TRACK RECORD - Currencies
| May | Jun | Jul | Aug | Sep | Oct | Nov | |
|---|---|---|---|---|---|---|---|
| Total Trades | 2 | 1 | 3 | 1 | 2 | 5 | |
| Profitable Trades | 2 | 1 | 3 | 1 | 2 | 5 |
Trend, Momentum, and S/R Levels
Review of previous Analysis:
S/R Levels – Correct - Price took support exactly near first level of 79.
Direction View - Mostly Correct - We expected downfall till Jan 2014 in our 14 Oct post, prices did fell till our first support of 79 but a bottom is now visible at 79 and prices may not fall further.
System Analysis:
Trend: Up
Dow Cycles |
Analysis |
|---|---|
Minor |
Turned up from bottom, expect more rise in prices |
Intermediate |
Midway crawling, needs a clear movement for a clear indication |
Major |
Midway down, no indication |
Conventional Technical Analysis:
Bearish setups –
1. Price is still below speed resistance lines
Bullish setups –
1. Price has crossed above 30 DMA
2. Price has taken support at its long term moving average
3. Price has taken support at 38.2% retracement level
4. Inverted hammer at previous candle
Price has mostly bullish signals.
Key S/R Levels:
• Resistance Levels: 80.9 - 82.3 - 83
• Support Levels: 80 - 79
Risk: Buyers may not see a dip.
View and Recommendations: Downside seems to be over. Price is above supports of 79 and 80, and System Analysis as well as conventional TA both are indicating bullishness. Next major upside level is 83 which Dollar can achieve by Dec/Jan 2013 on condition that it remains above 80. Avoid short selling, buy on dips.
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