Tuesday, 5 November 2013

DAILY REVIEW 5 Nov 2013
EU: The Daily candle is a near-normal spread (82pips) bull reverse upthrust closing off the high on below average vol<4days. The candle close suggests buying but the volume suggests no buying interest. Since the reverse upthrust occurred after stops were taken below 1.3461 which was a significant support level. If price is going to retrace from this level, I would not expect price to go lower than 1.3441 which is also the current week low. Unchanged Technicals: daily 38.2%Fib @1.35971 50%Fib @ 1.3612 The Asian range is 1.3490 – 1.3521 SM is likely to fade weak longs but creating selling pressure before reversing upwards. Possible manipulation level for potential reversal 1.3477, 1.3451
EU long levels: 1.3477, 1.3451, 1.3441 EU short levels:  1.3545, 1.3597, 1.3620, 1.3650


GU:  The Daily candle is a below average spread (75pips) bull closing off the high on vol<4days, the close suggests more upside but the volume suggests a lack of demand. Levels of interest: LOW 1.5902, 1.5925 week open, Daily 50%Fib @ 1.5842, Gap close @ 1.5872 The Asian range is 1.5953 – 1.5981 The likely SM move seeing as the range is still relatively tight may well be to drop from Asia high to induce shorts, test the current lows and reverse for the retracement long and take out weak shorts. Broker platforms are still net short which makes the likely food chain for SM to the upside. 
GU long levels:  1.5940, 1.5925, 1.5902, 1.5860, 1.5835  GU short levels:  1.6005, 1.6025, 1.6075, 1.6100

No comments:

Post a Comment