Thursday, September 18, 2008
18-Sep Daily Forex Analysis
| by:Forexyard EUR/USD After peaking at the 1.4390 level, the pair has halted its bullish momentum and is now trading around 1.4330. Currently, all oscillators on the 4-hour chart are pointing up, suggesting that another bullish session is expected. Going long appears to be the right choice today. GBP/USD The cable extended its bullish inclination yesterday, and is now trading around the 1.8220 level. The RSI on the 4-hour chart is located at the 60 level, suggesting that the bullish move has more to go. Going long might be the right strategy. USD/JPY There is a very distinct bearish channel forming on the 4-hour chart as the pair is now floating in its upper section. However, a bullish cross on the daily chart's Slow Stochastic indicated that a reversal is imminent. Going long with tight stops seems to be preferable. USD/CHF The pair dropped 200 pips yesterday, and has consolidated around the 1.1000 level. And now, as all oscillators on the 4-hour chart are giving bearish signals, the pair seems ready to elongate its bearish move. The Wild Card Gold Gold prices rose significantly yesterday and peaked at $890 an ounce. However, a bearish cross on the 4-hour chart's Slow Stochastic suggests that a bearish correction is impending. This might be a great opportunity for forex traders to enter the trend at a very early stage. Labels: forex, Forex Analysis, FX Instructor |
posted by Matbank at 9:36 AM
