Auslanco - GBP/JPY and GBP/USD (newstrade)

Quoting OrionsWay

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heres a week sup/res and time

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Quoting karmostaji

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We will see 217 sooner than everyone here expects, my 2 cents

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Quoting kujo17

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I think, going by the daily chart here.....

http://forexfactory.com/attachment.p...3&d=1203096858

we see about 208 by Tusday's NY session.

We could see lower if the Dow tanks on Tuesday.

we'll get a 61.8 retrace to 208.9 and probably a few spikes down below.

I'll set my sights on 208 to go long.

205 area if we get news/Dow issues.....

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Quoting quecee5

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Very possible. . .
If price stays above weekly 5SMA, Weekly pivot and break out of this triangle then yep u are correct.

If price breaks below the aforementioned, then it could be another ranging week initially. . .

A couple of key things to watch this week, enjoy the articles. . .

UK – British economic event risk will revolve around key Bank of England Minutes on the 20th and a highly-anticipated Retail Sales report on the 21st. BoE Minutes typically force major volatility across British Pound currency pairs, but this particular release may be of decreased significance following the recent Bank of England Quarterly Inflation Report. That said, traders may nonetheless respond to any surprises in the BoE’s voting to cut rates by 25 basis points at its February 7 meeting. Strong dissent in favor of unchanged interest rates would easily force a short-term rally in the GBP, while a unanimous vote in favor of the rate cut may have the opposite effect. The next day’s Retail Sales data may likewise drive major moves across British Pound currency pairs. Current consensus forecasts call for a healthy rebound in retail sales, but any disappointments could easily cause a GBP selloff. The opposite of course remains true, and a strong release would boost outlook for UK economic growth.

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Quoting karmostaji

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We will see 217 sooner than everyone here expects, my 2 cents

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Quoting quecee5

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Question for Pipschick. . .

Am I seeing this wrong?
Would this imply bearish sentiments since GJ has broken the Neckline (211.80 area)? Would u expect it to go back and challenge the neckline before heading lower? Or am I way off base, just trying to recognize some of these patterns. . .

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Quoting karmostaji

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We will see 217 sooner than everyone here expects, my 2 cents

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Quoting kujo17

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I'm in total agreement with your karmo.
I just think we'll see the mid 208's on this push down, before turning around, early to mid week.

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Quoting quecee5

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Added volumes at the bottom of the chart. . .
Looks like the last up-move (RS) was based on diminishing volume, therefore I'd like to see GJ trading above that neckline and 200 EMA before taking any position otherwise I'm short biased on any failed rallies. . .

5 SMA = white
200 EMA = yellow line

The last time GJ traded above the 200 EMA decisively on 4hr chart was Nov 2007, food for thought!

Would love to see an objective argument why people believe GJ will either continue south short-term or head toward 217. . .

Not interested in comments without data/charts to support your argument either way!

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Quoting kujo17

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My thoughts/argument are this.

We had that very bearish candle two days ago.
We dropped to 50% retrace of the last move up.

The move up prior to the last LL hit the 50% and 61.8% fib retrace a few times throughout that week of trading.

on the 1H chart, the last bar failed to close back above the 38.2 fib. and it's a Lower High.

the 61.8 fib retrace of the last bigger move up, is a strong S/R point.
S3 at 209.5 was also strong S/R area.

208.45 is next strong S/R area and I think we'll bottom out there, IF we get to it.

I stll think this retrace is coming down, as we hadn't had a full retrace in days.

Also, the Daily chart that I've posted a few times with 3 sets of Fibs on it, just screams 208.5 area to me.

Obviously, with some Dow/Options Exp. issues, we could see lower, but if not, that is where I'll watch things.

When the 4H charts CCI and ZL Stoch move up, I'll start to look long.

kj

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Quoting ultimate

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The whole world got stopped out it seems. :-)

http://quote2.fxtrek.com/misc/fxcm2.asp

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Quoting ultimate

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The whole world got stopped out it seems. :-)

http://quote2.fxtrek.com/misc/fxcm2.asp

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