Sunday, October 03, 2010

GBPUSD#16 - Weekly Homework


[Weekly Chart]

A doji was formed last week, also saw Chikou failed to break above flat Kijun. It also closed just below fb80 from August's high. Probably a sign of another XAB is formed. Generally, weekly sentiment is a little unsure.



[Daily Chart]

As Trading Buddy pointed out, no candle manage to close above 1.5833 level (week Flat Kijun). Those long candle shadows indicate uncertainty and tug-of-war between the bull and the bear, with bear appear to be slightly stronger for now. However, the last candle was a bullish engulfing.


[4-hourly Chart]
Just to further zoom in to see the uncertain trend. Even Tenkan is overlapping right on the Kijun now.

In a nutshell:
Uncertain trend, with many supports and resistances to watch out for. Sentiment is more bearish-inclined until the previous high (1.5997) is broken.

R2 - 1.5997 (previous high)
R1 - 1.5920 to 1.5945 (last week's high, previous Chikou support)

C - 1.5800 to 1.5833 (4H Chikou support and Weekly Kijun flat)

S1 - 1.5665 (last week's low0
S2 - 1.5570

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