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Consistent forecasting of price movement in today's Forex market is a forgotten art
that requires a deep understanding of price structure and development. The Daily
Forecaster is a comprehensive report that guides traders through the trading day
and is based on an integrated blend of techniques perfected by veteran analyst Ian
Copsey. Based on the techniques described in his popular book "Integrated
Technical Analysis" (published John Wiley and Sons.) Ian provides his unique and
insightful 9 page daily report to a wide range of traders which currently includes
hedge funds to banks and retail traders. Take a free trial to see why so many traders
rely on his unique analysis.
Cable hits the top end of its targeted support
Posted 09-12-2008 at 05:13 AM by FX-Forecaster.com
It has taken a little longer to get there than expected, and not quite in the manner I had expected but yesterday's bounce from the long-held target at 1.7421-44 is encouraging.
Has it found a low? Well, the technical evidence suggests it is possible with bullish divergences right from the hourly chart through to the daily. However, what is missing is confirmation from price that it does indeed intend to move more strongly higher.
Until the 1.7705 corrective high is taken out we must still be aware of the risk of a blip back down to 1.7421. What is more, to break the sequence of lower highs we also need the 1.7973 high to be broken also.
So it's still a case of watching levels and the key ones are highlighted in the daily report. However, whether it gets down to 1.7421 or goes directly higher my preference remains for a major low to be in development...
Has it found a low? Well, the technical evidence suggests it is possible with bullish divergences right from the hourly chart through to the daily. However, what is missing is confirmation from price that it does indeed intend to move more strongly higher.
Until the 1.7705 corrective high is taken out we must still be aware of the risk of a blip back down to 1.7421. What is more, to break the sequence of lower highs we also need the 1.7973 high to be broken also.
So it's still a case of watching levels and the key ones are highlighted in the daily report. However, whether it gets down to 1.7421 or goes directly higher my preference remains for a major low to be in development...
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