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Thread: March 12 market commentary and technical levels

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    Denis Peganov, FXOpen Development Director cool user FXOpen Manager's Avatar
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    Default March 12 market commentary and technical levels

    Thu, 12th of March, 2009
    By Setyo Wibowo
    EURUSD Outlook
    The EURUSD had a significant bullish correction yesterday. The pair topped at 1.2862 and closed at 1.2845. We have a valid bullish channel indicating a strong bullish correction. The bias is bullish in nearest term testing 1.2988 area but the bearish scenario in longer term remains intact. Like I said yesterday, we are in a counter-trend phase and I am not the guy who like to trade a counter-trend movement. Be very careful and patient at this kind of situation. CCI about to cross the 100 line down on hourly chart suggesting a potential downside pressure testing 1.2720 support area.

    EURUSD Daily Supports and Resistances:
    • S1= 1.2686
    • S2= 1.2528
    • S3= 1.2440
    • R1= 1.2932
    • R2= 1.3020
    • R3= 1.3178
    GBPUSD Outlook
    The GBPUSD had a bullish momentum yesterday. The pair topped at 1.3886 and closed at 1.3873. Although not as strong asI am bad and I will be banned EURUSD, GBPUSD also in a counter-trend situation and this kind of market really need a lot of patient. The bias is bullish in nearest term testing 1.3900 area. Break above that level could trigger further bullish correction challenging 1.4000 area. In medium term, as long as the pair stay below 1.4000 - 1.4050 area, the scenario remains bearish. I think it's better to stay away from the market for now. CCI in overbought area and heading down on hourly chart suggesting a potential downside pressure testing 1.3750 support area.

    GBPUSD Daily Supports and Resistances:
    • S1= 1.3722
    • S2= 1.3572
    • S3= 1.3490
    • R1= 1.3954
    • R2= 1.4036
    • R3= 1.4186
    USDJPY Outlook
    The USDJPY had a bearish momentum yesterday. The pair bottomed at 97.06 and closed at 97.25. The triangle formation on hourly chart has been violated to the downside suggesting a potential bearish scenario. The bias is bearish in nearest term targeting 96.50 area. However CCI just cross the -100 line up on hourly chart so watch out for a potential upside pressure testing 97.90 area.

    USDJPY Daily Supports and Resistances:
    • S1= 96.59
    • S2= 95.94
    • S3= 94.82
    • R1= 98.36
    • R2= 99.48
    • R3= 100.13
    USDCHF Outlook
    The Greenback slumped against Swiss Franc yesterday. The pair bottomed at 1.1519 and closed at 1.1523. We have a bearish channel on hourly chart. The bias is bearish in nearest term testing 1.1450 area but remains neutral in medium term. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing 1.1600 resistance area.

    USDCHF Daily Supports and Resistances:
    • S1= 1.1469
    • S2= 1.1416
    • S3= 1.1313
    • R1= 1.1625
    • R2= 1.1728
    • R3= 1.1781
    Have a great day!


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    Default

    Although not as strong asI am bad and I will be banned
    The market acted exactly the way you predicted it was on retrace/correction

    So 2 thumps up for your work

    Best Regards

    Waleed Elgamal

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