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FOREX RATES
AUDUSD0.9080/82  
EURUSD1.2804/06  
GBPUSD1.5413/18  
USDJPY84.29/31  
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forex technical analysis > report


2010-03-10 09:20 GMT

Short Sterling

by Charmer Charts - Carol Harmer

Download the whole report.

June hit resistance at 99.28 which gives us an excellent selling opportunity as stops can be tight above 99.30. Only a break above here allows moves to the upside to continue. If 99.28 holds then a return to the lower end of the range at 99.24/23 and eventually 99.21/20 should follow which provides excellent risk/ reward.

Sept hit 99.12 buy dipped all the way back to support at 99.08. If we hold above here look for a return to 99.12 then 99.15 for an excellent selling opportunity and stops above 99.17. Below 99.08 targets 99.05/04.

Dec held at 98.82 as predicted. Any shorts now to be covered down to 98.76. Only above 98.83 allows us to chase 98.86 then 98.88.

March hit our target of 98.46 and high ticked to 98.48 resistance to provide a nice profit for longs established the previous day. A pullback to 98.42 is possible today to give buyers another chance. Above 98.46 sees 98.48/49 then 98.52.



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