Pounds Dollars - Daily Candle Chart 13th March 2009

Pounds Dollars - Daily Candle Chart 13th March 2009

Following the hammer candle of Wednesday which was repeated yesterday the we are now seeing the British Pound rise this morning which comes as no great surprise breaking through the 9 day moving average and just touching the 14 day.   For any long term reversal we still need to see a sustained break above all three moving averages and a move beyond an initial target of 1.45.  With this morning early momentum looking increasingly tired it may be worth exploring a fade trade at the US open.   A reminder that the Friday afternoon trading session when only the fag end of the London market is open together with the last US session can be a roller coaster ride for the retail trader..    It is also worth keeping a close eye on this afternoon’s US stock market which following its recent bullish reversal may surprise everyone and simply continue its downward trend.  If this were to be case expect the dollar to benefit.

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