Wednesday, July 29th, 2009 at
6:49 pm
Pivot Point: 1.6389
S1: 1.6311
S2: 1.6267
S3: 1.6189
R1: 1.6433
R2: 1.6511
R3: 1.6555
Notes: We’ve pierced the daily pivot to the bull side and the market has rejected it. The 1.6350 level has been tested 4 times in 24 hours. If it is tested again in the next 12 or so hours, I doubt there will be enough buy orders left to support this level. Look for price to drop to 1.6250 level (1.6246 is my calculation) in the next 24 hours. Any shorts should be placed at the pivot with stops above the most recent high, or on a breakout of the 1.6350 level with stops just above 1.6389.
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Wednesday, July 29th, 2009 at
6:47 pm
Pivot Point: 1.4076
S1: 1.3957
S2: 1.3889
S3: 1.3770
R1: 1.4144
R2: 1.4263
R3: 1.4331
Notes: Look for shorts from 1.4080 with stops above 1.4110. Target 1.3957 then 1.3889. Last night, I called for this pair to drop to the 1.4000 level, and price tested 1.4000 (1.4007 actually). Nothing tells me that this pair will turn bullish today or tomorrow. Look for the turn around at the pivot point, which is in confluence with the 23.6% fib and a key S/R level.
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Monday, July 27th, 2009 at
6:41 pm
Pivot Point: 95.08
S1: 94.79
S2: 94.39
S3: 94.10
R1: 95.48
R2: 95.77
R3: 96.17
Notes: There is a significant conflict between different timeframes on the Yen. We’re trading below the pivot point, but the daily candle close was bullish (higher high and higher low). The daily is at the 50% fib however, so a turn to the downside would be understood. If this is the case, you can expect a large downward push.
Monday, July 27th, 2009 at
6:36 pm
Pivot Point: 1.6462
S1: 1.6403
S2: 1.6321
S3: 1.6262
R1: 1.6544
R2: 1.6603
R3: 1.6685
Notes: Tomorrow morning the CBI Realized Sales numbers are released. If you have current open positions, move your stops to a safe place, or close your positions. No trade recommendations on this pair tonight. Price is dancing on the pivot point. If I had to guess, I’d say that price will be Bearish tonight.
