EURCAD daily chart bullish warnings from June 24 have strengthened. Weekly chart is now bullish to neutral.
Archive for June, 2010
As first suggested on June 23, it looks like the counter trend rally
has ended. DOW futures last price 9981
GBPUSD daily chart is now neutral. Weekly chart remains neutral
EURUSD that has received ongoing buying support – has for now – resumed its choppy downtrend on the daily chart.
GBPAUD continues to trend well.
GBPAUD: bullish warnings mentioned earlier for the daily and weekly
GBPUSD: daily chart bullish signal continues.
I have been asked to clarify the significance of different time frames.
The bull market from early 2003 to late 2007 was a clear uptrend since there was an abundance of buyers and all time frames were going in the same direction. Daily,weekly and monthly were all bullish, but that bullish consensus amongst market participants ended in late 2007.
The market gives mixed signals these days as it’s reflecting the uncertainty in the economy. For example: if something is bullish on a daily chart but bearish on a weekly or monthly (eg EURUSD) the direction of the overall trend can be choppy and uncertain. What we do know is that larger time frames such as weekly and monthly are more influential and ultimately more important than the daily trend.
GBPAUD: daily and weekly charts give more bullish warnings.
That EURUSD buying support mentioned earlier – has returned.
Daily chart shows more bullish basing similar to before.