“INDICATOR OF THE DAY” - HIGHS & LOWS
More often than not, using a daily high or low as an indicator can be the most effective form of technical analysis. Even non-technicians are well aware of this simplest form of technical analysis and use these levels in their day to day trading. One of the key levels to watch over the coming session is undoubtedly the 1.6665 high in Gbp/Usd set back on June 3. The level represents a recent trend high, the high for 2009, and the highest point since October, 2008. With the market so well supported over the past several days and the 1.6665 high well within reach, we would not at all be surprised to see this level tested on Friday. Our in-house proprietary contrarian model shows a dramatic increase in shorts on Friday, which suggests that there is still more room for upside ahead. This helps to reaffirm our contention that the 1.6665 could very well be tested on Friday.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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Joel Kruger publishes 6 daily pieces:
“Tech Talk” – A Daily Video Highlighting Technical Developments in the Overnight Session of Trade.
Monday-Friday (between 5:30am-6:30am EST)
“Morning Slices” – Morning Overview using Fundamental, Technical, Flow, and Quantitative Analysis (Includes “Trade of the Day”).
Monday-Friday (between 6:30am-7:30am EST)
“Indicator of the Day” – A Feature Report that Highlights our Most Significant Technical Indicator of the Day.
Monday-Friday (between 8:00am-9:00am EST)
“Midday Snapshot” – A Midday Fundamental Update, along with Technical Analysis of Selected Rates.
Monday-Friday (between 10:30am-11:30am EST)
“Scandi Daily” – A Specialized Daily Fundamental and Technical Overview of the Nordic Currencies. (This report is only distributed through email. Please contact [email protected] if you would like to be added to distribution.)
Monday-Friday (between 11:30am-12:30pm EST)
“Daily Classical” – A Daily Technical Overview of the Major Currencies.
Monday-Friday (published between 2:00pm-3:00pm EST)