IntegrityFX Technical Commentary 3/30/09
By Luke Coleman, Executive Director of Strategy and Analysis


GBPUSD

On the GBPUSD hour chart, a descending channel is nearing completion. Look for a break of the top of the channel at 1.4230. This also happens to be near the 61.8 level of the Fibonacci retracement drawn on the recent upward move. If it breaks this level, look for a strong move to recent resistance at 1.4570. This is also the 23.6 level of the Fibo retracement. Look for a possible bounce after reaching this point.
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NZDUSD

There is a possible head and shoulders formation forming on the hourly NZDUSD chart, with the bottom forming at 0.5580. This point is also near the 38.2 level of the Fibonacci retracement drawn on the recent upward move. The top of the first possible shoulder is at 0.5730; if the price reaches this point and bounces, look for a move back towards the bottom of the formation. After it gets to this point, watch for the break of the formation.

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GBPJPY

The ascending channel of the GBPJPY four hour chart was just broken at 140.30. After breaking, there was a move to recent support at 136.45. Look for a bounce off this level back to recent resistance at 139.80. If it returns to the support instead of bouncing, look for a break down to the recent low at 132.30.

IntegrityFX Technical Commentary 3/30/09 نادي خبراء المال