Posted by: joetradingplace | April 30, 2012

Daily Analysis (Forex) 30/04


This pair still struggles to stay above 3200, bulls are pushing the market higher, but failing to push it higher than the previous HH, this shows some signs of weakness in the bulls. This morning, price tried again to push higher, but failed to break last weeks high, now it is pushing down, if it breaks the minor S (blue line), we will be going short. But if it stay above the minor S, we will wait to see more price action.


Same explanation as eurusd, but in vice versa


If the minor R holds, price will keep moving down, price has broken out of the wedge and is moving down, so we maintain our bearish sentiment from last week.

UPDATE: 1st target reached at +45 pips, SL moved to breakeven for the remaining 2 positions.


Price has broken out the green TL, but it is still struggling to follow through, if the minor R holds, we will still maintain a bearish sentiment, but if it breaks to the upside, we will consider it as a failed BO of the green TL.

UPDATE: 1st target has been reached at +60, Sl on remaining 2 positions moved to BE


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