Forex Market Updates & Commentary |  |
- GBPUSD moves back above 100 hour MA
- USDJPY continues to non-trend.
- GBPUSD finds susport at the 61.8% retracement.
| GBPUSD moves back above 100 hour MA Posted: 19 Nov 2010 12:00 PM PST
The GBPUSD has moved back above the 100 hour MA turning the bias positive. Look for further positive bias as trading heads to the close |
| USDJPY continues to non-trend. Posted: 19 Nov 2010 08:06 AM PST
The USDJPY continues to non-trend in a narrow trading range. The pair is above the 100 hour MA at 83.23 area but is below the channel trendline and remains below the ceilings at 83.58 and 83.78. When a market non trends look for a transition into a trend. So watch the clues. Watch the key technical levels. Taking a look at the 5 minute chart below. The price is stuck in between a narrow range. On a break of the high or low extreme what you want to see is a momentum move. If it does not materialize, be aware of a reversal as the market probes the extremes waiting for the break….
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| GBPUSD finds susport at the 61.8% retracement. Posted: 19 Nov 2010 07:55 AM PST
The GBPUSD fell below the 100 hour MA a thte 1.5976 level but has found support buyers at the 1.5934 level. This level corresponds with the 61.8% Fibonacci retracement of the move up from the weeks low. to the high reached earlier today. |
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