Friday's fall from 6692 Hi hastened by the worst than forecast -0.4% fall in 3rd Qtr Uk Gdp has altered the technical outlook somewhat following the rapid rise off 5707 recent swing low. The move down has resulted in a Daily bearish thrust candle close on Friday engulfing the previous 3 day's candles, and a pinbar candle on the Weekly T/f....The Daily and Weekly charts below show the area of potential resistance @ that 6692 hi from where the selling started and included the 76.4% fib fan of the 7044-5707 move down, as well as the Weekly descending potential resistance trend line, in the previous Daily swing hi=previous resistance=potential resistance zone..
http://i36.tinypic.com/55l8wj.gif
http://i34.tinypic.com/2h6a6g9.gif
Effectively the top of the right shoulder on the Weekly H&S formation was the area of the 6692 Hi before the 393pip fall on Friday, which sliced through both the 23.6% and just through the 38.2% fibs of the 5707-6692 rise as well as any ascending potential support trend lines on 1hr and 4hr t/f's. Price has also gone below the last 2 x HL's of the 1hr/4hr uptrends. The drop also breeched the 100sma's on the 1hr and daily t/f's, with price settling just below the 200sma on the 1hr also, back inside the descending price channel on the Daily t/f.
Below current price the zone marked as a on the 4hr chart below is a previous swing lo=previous support=potential support zone that is co-existant on the 1hr t/f also, and below here the previous swing hi=prev res=potential rbs zone marked as b that is co-existant on the Daily t/f. The fibs shown on this t/f are the unbreeched retraces of the 5707-6692 move up.
http://i36.tinypic.com/29p3u5d.gif
(100sma = yellow line, 200sma = red line)
Potential sbr/res can be more readily seen on the 1hr t/f with a fib drawn from the 6692 hi to the current lo.
Xe.com are already quoting 6409 (??) against a Friday close (dependant on broker) of around 6305-10 http://i33.tinypic.com/ippr4h.gif Certainly there are extreme oscillator readings on 1hr with the sub 1hr beginning to exhibit regular divergence readings, and the 4hr hidden-divergence building:
http://i38.tinypic.com/2ql5zk0.gif
G/L to all for the forthcoming week's trading.
http://i36.tinypic.com/55l8wj.gif
http://i34.tinypic.com/2h6a6g9.gif
Effectively the top of the right shoulder on the Weekly H&S formation was the area of the 6692 Hi before the 393pip fall on Friday, which sliced through both the 23.6% and just through the 38.2% fibs of the 5707-6692 rise as well as any ascending potential support trend lines on 1hr and 4hr t/f's. Price has also gone below the last 2 x HL's of the 1hr/4hr uptrends. The drop also breeched the 100sma's on the 1hr and daily t/f's, with price settling just below the 200sma on the 1hr also, back inside the descending price channel on the Daily t/f.
Below current price the zone marked as a on the 4hr chart below is a previous swing lo=previous support=potential support zone that is co-existant on the 1hr t/f also, and below here the previous swing hi=prev res=potential rbs zone marked as b that is co-existant on the Daily t/f. The fibs shown on this t/f are the unbreeched retraces of the 5707-6692 move up.
http://i36.tinypic.com/29p3u5d.gif
(100sma = yellow line, 200sma = red line)
Potential sbr/res can be more readily seen on the 1hr t/f with a fib drawn from the 6692 hi to the current lo.
Xe.com are already quoting 6409 (??) against a Friday close (dependant on broker) of around 6305-10 http://i33.tinypic.com/ippr4h.gif Certainly there are extreme oscillator readings on 1hr with the sub 1hr beginning to exhibit regular divergence readings, and the 4hr hidden-divergence building:
http://i38.tinypic.com/2ql5zk0.gif
G/L to all for the forthcoming week's trading.
ex member
