Trade Analysis

Trade Analysis for 3 January 2008

GBPUSD

The pound behaved as expected and dropped for the day. However, there was a lack of momentum for the day and there is a bearish divergence on the 1H chart. Also, prices were unable to make a new low. The best thing to do is to stay out till things looks better.

EURJPY

Overall trend for the EURJPY would be bearish as there is a zero line cross on the MACD and a 5/8 MA cross on the daily chart. The EURJPY dropped 470 pips today and I would not expect prices to move much tomorrow. It will probably range. So, I'll probably stay out.

EURUSD


The daily chart has the MACD pointing upwards, a MACD zero line reject and 5/8 cross on the 4H and a good MACD signal on the 1H. So overall trend would be upwards and we should see it move higher tomorrow.