Monday, April 11, 2011

4/11 Forex

No currency pairs have changed phase so far today.

EUR/GBP broke above the 55-day price channel, but the average directional index (adx) is declining, so the pair's bull phase, which ended April 5, has not yet resumed.

By the way, despite all of the EUR/USD jittery headlines today, the pair has paused at the upper end of Friday's huge rise. In terms of price-channel analysis, EUR/USD is still going strong in bull phase.

For awhile this morning, before New York opened, the EUR/USD chart showed a beautiful little doji on the candlestick, prompting me to tighten my stops.

USD/JPY is the more problematical position, as it is on track for three lower highs and three lower closes in a row. This on a bull phase that is relatively new, dating back to April 1. Even so, USD/JPY remains in bull phase according to my trading rules.

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