-GBPCHF resistance at 1.7050
-GBPCAD at 55 day SMA
-GBPAUD pressures 2009 low
[B]
British Pound / Swiss Franc[/B]
The rally from the December low reached 1.75 and the advance is in 3 waves (corrective) and fits as wave 4 within the 5 wave decline from the 2007 high. It is also possible that the GBPCHF has entered into a longer term range in what ends up as a triangle or complex combination correction. Bottom line; the larger trend is bearish as long as price remains below 1.7496 and a drop below 1.5113 is expected with this level remaining intact. Resistance is above 1.7050.
[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. Range trading is the order of the day now, but a cautious bullish bias is warranted against 1.7542 in preparation for a break above 1.84.
[B]
British Pound / Australian Dollar[/B]
The GBPAUD continues lower and the larger trend is down as long as price is below 2.2880. Any advance should prove corrective and there is potential resistance from the 55 day SMA at 2.1591. This level is defended by the March 12th and 16th highs just above 2.15. A drop below 2.0225 exposes 1996 low at 1.8750.
[B]
British Pound / New Zealand Dollar[/B]
GBPNZD waves are quite clear. “A multi-year triangle has been underway in the GBPNZD and recent weakness brings forth the possibility that the triangle is complete at 2.8968. Bolstering this longer term bearish outlook is the 5 wave drop from 2.8968. Near term studies are quite oversold which supports a small wave 2 rally; resistance is at 2.6362.”
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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