI floats near the 50 level. The Bollinger Bands are tightening and a breach might be imminent to any side. A good strategy is to look at the signal and ride the momentum.

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