Wednesday, May 22, 2013

EUR GU EJ 22 May

MPC minutes this morning and Bernanke testifies this afternoon (each around 90 minutes after their respective markets open).

EUR - D closed positive but not entirely convincing. We have not had any pullback for a 4-7 day turn, i.e. no double bottom/higher low. Take a look at the D chart on most turns you'd have some kind of final attempt in direction of trend. 4hr flow higher high higher low. 1hr showing upper wicks at W M3 1.2932. 1hr positive close would see retest of yesterdays high/W M3, a negative close would change the flow down again. No bias as we can obviously go in either direction. I would suspect down at some point as the move up is either a rally in down trend or we need a move down to complete a 4-7 day turn.

GU - D lower high engulfing negative close. 4hr lower high lower low flow in place, positive divergence showing. A positive close on 1hr would be a higher low following divergence. Bias is down though.

EJ - D closed positive with a small range. 4hr showing moves up largely happening during Asian session recently. We have closed at the highs/W M3 and need to see the reaction. A smaller reaction lower (that we are currently seeing) may see highs fail for move up.




No comments:

Post a Comment