GBPJPY See where we are! - forex news trading guide

GBPJPY See where we are! ~ forex news trading guide

[quote=Articulate;4548624]



GBPJPY moves is usually 1000 pips per movement with a pause every 500 pips. The 1000 pips support and resistance points are depicted by the yellow lines, while the 500 pips resting points are shown by aqua color.



The red zone on the 14 days period RSI is the sell zone, while the blue zone is the buy zone. The horizontal line on the daily RSI tells you when a movement is weak or about to reverse. The daily chart is the best guide for this style.


The charts are attached. Have a colourful weekend![/quote]





I mentioned that the above posting is classical. See where we are on the weekly and daily charts. For short term traders, I attached H4 charts. I intend to post GBPJPY charts at the beginning of every quarter. Expect another one in May 2011
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Bigger Picture for AUDUSD - forex news.gci trading

Bigger Picture for AUDUSD ~ forex news.gci trading

Audusd is currently trying to move back to the top of the weekly trendline from 0.80634, when the took off to the currently high. The trendline is what it holding the pair from rising higher for now. If the weekly successful opened and closed above the trendline, then the trend will resume on the higher time frame. If the trendline holds, the a fall to 1.02500 which is the base for the current move is possible. A fall below will drop the pair back to its concrete zone 1.02500 - 0.95000 where it traded for the past 6 months.

My view is that a big reverse is in the horizon, the monthly, weekly, daily are all dangerously close to the overbought zone. A touch of 50 point mark is due on the daily RSI.

Recommendation: short whenever H4 enters the yellow zone and take profit if it drops back to the 50 point mark on H4 RSI

This is the bigger picture.
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The blue zones - forex market gold news

The blue zones ~ forex market gold news

See where we are on the blue zones. It is always useful to plan ahead. I will be updating the blue zones every two weeks
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