As the market continues its sideways movement it is a good
idea to keep cognizant of important key levels of S&R as well as the 50 SMA
and 100 SMA.When markets move sideways
for an extended period of time ensuing price action on a breach of major
S&R or an MA can be quick, therefore you want to be in a position to
AUD key levels of Resistance are as follows; .9300 , .9500,
AUD key Support levels are the 50 SMA which is currently at
.9038.The next support level is at
.8890 which was the prior low and also represents the 76.4% Fibonacci Retrace
level going back to July of 2008.
The EUR is in between 2 key levels of Resistance with the
lower level handle at 1.4870 and the near term Resistance at 1.5055.If we break near term Resistance at 55 then
we expect the 76.4% Fibonacci Retrace level from July 2008, at a handle of
1.5165 to stand as the next key Resistance level.Looking north just a bit further1.5345 would represent R4
A candle appearing below the Support level of the 50 SMA
would signal a Short EUR entry. A very strong Short EUR signal would be a close
below 61.8% Fibonacci Retrace level from July 2008, which is perfectly in sync
with the prior low at 1.4621
GBP is sitting between 2 near term Resistance levels.We have R1 at 1.65, R2 at 1.66 and R3 at
1.70. the 100 day MA is sitting at 1.6404 and in line with the important
Fibonacci Retrace level of 38.2% from November of 2007.
When a 100 SMA is above a 50 SMA, as it is with the Cable,
it is usually indicative of a falling price environment.A close below the 50 SMA,currently at 1.6340
would generate a near term Short Pound entry.The next level of Support at S2 is 1.6130.A breach of S2 would more than likely send us
south of 1.60.
The longer price spends consolidating between 2 points the
more price action we expect to see when a breakout finally occurs. It is
analogous to a spring placed in a box.The longer the spring and the more coils one forces into a confined
space the more resistance the spring builds.Conversely, a short spring in the same space has less potential
energy.Break open the box and the
larger spring is going to move quicker and further than the smaller
spring.Therefore the longer we
consolidate price into a range the more price action we expect to see when it
finally breaks key levels of Support and Resistance.
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