week 3

[Buk]

the graph below highlights Cable’s lone assault against the buck of late……not really too surprising, given the UK’s strong fundamental showing, & with this mornings PPI print further cementing Sterlings strong bias, traders will be eyeing Fridays all important Retail Sales data for continued uptick potential……




sandwiched in between those events, are some 1st Division data prints from our calendar…..the NY manufacturing guage (Empire numbers), our own manufacturing inflationary (PPI) data & the TICS : the treasuries report which measures foreign appetite for our debt/assets……..

Bernanke is also jawboning to the Senate Budget Committee Thurs, after our CPI numbers hit the tape, so all in all, an eventful week awaits us………

the Cable Bulls will surely be looking to step on the gas if any of these U.S numbers print to the weak side…..and certainly should the UK Ret Sales confirm the BOE’s decision to pre-empt inflationary concerns by hiking rates last week……..

once/if the Jan 3 highs @ 9750 come into view & they manage to consolidate that step, the big 2.00 Round Number tub thumpers will begin to surface yet again!!



interesting (possible) level coming into view on the franc too…..78.6 lurking ahead on the large Fib reading from the recent H-L………..

[Buk]

very well behaved price action so far today on the Cable.......nice Tokyo pullback, adhering to Fridays high range print & nothing to really disturb it's ascent to the pivot, where it's catching breath pre-NY........

some good markers below to guage the demand on any profit taking, with 9750 in it's sights to consolidate the recent (larger frame) pullback to c9260..........

[torero]

Very nice analysis. I have to read a couple of times and see the charts carefully to get understand the analysis. Very impressive stuff!

[Buk]

yeah, sorry for the casual references.....I'll try ensure I annotate these levels more clearly with the appropriate (higher timeframe) tags in future......

it's not fair to 'assume' everyone is aware of, or scrolls back thru the threads to re-read the prev chart posts, highlighting these Fib/pivot zones....which of course folks shouldn't have to do......

consider my wrists soundly slapped

[Buk]

so.....London was the bus driver today for sure! Nothing much occuring on the NY desks due in most part to the MLK holiday Stateside........

same old levels holding price into tonite's Asian/tomorrows London activity as the London desks disperse to the pubs!.......

funny how these repetative numbers keep appearing week in week out huh?

anyhow, we have 9587 thru 9615 focusing short term support & 9680 thru 9720 acting as short-end resistance above this 78.6 zone........to keep this mini leg intact, a pullback to c9575-80 would be a good zone in which to add to longs.....if not, watching the Asian range tomorrow for signs of stability will yield equally good risk to engage..........

nothing much to worry the Cable Bulls hereabouts for the time being......

[torero]

Not a problem. I'm slow is all. Today seems a bit slow and I'm not committed to much action. But I'm scanning around at other pairs and found this interesting formation. I'll keep a closer eye on it to for an entry. Target for small triangle almost met. I'll wait for a rally to nearest resistance level to spot my entry.

[torero]

Ok, ok, I know this is overkill me going all over the currency landscape just to look for a meal but hey, perfect practice makes perfect as someone used to say. Plus doesn't cost anything.

Here's an interesting pattern I don't get to see everyday, but the important thing is that it's converging at 2 supports, one at a major support line, and the other at bottom of the broadening pattern. I'm watching for breakout/breakdown for cues for entry. If you look carefully toward right edge, there is a small falling wedge formation. Any burst above the falling trendline would make it in play. We'll see.

[Buk]

2 other candidates to keep tabs on.........

1st chart the loonie, bang on an important range Fib.....with their interest rate statement hitting the tape tomorrow...........

2nd chart the EUR/GBP weekly chart, approaching key weekly s&r.....with a hatful of important market moving data released this week on both sides of the channel..........

[Buk]

Originally Posted by torero Here's an interesting pattern I don't get to see everyday, but the important thing is that it's converging at 2 supports, one at a major support line, and the other at bottom of the broadening pattern.

haaa, same instrument, similar level, different perspective!

[torero]

It's amazing that the EURGBP has only 20-40 pip daily range. This is nice candidate to swing trade few days to few weeks don't you think?