Market Insight
The Hourly Trend is Sideways Up while 23900 level holds. NZD is the Strongest Cross and is GBP is one of the Weakest Cross now during Asian Session .The Hourly Oscillators are bullish but Overbought ADX falling with the price and the price is approaching the MA. GBPUSD is trading at Res Zone 1 but we believe the upside may be limited and NZDUSD is trading above Res Zone 1. GBPNZD is breached the Sup Zone 1. We believe it is due for some correction and should have some pullback downside.
Patterns
We believe the Hourly Price has topped for some pullback and to support our statement the price should not trade above 24225-60 levels. As we are trading on the assumption of the pullback for correction Cautious approach is needed.
Today’s Strategies
We prefer to SHORT near 24140-24200 with a STOP @ 24265 with a profit target of 24030-23990 levels. This has to be a fast trade as we are trading on pullback.
Published on Thu, Sep 3 2009, 06:19 GMT
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