- GBPJPY
- GBPCHF
- GBPAUD
GBPJPY Last week, we wrote that the 4th wave correction that began on 3/5 at 221.10 is still in progress. This is the 3rd wave of the correction (C wave) and could extend to where wave A would equal wave C at 231.34. The GBPJPY has rallied through 231.34 and tested former support (now resistance) at the 2/16 low (232.14). 240 minute RSI has been oscillating near 70 since 3/20 and potential channel resistance is at current price. The pair needs to turn down from very close to current price or this rally is likely to extend to the 3/1 high at 233.54. Additional resistance is at the confluence of trendline resistance / 78.6% of 238.21-221.10 at 234.50. These lines intersect on 2/3/27. Coming under 228.09 increases the odds that the pair is headed back below 221.10.
Key Levels & Technical Indicators
GBPCHF The GBPCHF is also tracing out a corrective pattern following the January early March sell-off. The pattern could be a triangle but price must decline before 2.3920 in order for that interpretation to be correct. A rally above 2.3920 requires a more bullish interpretation, especially since price has rallied off of a double bottom and the 200 day SMA. A rally above 2.3978 argues for another high above 2.4763, since the decline from 2.4763 is in just 3 waves. In summary, watch 2.3978. A rally through there is considered bullish.
Key Levels & Technical Indicators
GBPAUD From last week, a break seems inevitable as the pair continues to hug the trendline. The pair should be headed to much lower levels now. The next major support area is the July 2006 low at 2.4237. The GBPAUD bounced from 2.4202 on 3/20 but the trend is now down. Continued weakness should probe the April 2006 low at 2.3671 in coming weeks.
Key Levels & Technical Indicators
Table
CCI(20) 20 day Commodity Channel Index
> 0 bullish
0 > bearish
> 100 extremely bullish
-100 > - extremely bearish
RSI(14) 14 day Relative Strength Index
> 50 bullish
50 > bearish
> 70 overbought
30 > - oversold
MACD ? - MACD slope (MACD MACD[1])
> 0 bullish
0 > - bearish
Mom(21) 21 day Momentum
> 0 bullish
0 > - bearish
ATR(14) 14 day Average True Range (volatility)
Medium 75th percentile* > ATR(14) > 25th percentile*
High - > 75th percentile*
Low 25th percentile* >
*measured against past 3 months
