Friday, 30 March 2012

Dollar weakness....

EURUSD made a back test yesterday as expected and mentioned in the analysis. It holds the 1,3250 area and remains above the upper pitchfork resistance. This should hold and push impulsively higher in order for 1,3450 to be achieved.

GBPUSD chart is as labeled in past analysis on this blog and confirms the bullish trend. Now @ 1,60 even more confirms the impulsive move upwards with targets at least near 1,62. It would be very bold to mention targets of 1,66-1,68 but it is too soon. Higher highs and higher lows confirm the upward trend. I believe it will continue to rise.

  DAX cfds as mentioned yesterday in twitter look like after reaching 61,8% retracement a 3-wave movement has completed and ready to resume the uptrend. 6735 should definately hold for the bullish scenario to have chances. 7150 should break for bullish scenario to increase chances. But this is the most bullish scenario. There are other possible scenarios that involve sideways correction that will take much longer to unfold, but we will have to wait to see price reaction near support and resistances.

Greek stocks continue downward trend but reached 61,8% retracement and bounced a bit at the end. Intraday analysis might justify an upward move due to the fact that five waves down have completed from last high(Intraday).

I won't enter this market unless I see 5 waves up with volume increased.

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