9th March 2015 – Technical Outlook.


FROM HERE:Sell on rally around 0.7735 and again around 0.7750 to target 0.7643 (may take more than a day to reach)

BUT: square all positions if 0.7780 breaks and re-assess.

COMMENT: Strong resistance is now at around 0.7750 but we can stretch it to 0.7780. We shouldn’t see these levels in next 24hrs.



FROM HERE: buy on dips around 120.60 to target 121.27 then 121.83

BUT: below 120.40 may trigger short term stops which may lead to 119.80 area (but the buck should stop there)

COMMENT: We’re on track to hit nearly ten-year high of 123.65 but need to get over 121.83 convincingly first.



FROM HERE: sell on rally around 1.0877 to target 1.0783 then 1.0760 area (last seen Sept 2003)

BUT: short term stops lie above 1.0955 (61% Fib) but consider squaring up before that. We shouldn’t see above 1.0930 next 24hrs

COMMENT: Very bearish sentiment in all major time periods. Only the brave would try to pick bottoms



FROM HERE: sell on rally around 1.5110 to target sub 1.5000

BUT: major resistance is around 1.5254 so consider reversing position if that breaks (but shouldn’t happen next 24hrs though)

COMMENT: Predicting we should see a bear candle for the day. If not maybe finish with a doji or spinning top.



Leave a Reply

Your email address will not be published.