Weekly Review & Support & Resistance 30th April 2010

Daily Support & ResistanceDaily Support & ResistanceDaily Support & ResistanceDaily Support & Resistance

DISCLAIMER: Daily Forecaster support & resistance is an analytical tool only and is not intended to replace individual research. The support & resistance levels and indicators do not represent automatic trading signals and should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely provides this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.

© Ian Copsey 2010

30th April 2010

USDJPY

The break out higher didn’t really follow-through but returned to the 93.85-89 support… There was a double top at the day’s high but I’ve not registered this as

it wasn’t at my resistance.

FX-forecaster Trader Package now available at €20.00 pm Includes support & resistance and 6 guiding indicators: (For MT4 users)

© Ian Copsey 2010

While price didn’t follow-through yesterday I feel it will next week while the daily & weekly Clouds continue to support. Weekly & daily momentum are still

basically bullish and I see the pullback as a complex correction. Expect gains quite soon next week.

© Ian Copsey 2010

EURUSD

Price edged its way higher right up to the 1.3338-49 resistance zone where it also met with the daily Cloud. There’s no strong reversal signal at present – a mild

bearish divergence in the 5-minute chart only. The 4-hour & hourly Clouds support and may provide one final push higher but I don’t see the daily Cloud

breaking on this test…

© Ian Copsey 2010

Note both weekly & daily Clouds provide resistance. However, the daily Cloud has flattened considerably and momentum clearly slowed. The weekly bullish

divergence has deepened a little more while the daily still basically remains. However, there is a risk that the downtrend is close to completion. Shorter term we

still have price above the hourly and now 4-hour Clouds but not with much stability. Watch for an hourly bearish divergence…

© Ian Copsey 2010

USDCHF

Price continued the move lower almost to the daily Cloud support. There’s no real reversal signal from FX-f RSI so with both hourly & 4-hour Clouds providing

resistance there’s risk of another dip on Monday.

© Ian Copsey 2010

The hourly Cloud provides resistance while the 4-hour Cloud has begun to move sideways and may indicate a sideways consolidation. In the bigger picture price

has remained above the daily Cloud but has struggled to penetrate above the weekly Cloud. There is potential for a weekly bearish divergence. Neither weekly

nor daily FX-f Trailing Stop is registering a trend. I’m not sure this can move much higher…

© Ian Copsey 2010

GBPUSD

The 1.5390 resistance held to the pip and then saw a descending wedge develop that offered potential for 30 pips. It has declined to the two lower support

areas and is now edged between 4-hour Cloud support and hourly Cloud resistance.

© Ian Copsey 2010

The longer term picture shows price wedged between the weekly Cloud on top and daily Cloud below. Momentum has no particular influence and overall price

has moved mostly sideways for the past 2 weeks. Even the shorter term really displays potential for continued range trading so next week looks a bit dull…

© Ian Copsey 2010

AUDUSD

A double top at the day’s high offered 20 pips. The decline appears to be ending in a falling wedge with FX-f RSI displaying a bullish divergence. First thing on

Monday risks a possible new low but while the divergence remains there should be a pullback at least…

© Ian Copsey 2010

Everything seems to be pointing to range trading – the weekly & daily charts in particular where price has just not managed to break away from their respective

Clouds. Even the short term hasn’t really seen a break out with the 4-hour chart still oscillating around the Cloud while the hourly chart shows price having

penetrated below the hourly Cloud. It certainly has potential to go straight down to new lows – I doubt that it would be sustainable…

© Ian Copsey 2010

USDCAD

There’s not much to say about this chart. The 1.0012 support held but didn’t really display any reversal signal and just broke right above the 4-hour & hourly

Clouds back towards this week’s high…

© Ian Copsey 2010

In many ways this does look quite bullish with the biggest possible risk being further range trading as price oscillates wildly around the daily Cloud but cannot

penetrate the weekly… Hourly FX-f RSI looks strong but wait until breaks have been made to follow this higher. There is a weekly bullish divergence and daily

too…

© Ian Copsey 2010

EURJPY

It was bit of a strange day… first pushing strongly higher and then collapsing… There’s really very little indication of what it will do next but may have most risk

of consolidation for a while.

© Ian Copsey 2010

We can see from the hourly chart that price has moved back to a pivot support area. Both 4-hour & hourly FX-f RSI saw high extremes at the day’s high and this

tends to point to further gains. The only problem I see is the lack of commitment shown in the weekly & daily charts although they’re not far from breaking

higher but need to demonstrate that…

The day ended with just 2 trade set ups, both profitable and offering up to 50 pips. The week saw 16 trade set ups, 14 of which were profitable

and provided a total pool of 355 pips to bring the month’s total to 1,730 pips available at my support & resistance levels…

Take a trial of the FX-forecaster Trader Package to receive the support & resistance levels and indicators…