Sunday, September 12, 2010

GBPUSD#15 - Weekly Homework

Weekly chart has seen candle come out of the cloud. It seems retracement is not yet complete for a bullish motive wave from end of May to the beginning of August. Weekly candle closed slightly below FB33 retracement and back into the downward channel again, might go down further to test FB50 retracement (1.5115) which coincides with Kijun-sen, or the bottom of the cloud on the daily chart (1.5170).

Currently price is in a range between 4-hourly EMA200 and a support range between 1.5290 and 1.5350.

R2 - 1.5520 (previous support-turn-resistance)
R1 - 1.5460 (4-hourly Kumo Top) or 4-hourly EMA200

S1 - range between 1.5290 and 1.5350
S2 - range between 1.5170 (daily kumo bottom) and 1.5115 (fb50 retracement)


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