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Nicole Elliott from Mizuho Corporate Bank at 01/20/10


Comment: Having correctly spotted that the ‘hammer’ at the record low at 1.5100 in January 2009 marked an important turning point and the start of a multi-year rally, upside progress has so far been negligible. Trapped under the weekly Ichimoku ‘cloud’ and retracement resistance, sterling has now formed a shallow ‘double bottom’ against Fibonacci support at 1.6250. A weekly close above 1.7000 should add a little more upside pressure for a squeeze back up to 1.8000. Much later on we favour a rally to the psychological level at 2.0000.

A weekly close below 1.6000 would force us to review.

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