FXstreet.com (Barcelona) – The Pound has posted a 150 pip rally so far to reach an intra-day high at 1.4917, approaching yesterday’s high at 1.4950.In case of further climbing above 1.4950, the Pound would get on the track towards 1.5065 (Apr 16 high), above there, 1.5080. On the downside, support levels might lie at 1.4855/70 and below there 1.4820 and 1.4765.GBP/JPY has appreciated from levels around 14600 ahead of European session opening to levels right at 148.00 at the time of writing. Next resistance levels stand at 148.15 and 148.80. On the downside support levels might lie at 147.00 and 144.70.
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Friday, May 1, 2009
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With the technical analysis for currency trading, you note it as short-term (intraday). For example, with the euro, your comment is:1,5717. EUR USD broke 1,5700 resistance. EUR USD is in a consolidation after the last bullish movement. Bollinger bands are flat. ForexTrend daily (Mataf Trend Indicator) is in a bullish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on EUR USD. The price should find a resistance below 1,5740. If the resistance is broken then the target will be 1,5850.Is the bullish pressure on euro just for that day (4/4) or a longer term, say several days to one week? I am just euro as an example. I would like to know how to interpret your forex analysis in general
It was only after I embraced market cycles that I truly began to understand what to do with all the "lines and levels" I had learned to draw on my charts. Early on as I began teaching myself to trade in the late 1980's to early 1990's, there were not many books available to read about the subject of charting. I found myself gravitating towards price (instead of news) because my mother was a bit of a market timer (although not trained nor conscious that she was indeed market timing).
