Update for: 2011-08-29 - 2011-09-04

Posted on: Sunday, 28 August 2011 10:54


GBPUSD: 1.6367

 Short-Term Trend:  sideways

Outlook: The market fell last week and the daily oscillators turned lower but the time consumed by wave (g) is still little to consider this wave complete. Therefore, I expect some further choppy trading with mild upside bias this week. That said, gains twd 1.6650/1.6750 are still likely and only when the pair reaches this area I will look for short positions (if the daily oscillators are overbought again by that time). For now though, the daily chart remains neutral and if one wants to trade, they may better focus on the lower-degree charts: hourly and 15-min.

Strategy: Shorts will be favorable soon, but I think the market is still not ready to break lower.

Next Update: Sun, 09/04/2011.


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