Pounds To Dollars - Daily Chart 2nd July 2009
Yesterday’s candle on the daily chart for the pounds to dollars pair failed to provide any clear signal to the likely future direction for the pair, ending the day as a small doji balanced neatly on the 9 and 14 day moving averages. The only significant analysis would be that this failed to provide any confirmation or otherwise of the bearish signal of Tuesday which came about as a result of the horrific GDP data released in the UK. Today, of course, the short term direction of the US Dollar will largely be dictated by a combination of the Non Farm Payroll figures, which if they follow the pattern of yesterday’s ADP figures, may well provide a shock to the market, and the ECB rate decision and statement. These two factors will provide a powerful cocktail of volatility which will make any trading virtually impossible and a total lottery. In the short to medium term today may well set the tone and trend moving forward and could well provide the trigger needed to break the current slough of sideways trading.
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Yesterday’s candle on the pounds to dollars daily chart did indeed close the session with a heavily bearish flavour as evidenced by the deep upper shadow and small lower body, a classic shooting star signal and once that we need to consider carefully as a possible early warning. The price action in creating the candle [...]
Published on Tue, 30/06/09 |
Pounds To Dollars Daily Chart
Yesterday’s doji candle on the pounds to dollars chart continued to reinforce the triangle pattern which is now extremely well defined and converging in an ever tighter point towards the 1.65/1.66 price region with the 9 and 14 day moving averages now superimposed. This picture has been dented somewhat by this morning’s price action where [...]
Published on Mon, 29/06/09 |
Pounds To Dollars Daily Chart
Friday’s candle once again confirmed the sideways consolidation of the last few weeks with the daily chart now forming into a strong triangle, of which Friday’s high further reinforced the upper perimeter. The low of the day once again found support from the bunched 9 and 14 day moving averages reinforcing my view that when [...]
Published on Fri, 26/06/09 |
Pounds To Dollars Daily Chart
Yesterday’s candle on the pounds to dollars pair added further weight to the consensus view, that any breakout from the current pennant formation, when it comes, will be to be to the upside. The reason for this analysis is simply that in the last 10 days of sideways trading five of the candles have deep [...]
Published on Thu, 25/06/09 |
Pounds To Dollars Daily Chart
Yesterday’s candle on the pounds to dollars daily chart has provided us with several interesting points to consider from a technical perspective as the pair continue to consolidate into a pennant formation. The first, and perhaps most obvious point, is that yesterday’s candle ended as a doji shooting star, a classic sign of weakness and [...]
Published on Wed, 24/06/09 |
Pounds To Dollars Daily Chart
The pounds to dollars pair continues to consolidate sideways in the 1.625 to 1.666 region, moving towards an ever smaller trading range as we approach the point of the pennant pattern which is now emerging on the daily chart. Yesterday’s candle provided further evidence that when the breakout occurs this may well be to the [...]
Published on Tue, 23/06/09 |
Pounds To Dollars Daily Chart
Dollar
Today the currency market can best be described as combination of mirage, mischief and mayhem in equal measure and a circus to boot with the two ringmasters of the ECB and the Federal Reserve currently cracking the whip. Any attempt to trade on logic, either fundamental or technical is doomed to failure as central banks [...]
Published on Mon, 22/06/09 |
Pounds To Dollars Daily Chart
Cable ended last week on a fifth day of consecutive sideways movement opening the trading session marginally below the 9 day moving average and closing above, but once again failing to breach the technically important 1.66 price region. Interestingly prices once again found support from the 9 day moving average maintaining what appears to be [...]
Published on Fri, 19/06/09 |
Pounds To Dollars Daily Chart
An interesting week for the pounds to dollars pair on the daily chart with yesterday’s candle once again suggesting that the British Pound still remains in the ascendancy against the US Dollar for several reasons. Firstly the low of the day closed on the 9 day moving average which once again seemed to be providing [...]
Published on Thu, 18/06/09 |
Pounds To Dollars Daily Chart
The pounds to dollars pair continues to consolidate sideways in a tight trading range with both the 9 and 14 day moving averages now virtually indistinguishable from one another. Yesterday’s erratic price action was symptomatic with both the British Pound and US Dollar subject to the vagaries of the ebb and flow of fundamental news [...]
