|Silver daily chart for the past three months or so. No signs of a new bull market here. Price has yet to retrace even a Fibo 38.2% of the April and May decline.|
I'll have that song stuck in my head all day now.
Thursday, 14 July 2011
Always as a trader or analyst, use those question marks.
Daily charts for EUR/USD, AUD/USD, GBP/USD. I have more confidence in my analysis when these markets trend in synch, which they are currently not. All I can do for now is take each one at face value.
|EUR/USD is testing the trend line. Bearishly crossed moving averages indicate that the trend is down, and the way that they crossed at the same point and subsequently spread quickly, raises the odds that a strong new trend is kicking off.|
|AUD/USD continues to move broadly sideways.|
|GBP/USD. Support has held again, and the market looks to be headed for another re-test of the neckline. Failure to follow through quickly on the Head and Shoulders pattern has me questioning its validity.|