by Johan Kriek (firstname.lastname@example.org)
- President Obama’s $825 billion stimulus package still seeks Congressional approval
- US Q4 GDP this week expected to be lowest in 26-years, equities might sell off
- GBP at 23-year low
- FOMC rate decision eagerly awaited
No trade zone, Bearish probability. The 60minute trend has been adjusted to honor the lower peak we saw Friday just before t he close. We also saw how price gapped this morning at the Asisan session and subsequently the gap has no been closed. Market rhythm is consolidating a bit here just above the 1.29figure level and a break here will force the 1 hour stochastic to the downside and of course give me a nice bearish trading condition. Expect significant support at 1.2700 (Major Trend support) Anything above 1.3000 will be bullish, at least till 1.3100
Bearish Trading Condition. The 1 hour stochastic is bearish and therefore the trading condition. If you want to play it conservative today, you can wait for price to move below 1.35figure first. In a nutshell, the overall Primary trend of the Cable remains bearish and a bearish trading condition here just adds so much weight to the bears. On the other hand, anything above 1.3750 will give us a bullish probability but let’s cross that bridge when we get there.
Hope you have an awesome pip-hunting experience today