-GBPCHF triangle unfolding
-GBPCAD resistance at 1.7960
-GBPAUD resistance above 2.0900
-GBPNZD tests Fibonacci resistance
[B]
British Pound / Swiss Franc[/B]
A triangle seems to be underway as a 4th wave. Triangles consist of 5 waves (a-b-c-d-e) and waves a through c are complete at this point. Wave d is unfolding now towards triangle support / congestion in the 1.6350-1.6400 zone. The next trade opportunity will be from the short side on completion of the triangle, which should take at least a week in not two weeks.
[B]
British Pound / Canadian Dollar[/B]
1.67 to 1.86 has been the range thus far in 2009 for the GBPCAD. Most recently, the pair has rolled over from a double top at 1.84. Price has pierced the 3/11 low and there is near term potential for a rebound back to 1.7960 (4/28 high) before weakness continues towards Fibonacci support at 1.7345.
[B]
British Pound / Australian Dollar[/B]
The GBPAUD continues lower and the larger trend is down as long as price is below 2.2880. Near term strength is possible in a correction and resistance begins at 2.0912. Wait for a countertrend advance to play out before attempting a short.
[B]
British Pound / New Zealand Dollar[/B]
GBPNZD waves are quite clear at the current juncture. A multi-year triangle is complete at 2.8968. Confirming completion of the triangle is the decline from 2.8968, which exhibits the 5 wave impulse pattern. I wrote last week that “a small second wave is underway now. The zone to expect a top is 2.6383-2.7342.” The pair has reached the lower end of this zone and stalled so be on alert for shorting opportunities.
Jamie Saettele publishes Daily Technicals every weekday morning (930 am EST), COT analysis (published Monday mornings), technical analysis of currency crosses throughout the week (EUR on Tuesday, JPY on Wednesday, GBP on Thursday, AUD on Friday), and the DFX Trend Index every day after the NY close. He is also the author of Sentiment in the Forex Market.
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