Daily & Weekly TA from FBS

[TamingSari]

Ishimoku. Weekly forecast. GBP/USD

2010-07-05 13:19

Weekly GBP/USD.

Bulls continued to restore British pound. As expected, the prices were directed towards weekly Standard line (4). However, the prices will have to face firstly the bottom line of the Ishimoku Cloud.

Despite the formation of white candle, Tenkan-sen headed downwards (3) indicating the possible soon reversal of the short-term trend.

Senkou Span A (1) also quitted equilibrium mode and kept declining making the range of descending Cloud bigger.



Daily GBP/USD.

As it was expected, on the daily chart the prices managed to push off from the upper border of the Ishimoku Cloud before resuming the rebound. In addition, the Turning line acted as an additional support. (3).

During the past week Preceding lines intersected and switched the Cloud upwards (1, 2).

The recent upper border of the Cloud is likely to play the role of resistance for further growth. At the beginning of the next week the pair may consolidate at its current levels. However, taking into account positive market sentiment (growing Tenkan and Kijun) it’s possible to assume that the consolidation will end in favor of the bulls.

 

[TamingSari]

Ishimoku. Weekly forecast. USD/JPY

2010-07-05 13:25

Weekly USD/JPY.

Bears are winning at the USD/JPY market during the third week in a row. Closed under the Ishimoku Chart they began attacking with greater force. As a result the rate dropped by more than 230 pips and got again close to the historic minimums.

Ishimoku Cloud turned downwards last week – Senkou Span A went down (1). Tenkan-sen and Kijun-sen that have the same levels also left the horizontal area and began declining (3).



Daily USD/JPY.

On the daily chart the situation didn’t change – the market is still strongly bearish. The Ishimoku Cloud’s descending and the Preceding lines are going further down (1, 2).

Tenkan-sen and Kijun-sen are still directed downwards (3, 4) and hold tightly the formed ‘dead cross’ pattern.

Never the less, last Friday’s candle may stop seller’s gaining and make the market consolidate.