Wednesday 2 January 2013

MARKET UPDATE FOR 3 JAN 2013

EUR/USD formed a large pin bar/Fakey today.The formation of this large pin bar was still below support zone.The 4hr fame showed a range formation .We will wait  patiently for obvious price action setup to light our way.

GBP/USD  formed a pin bar that is also a false break of an important levels.Because of the size of this pin. We are expecting a retracement in due time.our bearish bias still intact, so we are anticipating a bearish setup.

EUR/AUD broke the inside bar formed last year leading to a lower price that closed just above the support zone.Given the closing above this key support zone , we are expecting a retracement in the meam time to join the falling market,

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