Christine
04-16-2012, 02:55 PM
http://www.forexlive.com/wp-content/uploads/2012/04/FXDD-WINDOW-06231-330x240.jpg (http://www.forexlive.com/wp-content/uploads/2012/04/FXDD-WINDOW-06231.jpg)
The 200 day MA is at 1.58405 today. The price has been above and below this level on 14 days over the last 21 trading days.* On only two occassions has the price closed below this MA level.*A close below this level would be bearish.
*The current price is trading near this*level.* With the GBPUSD trading in a narrow and choppy trading range of 45 pips today*(high to low) an extension of the trading range is certainly a possibility before the day is up. Staying below the 1.5840/52 area (see 5 minute chart below) keeps the bias to the downside for the pair.
Another dynamic to consider is the range for the month. The high to low range*is only 257 pips so far.* *I know we area only 1/2 way through the month of April, but the* trading ranget*this month *is the lowest since May 2002.* The low price for the month so far has come in at 1.5803. The low today came in at 1.58174.* Needless to say, with the price near the low level for the month, and a narrow trading range today, a move to the downside could see an extension for the day and possibly the month as well.*
For risk, intraday traders will not like to see the price move back above the 1.5852 area where the trendline and high for the NY session is found.*This would open the upside for an extension in that direction (above the high at 1.5860).* The 1.5873 and a.58908 would be topside targets.
http://www.forexlive.com/wp-content/uploads/2012/04/FXDD-WINDOW-0624-330x237.jpg (http://www.forexlive.com/wp-content/uploads/2012/04/FXDD-WINDOW-0624.jpg)
Topside resistance comes in at 1.5850 this morning.*
http://www.forexlive.com/wp-content/uploads/2012/04/FXDD-WINDOW-0622-330x237.jpg (http://www.forexlive.com/wp-content/uploads/2012/04/FXDD-WINDOW-0622.jpg)
http://feeds.feedburner.com/~ff/forexlive-rss?d=yIl2AUoC8zA (http://feeds.feedburner.com/~ff/forexlive-rss?a=zHlkximcn5c:zb3a2CyXfew:yIl2AUoC8zA) http://feeds.feedburner.com/~ff/forexlive-rss?i=zHlkximcn5c:zb3a2CyXfew:V_sGLiPBpWU (http://feeds.feedburner.com/~ff/forexlive-rss?a=zHlkximcn5c:zb3a2CyXfew:V_sGLiPBpWU) http://feeds.feedburner.com/~ff/forexlive-rss?d=qj6IDK7rITs (http://feeds.feedburner.com/~ff/forexlive-rss?a=zHlkximcn5c:zb3a2CyXfew:qj6IDK7rITs)
Read more... (http://feedproxy.google.com/~r/forexlive-rss/~3/zHlkximcn5c/)
The 200 day MA is at 1.58405 today. The price has been above and below this level on 14 days over the last 21 trading days.* On only two occassions has the price closed below this MA level.*A close below this level would be bearish.
*The current price is trading near this*level.* With the GBPUSD trading in a narrow and choppy trading range of 45 pips today*(high to low) an extension of the trading range is certainly a possibility before the day is up. Staying below the 1.5840/52 area (see 5 minute chart below) keeps the bias to the downside for the pair.
Another dynamic to consider is the range for the month. The high to low range*is only 257 pips so far.* *I know we area only 1/2 way through the month of April, but the* trading ranget*this month *is the lowest since May 2002.* The low price for the month so far has come in at 1.5803. The low today came in at 1.58174.* Needless to say, with the price near the low level for the month, and a narrow trading range today, a move to the downside could see an extension for the day and possibly the month as well.*
For risk, intraday traders will not like to see the price move back above the 1.5852 area where the trendline and high for the NY session is found.*This would open the upside for an extension in that direction (above the high at 1.5860).* The 1.5873 and a.58908 would be topside targets.
http://www.forexlive.com/wp-content/uploads/2012/04/FXDD-WINDOW-0624-330x237.jpg (http://www.forexlive.com/wp-content/uploads/2012/04/FXDD-WINDOW-0624.jpg)
Topside resistance comes in at 1.5850 this morning.*
http://www.forexlive.com/wp-content/uploads/2012/04/FXDD-WINDOW-0622-330x237.jpg (http://www.forexlive.com/wp-content/uploads/2012/04/FXDD-WINDOW-0622.jpg)
http://feeds.feedburner.com/~ff/forexlive-rss?d=yIl2AUoC8zA (http://feeds.feedburner.com/~ff/forexlive-rss?a=zHlkximcn5c:zb3a2CyXfew:yIl2AUoC8zA) http://feeds.feedburner.com/~ff/forexlive-rss?i=zHlkximcn5c:zb3a2CyXfew:V_sGLiPBpWU (http://feeds.feedburner.com/~ff/forexlive-rss?a=zHlkximcn5c:zb3a2CyXfew:V_sGLiPBpWU) http://feeds.feedburner.com/~ff/forexlive-rss?d=qj6IDK7rITs (http://feeds.feedburner.com/~ff/forexlive-rss?a=zHlkximcn5c:zb3a2CyXfew:qj6IDK7rITs)
Read more... (http://feedproxy.google.com/~r/forexlive-rss/~3/zHlkximcn5c/)