Wednesday, May 6, 2009

GBPUSD

Hello!

It seems that tuesday indecision bar just was a fake reversal signal and price went up a little bit. The next resistance level could be 1.5200 as round number but I don't see anything that could stop this uptrend, giving us the possibility to reach my projection target around 1.5350


Now we have an overbought stochastics and still divergence on MACD. Price could retract but I'm positive about May 11th as reversal day. A trade trigger could be a crossover on stochastics.

Tomorrow I'll post an update about AUDUSD that seems is working like a clock. The USDCAD doesn't behave as expected, fortunately I didn't enter the trade but sooner or later price is going to go up, maybe tomorrow.