Tuesday 5 February 2013

MARKET UPDATE FOR FEB 5 @HILLFOCUSFOREX

EUR/USD  rotate lower today but later retraced into the new York Close.We anticipated a deeper rotation to the 1.3410-1.3254 support zone.We are still expecting a buying signal within the support zone, to join the existing uptrend.

GBP/USD met with bearish pressure today after failed to follow through range structure expected.This goes to show that trading counter trends has an inherent higher risk because of the low probability of playing out.GBP/USD closed below 1.5674 support zone which give room for the continuation of the trend.

AUD/USD formed a fakey today to continue the slow grinding of the downtrend.Based on this fakey we
expect this to continue in the mean time to 1.03444 zone.

2 comments:

  1. I appreciated your comment and the link attached.Am a student of price action trading and open to any methods or system that uses raw price data for analysis.i dont believe in wave analysis.

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