Join The Community

Search

Monday, 14 March 2016

GBP/USD Analysis









General overview for 14/03/2016:

The corrective cycle for wave 4 is still in progress and so far only the a wave of the overall cycle had been made. The next wave is the wave b that should re-test 50%Fibo at the level of 1.4151 before the next impulsive leg will develop. The projected target for wave 4 is at the level of 1.4666, but this corrective cycle might evolve into more complex and time consuming pattern.

Support/Resistance:
1.4666 - Projected Target for Wave 4
1.4643 - WR2
1.4537 - WR1
1.4325 - Weekly Pivot
1.4216 - WS1
1.4151 - 50%Fibo

Trading recommendations:
Daytraders should buy the dips in this market while the wave b is in progress with SL below the level of 1.4150 and TP at the level of 1.4666.




0 comments:

Post a Comment

Note: only a member of this blog may post a comment.

 
Don't Forget To Join US Our Community
×
Widget