4hr charts W pivots

As usual the 4hr charts show the importance of the W pivots (please note this historical pivot indi does not show the mid pivots), support and resistance levels and the number of trades that can be expected in a week (2-5).

Weekly summary

GU - The weekly has failed to close above the recent highs for two weeks now. There is a major resistance level going back to April/May 2011. The D chart shows this failure clearly. Negative divergence is showing, the close is a 3 bar reversal, RSI crossed lower and we are on the 8lwma. Monday will show its flow and whether support at 1.6700 will hold. Bias down.

EJ - The strong move up on the D slowed on Fri. Would still expect the recent highs at 145.00 to be challenged. Bias up.

EURAUD - D closed positive after the hammer off the support level. RSI on the 50 level but has not crossed higher and we are below the 8lwma. No bias can go either way from here.

AUD - The strong D close above 0.9070 seems to have rejected on Fri. The strong move up has moved us far from the 8lwma and RSI from its signal line. At this stage no reason to believe this is anything other than a pause in uptrend. The 1hr has broken the higher high higher low flow so we'll have to see if NFP has started a true change in direction.

4hr charts W pivots

The 4hr charts again show the same general kind of picture being:

- in general 2-5 trades in a week
- the importance of support and resistance levels
- the importance of the w pivots
- how well higher lows/lower highs and 3 bar reversals work (closes that are either higher than the two previous candle closes or lower than the 2 previous candle closes)