Sequence of Analysis

1. Let the market stretch
2. Support / Resistance
3. Price Actions
4. MACD / Stochastic
5. Overbought / oversold - two long candle (hourly / 4H / Daily

Sunday, February 13, 2011

GBP-USD Technical Analysis - 14 February 2011

Despite of all the technical indicators are heading upside, i still feel that the GBP-USD situation is very tricky. However let's consider that the cable pair is moving along with its indicator's signal. This chart analysis is taken from the long-term Monthly time frame chart.
  • MACD = Moving Upward - indicate strong bullish in the long run
  • Stochastic = Moving Upward - indicate strong bullish is gaining momentum
  • Chart formation = W shape or head and shoulder - indicate strong bullish
  • Oversold = The cable was oversold, which provide the need for a re-tracement at least up to 1.7500 level.
On the other hand there is still a strong indication that continuation for GBP-USD might be possible. That is my psychological point of view because the big trader might want to fool the rookie traders

No comments:

Popular Posts