***WAS SUPER BUSY AT WORK LAST WEEK SO WAS UNABLE TO POST A BLOG EVERY DAY, MAY BE SAME STORY THIS WEEK SO I APOLOGISE NOW***
EUR/USD - Stalling Uptrend/ Sideways Range
1 Nov 2010 Daily update: Price on pair sideways ranging below 1.4000. Top of range, selling zone, is around the 1.3950-1.4050 area, buying zone is around the 1.3700-1.3800 area.
Price currently at 1.3985, well into the top of the range and just below 1.4000 so some serious selling may soon occur.
CP has not kicked any new candles out today.
Daily outlook: More indecision around 1.4000. Waiting for a confident daily close above 1.40 for at least two consecutive days + decent daily bullish candle before going long.
AUD/USD - Stalling Uptrend + Neutral Wedge Breach
1 Nov 2010 Daily update: Sideways Wedge pattern broken to upside first now price suing underside as resistance. MACD flattening, suggesting more bullish moves on the pair. No new CP signals.
MA10 flat with other MAs up, signalling stalling uptrend.
Daily outlook: Possible new rising channel with resistance at former wedge support.
GBP/USD - Uptrend
1 Nov 2010 Daily update: Price used MA50 last week as support, before bouncing up above MA10, restesting and confirming as support before bouncing up once again.
This has been quite a substantial move, over 500 pips in the last week alone.
New daily CP candle is 100% bearish and puts price back down as low as 1.5832, which would be a retest of MA10.
MACD looking bullish as it has crossed over, above zero and pointing up .
Daily outlook: Watch for re-challenge of MA10 as support, although other indicators (MAs, MACD) suggest bullish moves. Next significant resistance zone is the undersiade of former support at around 1.6280.
Last edited by candlesurfer
on Mon Nov 01, 2010 7:34 am, edited 1 time in total.