Peter Bain Forex Trading Commentary for Tuesday May 16, 2006
Forexmentor.com Forex Trading Price Action
Technically, the Swissy is still in a downtrend, according to the weekly and daily charts. That said, the 4 hour chart showed some strength last night, going into today's session. That was dissipated by MACD negative divergence well after the London open - facilitated by a spinning top at R1 (a resistance level).
A combination of a common sense trendline break and Joe Cheung price projection, coming into today's session, offered up a cool 50 pips, before the divergence kicked in at 6 am ET.
See today's chart at: http://www.forexmentor.com/campaign/may1606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Technically, the Swissy is still in a downtrend, according to the weekly and daily charts. That said, the 4 hour chart showed some strength last night, going into today's session. That was dissipated by MACD negative divergence well after the London open - facilitated by a spinning top at R1 (a resistance level).
A combination of a common sense trendline break and Joe Cheung price projection, coming into today's session, offered up a cool 50 pips, before the divergence kicked in at 6 am ET.
See today's chart at: http://www.forexmentor.com/campaign/may1606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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