Weekly Indicator Review and Outlook

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Sat, Mar 13 2010, 00:48 GMT
by Ian Copsey

FX-Forecaster.com | View company’s profile

SUMMARY

The week provided a long period of consolidation that finally saw the Dollar break supports on Friday to extend losses. The outlook remains bearish in the short term and probably for a week or two at least. However, this is viewed more as a correction within the underlying uptrend and therefore the decline is expected to remain quite erratic and choppy. Care is therefore advised over this duration.

Please see the attached PDF file for details of the entire 9 currency pairs.

Good trading for the coming week.

Kind regards

Ian Copsey

AUDUSD

A double top just below the 0.9195 resistance that offered 20 pips. Overall the 0.9163-70 area proved to be pivotal over the day, first finding the broad area tough to overcome and then became the trough area for the double top. Once this broke price moved back down to bounce from the early morning low. Price is still hugging both hourly & 4-hour FX-f Equilibrium Clouds but finding the weekly Cloud tough to penetrate.

There are mixed signals here. There is a potential double top in the 4-hour/hourly charts and a weak looking bearish divergence in the 4-hour chart. The weekly FX-f Equilibrium Cloud also provides resistance still. If there is a pullback lower it is likely to be brief and given price is above the daily Cloud the emphasis overall remains higher.

Over the day the support & resistance in the majors were not too good and price patterns were few & far between. There were 4 trade set ups, all profitable, and provided up to 65 pips profit. Over the week the support & resistance identified 28 trade set ups of which 25 were profitable and provided a pool of 625 pips of opportunities. This has brought the monthly total to 1,160 pips.

Full details of the range of 9 currency pairs are available in the attached PDF file.

Have a great trading week.

Ian Copsey

• Weekly Indicator Review and Outlook 12th March 2010

Published on Sat, Mar 13 2010, 15:19 GMT