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Please share any observations which can lead to a surer or bigger market movement. Sometimes there are big signs for a major market movement but we may miss to notice those. This sub-forum is for such signs. For example a trader may be looking at an hourly Forex chart and completely misses that there is a typical chart formation forming on daily chart, which can lead to a major price movement or there is some big fundamental news. Please contribute to bring up the best.
GBP/USD is near the short-term trend line support. The support near 1.5760/1.5770 needs to be watched. A break should bring further consolidation otherwise an upward move towards 1.5850 resistance may take place.
Please check the 8-hourly chart of GBP/USD:
Further weakness should come. The question is whether it will be up to 1.0280/1.0310 range and the dotted short-term trend line support will hold or all the way towards 1.0220 to complete the 38.2% retracement. Just a view and comments are always welcome
AUD/USD daily chart:
As expected 1.0280 target was met. Need to see if the mentioned 38.2% retracement takes place with a move towards 1.0220. The resistance has been coming just above 5-day EMA.
As I have been expecting a move towards 1.0220, AUD/USD went as low as 1.0223 and gound some support just over the mentioned 38.2% retracement. The upward jump took it towards 5-day EMA. Please note that for past couple of weeks the resistance has been coming near 5-day EMA (greeen EMA line in the following chart). The current price is once again there and need to see if the pattern of resistance hold or not. If the resistance holds then some more downward move should come. On the other hand any strong break should bring further upward consolidation.
AUD/USD daily chart:
GBP/JPY has reached a strong resistance level. Please check the following daily chart. Even a break of that should bring another resistance near 125.00 but a break of that should take the currency pair towards 125.50 or more. A failure at one of these resistance would indicate the begining of a downward consolidation:
GBP/JPY 4-hourly chart:
EUR/USD is almost at the mid-term resistance trend line. The trend line resistance has been holding good for over one year.
Please see the detailed post on forex blogs @ http://www.forexabode.com/forexblog/blogs/
EUR/USD weekly chart:
Some more upward movement has takaen place to 1.2695 and if we see the weekly chart with the above mentioned trend lines, it is as follows:
This post used to be in beginners' forum before getting moved to here. Well, there is always more possibilities that a new trader misses something which a more experienced trader do not miss and that was the reason. But then anyone can miss some thing at some point and hence this sub-forum.
USD/CAD had broken over the Tenkan line resistance after stating for over 12 weeks before this. Further gains can be expected if the support over 0.9768 holds.
Please check the out look in Forex blog section at http://www.forexabode.com/forexblog/usdcad-outlook-20121003/
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