Peter Bain Forex Trading Commentary for Tuesday March 21, 2006
Forexmentor.com Currency Trading Price Action
I'm back on the Swissy, mainly because of what I see with the commercial sentiment (read, long the currency, but short the USD/CHF pair - extremely so). I wouldn't be at all surprised if what I see happening on the daily chart is nothing more than a downtrend continuation pattern unfolding, and that what we're seeing on the lower level charts (hourly, 15 minute) are counter-trend fake-out moves. Witness price being repelled by the 144 EMA on the hourly, and negative divergence having formed on the 15 minute. The overall trend is clearly down, if you believe what MACD is telling us on the daily.
See today's chart at: http://www.forexmentor.com/campaign/mar2106a.gif
See sample AM Review at: http://www.forexmentor.com/sampler/
I'm back on the Swissy, mainly because of what I see with the commercial sentiment (read, long the currency, but short the USD/CHF pair - extremely so). I wouldn't be at all surprised if what I see happening on the daily chart is nothing more than a downtrend continuation pattern unfolding, and that what we're seeing on the lower level charts (hourly, 15 minute) are counter-trend fake-out moves. Witness price being repelled by the 144 EMA on the hourly, and negative divergence having formed on the 15 minute. The overall trend is clearly down, if you believe what MACD is telling us on the daily.
See today's chart at: http://www.forexmentor.com/campaign/mar2106a.gif
See sample AM Review at: http://www.forexmentor.com/sampler/
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