For this pair the TP1 AND TP2 are touched.
Attached Image
Short term: Up Trend
Mid term: Downtrend
Long term: Downtrend
What was passed:
As we predicted in the rise in price the previous week, the price rised up to our third target with 6 pips difference at the height of 1.3494. From our buying order which were opened on 16.09.2010 at 1.3073, a part was closed at our first target by 22 pips of profit and one at our second target by 275 pips and a part is yet open to achieve higher targets.
Weekly Analysis:
The previous week price rose to the height of 1.3494 by breaking resistances 1.3095 and 1.3270 an penetrating to 1.3330 resistance. It is predicted while the uptrend line #1 and 1.2645 support are not broken yet, the uptrend is keep continuing to the determined targets.
Please mention that RSI is located in the buying saturation zone with a little penetration to resistance of 70. The price is above the WEMA21. This line can act as a dynamic support for more descent when the price falls.
Trade Recommendations:
Buy; There exists likelihood for the price to return back to our buying zone (between 1.2920 and 1.2645). In this case traders can enter the market mentioning the emerging buying symbols – which are taught at our Advanced Level Classes and Workshops – or our daily forecasts.
Technical notes:
1. 1.3095 is our first target which was the peak and resistance on 10.05.2010 and became support after being broken on 21.09.2010.
2. 1.3270 was valley on 25.03.2010.
3. 1.3330 is our second target which was peak on 03.05.2010 and resistance on 06.08.2010.
4. The trend line #1 is drawn from 1.1875 valley (06.07.2010) to 1.2645 valley (10.09.2010).
5. 1.2645 is the end point to our buying zone which was a valley on 10.09.2010.
6. 1.2920 is the beginning of our buying zone which was a peak on 18.08.2010 and a resistance on 06.09.2010 and was broken on 15.09.2010.
7. The 38% retracement resistance from 1.5140 to 1.1875 locates at 1.3125.
New Short Term Buy Orders:
TP1 (closed with profit) is at 1.3095 which was peak on 10.05.2010 and very close to 38% of retracement from 1.5140 to 1.1875 at 1.3125.
TP2 (closed with profit) is at 1.3330 which was peak on 03.05.2010 and resistance on 06.08.2010.
TP3 is at 1.3500 which is 50% of retracement from 1.5140 to 1.1875 at 1.3515.
TP4 is at 1.3695 which was peak on 14.04.2010.
TP5 is at 1.3900 which is 61.8% retracement from 1.5140 to 1.1875 at 1.3515.
TP6 is at 1.4195 which was peak on 25.01.2010.
TP7 is at 1.4575 which was peak on 13.01.2010.
TP8 is at 1.5140 which was peak on 03.12.2009.
TP9 is on 1.5350 which was valley on 24.03.2008 and support until 16.06.2008 and was broken on 08.08.2008 and act as a resistance.
TP10 is at 1.5600 which was a support on 07.07.2008 and 24.07.2008 which then was broken on 30.07.2008 and act as a resistance till 04.08.2008.
TP11 is at 1.6020 which was peak on 22.04.2008 and resistance on 15.07.2008.
TP12 in case of 1.6020 break out, refer to long term forecasts.
Short Term Sell Orders on 10.08.2010:
TP1 (is closed with profit) is at 1.2720 which was a peak at 09.07.2010 and now acts as support.
From our sell orders which were opened at 10.08.2010 at 1.3174, a part was closed with 547 pips profit and the rest were closed at 1.3073 with 101 pips frofit according t the change in the trend.
Short Term Sell Orders on 03.12.2009:
TP1 (closed with profit) is first target is at short term downtrend of line 1.4620. This is because of 61.8% of overall downtrend from 6040 to 2330. It was also support at 03.11.2009.
TP2 (closed with profit) is at 4450 which was resistance on 03.08.2009 and support at 09.09.2009.
TP3 (closed with profit) is at 4340 which was support and resistance for several times.
TP4 (closed with profit) is at 4180 according to 50% of the overall downtrend.
TP5 (closed with profit) is at 4000 which has been support and resistance repeatedly.
TP6 (closed with profit) is at 3737 which is 38.2% of overall downtrend.
TP7 (closed with profit) is at 3420 which is the result of resistance on 04.05.2009 and support at 18.05.2009.
TP8 (closed with profit) is at 3200 because of 23.6% level of overall downtrend.
TP9 (closed with profit) is at 2900 which was support at 20.04.2009.
TP10 (closed with profit) is at 2450 which is the least price in 2009.
TP11 (closed with profit with change in trend at 16.09.2010) in case of 1.2455 break out, refer to long term forecasts.
Note1: According to money management strategies, set trades with several orders (at least 11) so each order could be closed on targets, and it is recommended to set some free trades to reach to new depths.
On the other hand since these orders would remain opened for months, involved money management level should be chose at the way that makes no pressure and concern.
Note2: Set orders according to daily forecasts and attention same time short term and mid term are in the sell suggested zone to reach mentioned targets. Also orders volume could be increased if support lines and uptrend lines break out.
Note3: According to this issue that our weekly forecasts would be publish on every week Saturday and Sunday and during one week there is a probability of some change in pair’s trend, on daily forecasts short and midterm forecasts will be announce again. Keep in mind to watch the trends by use of daily and weekly forecasts.
Note4: For short and mid term trends use 4xct daily forecasts using following instruction:
On the days which daily forecast is in same direction with short term trends and simultaneously price is in entry zone for weekly forecasts you could set some free trades till price get high profits!!!
On the days which daily forecast is against short term trend and price is in entry zone of weekly forecast you can keep one or more daily reverse orders as free trades to reach higher profits!!!
To get the template file please click here.
4XCT Analysis and Forecasts Team