Sunday, September 06, 2009

Review of the week

Good Evening

Hope you have all had a lovely weekend.

I would like to start by reviewing some of the posts from last week.

The USDJPY (mentioned on the 2nd September) has come close to a double bottom and has had two bullish days. It is not currently showing any signs of breaking the previous low. Once the pullback has completed this chart may be revisited.

The price of Gold made it very close to the 1000 mark and the candle for Friday has produced a doji. It will be interesting to see if the buyers are able to dominate and break the 1000 mark.

The Loonie has produced a double top formation and price retreated down. Of course NFP and Canadian employment news on Friday may be contributory factors towards this move. This chart is now on the watchlist for a break of the low for entry with ESLT.

The EURGBP mentioned on the 31st August has broken downwards although the movement has not been huge. I wrote on the blog that we were looking for a break down, however, price has been moving to the upside in the current minor trend. Price is currently at a Fib breather level measured from the most recent low. It will be interesting to see if this is a pullback before price continues towards the upside continuing the recent minor trend or will break through and resume the current major trend.


A chart that I have not mentioned recently is Silver, which similar to Gold is looking interesting. You will note from the below that price has broken through the trendline and is now testing a strong previous resistance level. Price has tagged the resistance level and retreated but the bar finished green. The recent uptrend has not been entirely smooth however, the retest of the VI has proved the buyers are stronger than the sellers so far. One for the watchlist to see if a breakout is produced so advantage can be taken of this commodity.














The final chart for tonight is the AUDJPY. Price has been in a uptrend and has recently done a pullback, bounced off the trendline support and started to move back up. A trendline resistance has been broken and produced a BOB. Aggressive traders may apply ESLT and enter the trade, conservative traders may wait until the previous resistance has been cleared before entering the opportunity. Either way there is no right or wrong, its up to the individual's intestinal fortitude!














Good Trading!