By Trend Recognition
| Nov 26, 2012 07:46AM GMT |
I thought wave (F) of the Diametric formation from the July 2008 top was going to develop as a Flat pattern and that was the reason I expected a decline toward 1.2500 and below last week. But the last week's rally signals the structure of the suspected wave (F) will be different (not clear yet) and it seems the larger uptrend from the July 2012 low has already resumed. If correct, gains toward 1.3520 will be seen in the next couple of months. With this in mind I favor the long side here against the 1.2670 key Fibonacci level....Strategy:
Longs favored at 1.2870. Stop=1.2670. Target=1.35000 GBP/USD GBP/USD:
The last week's strong rally suggests wave D is already over and if that's the case, wave E of the suspected Neutral Triangle from June's low is already under way. Thus, one can favor the long side. The problem however is that I do not expect a huge upmove from here. My upside target is just above the 1.6300 level. So, I personally prefer to stay neutral.
On the downside, below 1.5880 negates, signals wave D is still under way....Strategy:
Stand aside. USD/JPY USD/JPY:
USD has continued its move higher and thus further confirms our long-term bullish idea here. Now, what we need, is a firm move above 83.800/84.10 area. Once we see such a move, the weekly chart will become positive as well (now the weekly chart is still neutral as long as below 84.10).
On the downside, the 80.60 level should provide strong support if a pullback develops from here. If the prices move back below 80.60, that will negate the afore-said bullish idea.Strategy:
Holding long from 81.30 is favored. Stop=80.30.
Disclaimer: The services provided by Trend Recognition Ltd are intended for informational and educational purposes only. While a course of conduct regarding investments can be formulated from the presented analysis, at no time will Trend Recognition make specific recommendations for any specific person, and at no time may a reader, caller or viewer be justified in inferring that any such advice is intended. The service is not a recommendation to buy or sell securities or an offer to buy or sell securities. The publishers of Trend Recognition website are not brokers or registered investment advisors and are not acting in any way to influence the purchase or sale of any security and/or its derivatives. The data for information provided by this website is obtained from sources deemed reliable but is not guaranteed as to accuracy, or completeness. The use of Trend Recognition services is done so at your own risk. Trading and investing in any financial markets, including, but not limited to the stock market, options market, futures market, bond market, and/or the commodities market involves serious risk of loss, and in some cases, greater loss than the amount invested. You should not rely solely on the information provided on this site in trading. Use of this site is your agreement to assume full responsibility for any losses, and your acknowledgment that we do not guarantee any results or information provided in this site and that you acknowledge that you are forming an independent opinion based upon your own research and resources, and not on the information contained herein. Trend Recognition recommends that you do your own due diligence and research when considering placing any kind of transaction.
It is possible at this or subsequent date, the publishers of Trend Recognition may own, buy or sell the securities discussed therein or their derivatives. Trend Recognition or its publishers are not liable for any losses or damages, monetary or otherwise, that result from trading the securities and/or derivatives discussed within the Trend Recognition website. The publishers of the Trend Recognition recommend that anyone trading securities and/or derivatives should do so with caution and consult with an experienced broker and/or investment advisor before doing so. Past performance of Trend Recognition may not be indicative of future performance and does not guarantee future results.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.