GBP/USD - Is It Sometimes A No Trade, A Good Trade?

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January 25, 2007

Price Action - GBP/USD. Is It Sometimes A No Trade, A Good Trade?

January 25, 2007
From The Trading Desk of Peter Bain:

Yesterday, we had quite a falling off on the pound, as evidenced by the downtrend continuation pattern. That swoon was corrected by a multi- bottom between yesterday morning and early this am. Further proof came in the form of positive divergence on MACD to price. For the time being, price has stabilized between the central pivot point and M2 on the 15 minute chart. It is too difficult at his point to call any clear direction. The Canadian dollar is hanging tough in its flight pattern. The Australian dollar is showing clear signs of topping out on the higher level charts, with the possibility of a head and shoulders pattern developing on the daily.

We’ll have a closer look at that one tomorrow. Another one to pay close attention to is the NZD/USD pair, wherein I see the potential for a top forming on the weekly chart. Negative divergence on the MACD histogram has occurred. Stay tuned for more juicy tid-bits folks. And, don’t forget to join the enlightened forex traders in the members area at www.forexmentor.com.

-Peter
forexmentor.com

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