Good morning team London…

I trust you are all well and had a good weekend…

CABLE

• A lot of support below at 1.4100/50 level…(How many times can it test this level)
• 2 possibilities. 1) Its building up to smash the 1.4100 support for a big push lower or 2) 1.4100 will hold and the market gets tired of testing this support and we rally to 1.5000 and higher.
• 4hr MA´s are still heading south so heavy resistance at WP at 1.4300.
• Very hard to read direction.
• For any short plays keep a very tight stop above 60min 20ma, likewise any long plays look for break back above the 60min 20ma and a tight stop below.
• Watch GBPJPY for direction this am.

EURUSD

• Our call on EUR weakness from 1.2700 has been spot on and we now need to break below the 1.2500 level for confirmation of further EUR weakness.
• Look for further EUR weakness but wait for retracement before looking for further EUR weakness.
• Use the 60min 20ma and DP as resistance on 15min chart and watch EURJPY for EUR direction.

EURGBP

• A 4 hr triangle has formed.
• The direction of GBP is hard to read as GBPUSD is closely boxed in.
• Feeling is that EURUSD will continue its downtrend and if CABLE can hold the 1.4100 level then EURGBP will weaken (gladly).
• 4hr 50ma at 0.8860 level, if this holds and trigger starts to move south then an opportunity will arise here.
• 15min chart is showing tight channel, a break below the 0.8825 level would signal further weakness.
• You could look for a short play with a tight stop above the 0.8865 level.
• Look for EURUSD and CABLE to help with direction.

Verdict

• I feel unsure of direction this am.
• Patience needed…

Dan

March 02nd 2009 Posted to AUD, CHF, EUR, GBP, JPY, USD, forex | Comments (0) |  Email This Post

GOLD:

·         After a solid retracement on the daily chart back to 930 and global indices plummeting we may see increased buying coming back into the market.

·         Daily 21 CCI is on the 00 level and is looking for a bounce.

·         Hourly Chart shows us boxed between the 4hourly and hourly MA’s a break of the weekly pivot (958) would signal a move higher,  targeting the previous high of 977

·         To the downside we are seeing a lot of support off the daily 20MA so we would need to see a clear break and then a 123 before playing down to the daily 50 MA.

AUDUSD

·         Looks difficult to trade after a great 123 on the hourly chart on Friday.

·         I will be looking for pullbacks into the hourly 20 MA before playing this back down again.

        USDCAD

·         Again USDCAD has had a great move up last week and now really needs a pullback  on the hourly towards the 20MA

·         On the 15 minute we do have an downward sloping resistance level obviously look for resistance of this but if this gets broken at around the 75 level look for it to retest the 1.2800 a break of this and we will see this moving higher still this week.

·         I will be looking for a pull back into the 60 Min 20MA around the 1.27 level before playing the CAD.

 James

March 02nd 2009 Posted to AUD, GOLD, forex | Comments (0) |  Email This Post