A) CALENDAR
-24/09/2007
-GMT 23:50 JPN BoJ Monetary Policy Meeting Minutes for August
-GMT 23:50 JPN CSPI (y/y), (Aug) EST 1.6% PREVIOUS 1.6%
B) SUPPORT-RESISTANCE
EURO/USD USD/JPY GBP/USD
R3 1.4155 115.30 2.0320
R2 1.4130 115.15 2.0295
R1 1.4095 114.95 2.0245
S1 1.4060 114.65 2.0200
S2 1.4030 114.50 2.0175
S3 1.3995 114.30 2.0140
C) WATCH
-Interest Rates
- (24/09/2007) GMT 23:50 JPN BoJ Monetary Policy Meeting Minutes for August
D) TRADING TIPS
Speedlines provide an innovative method for trend analysis, perfected by Edson Gould and quickly embraced by the technicians. To calculate speedlines, the total range of a trend is divinded into thirds on a vertical line. The two speedlines are plotted by connecting the origin of the range (bottom for an uptrend and top for a downtrend) and the 1/3 and 2/3 levels respectively. A price fluctuation away from the trend, which finds support the at the first (1/3) speedline, indicates that the trend continues smoothly ahead. The penetration of the first (1/3) speedline is a trend-weakening warning; the next level to watch is the second speedline (2/3). If the currency price bounces back, we may be faced with an uncertain (or consolidation) period between the first (1/3) and second (2/3) speedlines. If the last speedline gives way as well, then the next target is the origin of the range. The previous rule, that a penetrated support level will turn into a resistance level, and its converse, remain valid for speedlines. Speedlines may be applied to all charts.