Thursday, February 4, 2010

Gbp vs Jpy, Gbp vs Usd, Eur vs Usd, Aud vs Usd & Usd vs Cad - Market Overview


Gbp vs Jpy (Weekly) - At this moment, market already reached the lower yellow trendline. Favourably, I'm looking for a bounce scenario to complete subcorrective wave e (aqua) to complete the descending triangle bearish continuation pattern. But, please be careful towards any strong breakout towards the lower yellow trendline.


Gbp vs Usd (Daily) - Preferably, I believed market in progress to perfom subwave 3 either in magenta or yellow. But, please be careful for any bounce scenario 1st towards the bearish continuation critical line 2. Otherwise, we may see a strong breakout to perform the subwave 3 in C.


Eur vs Usd (Weekly) - Please be noted that the alt count in white is already invalid. Therefore, I believed market in progress to perform an extension of subwave 1 in C (magenta). Therefore, advisable to look for any bullish retracement entry from BSTS later by next week.


Aud vs Usd (Daily) - Due to the breakout towards the bearish continuation critical line 1, therefore I believed market in progress to complete an extension of subwave 1 in magenta. A strong bounce from the bearish continuation critical line 2 would bolster towards the bullish retracement trend scenario to peform subwave 2 in magenta. Otherwise, please be careful for another breakout towards the critical line.


Usd vs Cad (Daily) - At this moment, I believed market in progress to complete an extension of subwave 1 in yellow. Please be careful for a bull trap pattern. A double top pattern would bolster towards the bearish retracement trend scenario. Therefore, advisable to get ready for a bearish retracement trend scenario to perform subwave 2 later. Happy weekend and good luck.