The following are technical levels derrived from ProSticks & Ichimoku for Friday, June 13. Please check back in two hours for the Friday video reports at approximately 9:00am EDT.
Chart is getting very bearish ahead of weekend’s G-7 meeting. Yesterday’s low was supported by previous important modal support 1.5350 (Pls refer 05/08 commentary).As commented before, taking out 1.5350, 1.5190 will be around the corner. Kumo upper band is levelling at 1.5650. This level may become historical top limit. At this level, risk to reward for being short is about 1:2. We would suggest jumping back on the bear train at or about kumo lower band 1.5520. If fill, stop at 1.5660.
Yesterday’s low was only 10 pips away from our projected support at 1.9440. (Pls refer to 06/11 commentary). Chart is getting very bearish and our bearish view is confirmed. If Gbp retraces for whatever reason before G-7 meeting, be short. Ichimoku fast line 1.9600 will be good level to build short position. If filled, stop at 1.9750.
Market flushed down and dipped into kumo confirmed top. Sell on rally. Ichimoku slow line 0.9470 will be good level to build short position. If filled, stop at all time high at 0.9650. Be a bear.
We were right that the bullish US undertone remain unchanged. Market tested our projected resistance at 108.10 again. Aggressive trader can stop buy at 108.20 if this level is violated for over an hour. If fill, stop at 106.70.
We were short at 866.00 level. Maintain strict stop at kumo lower band 885.00.
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