Candlestick Forecast for 26 June 2008
1. GBPUSD
At the time of posting
- Market is overbought
- Incomplete Dark Cloud Cover: sell on confirmation – to watch for additional bearish activity.
YESTERDAY
- Piercing line confirmation: weakening market
2 DAYS AGO
-- Bullish Candle
3 DAYS AGO
--- Inverted Dark Cloud Cover, but since the current black candle has opened within the body of the prior session, still need to be caution, but it is very much a Sell Signal.
4 DAYS AGO
---- Bullish Candle
---- Harami Black Cross Continuation: Overbought Market
---- Thrusting Line Continuation: Overbought Market
---- Bullish Harami Line Continuation: Overbought Market
===============
Pivot is 1.9720
Short positions below 1.9795 with targets @ 1.9685 & 1.966 in extension.
Despite choppy price action the overall structure is bearish while below 1.9800. The pair has been in a downtrend since posting highs by 2.0400 back in March. Daily studies are beginning to show signs of rolling again but not from any significant levels. Fresh shorts are in play from 1.9760 with the market well overextended intraday.
1. GBPUSD
At the time of posting
- Market is overbought
- Incomplete Dark Cloud Cover: sell on confirmation – to watch for additional bearish activity.
YESTERDAY
- Piercing line confirmation: weakening market
2 DAYS AGO
-- Bullish Candle
3 DAYS AGO
--- Inverted Dark Cloud Cover, but since the current black candle has opened within the body of the prior session, still need to be caution, but it is very much a Sell Signal.
4 DAYS AGO
---- Bullish Candle
---- Harami Black Cross Continuation: Overbought Market
---- Thrusting Line Continuation: Overbought Market
---- Bullish Harami Line Continuation: Overbought Market
===============
Pivot is 1.9720
Short positions below 1.9795 with targets @ 1.9685 & 1.966 in extension.
Despite choppy price action the overall structure is bearish while below 1.9800. The pair has been in a downtrend since posting highs by 2.0400 back in March. Daily studies are beginning to show signs of rolling again but not from any significant levels. Fresh shorts are in play from 1.9760 with the market well overextended intraday.