Let's take a look at the GBP/USD long term chart.
The screen capture is a weekly GBP/USD chart. As you can see, we've been in a sideways channel for almost 2 years now. What does this mean? Once it breaks out of this channel, it will move hard. So, watch for that.
However, don't expect any big movements in the week to come. Look for the pair to potentially move back up to the middle of the channel but, be cautious, the longer term technicals are…
Let's take a look at the USD/CHF longer term chart.
It looks like we saw an Ending Diagonal throughout the most of 2011 and when it completed in August, we saw a sharp movement back up.
Looking at the structure of the upward movement, it looks like we're in a 3rd wave movement so be cautious if you're in a buy trade - protect some profits.
It looks like we may potentially see a little more upward movement, potentially to the .9600-.9700…
Let's take a look at the USD/JPY.
It looks like the downward trend will potentially continue but we may see a short retracement coming up to finish off 2011. Look for the pair to continue down to the 76.00 - 75.00 level. Once the downward retracement completes, then look for the pair to start the upward retracement to test the 80.00 level and above.
Good luck with trading and be sure to check out our …
It's that time of year again - NFP - and we're starting to see the markets ease up from yesterday in prepartation for NFP.
Here are some prices to watch for the EUR/USD:
Good luck with trading. Be sure to use your stops and protect profit.
We hope everyone has a great weekend!