Mocean

Mocean

Following the recent rejection of 0.82 and break of previous low 0.80869 I returned to this chart. Levels of Support now fall to 0.80646 (May-2010 Low) and 0.80224 (Equal Distance Apr-13 High)

Mocean

I'm posting this not as my prediction but rather to foster debate from the wider audience as to the merits of this TA? Forex Live posted an interesting piece on seasonal FX cycles - where history shows Jan is Bearish for Cable. www.forexlive.com I recently started researching Flagpole patterns and found this potential pattern emerging on GBP/USD Monthly....

Mocean

Equal Leg down completes current Bearish Trend opening up for a Retracement back to red zone indicated, where once again PA will indicate the Retracement is complete and look for another Equal Leg down. Note - PA in the indicated red Zone will dictate where the next leg down will start from - thereby indicating where it will complete.

Mocean

GBP/AUD - Daily MACD is finally turning after the recent big rally, suggest the fight is on for the last Candle of 2014 to set a Tech level for 2015. Daily TF multiple Doji and the last a Bullish Engulfing (but could be discounted for the day before Christmas in low liquidity). So pulling out to the weekly we see a Doji indicating equal power between Bulls/Bears...