Mar, 28, 2004 By Vikram Murarka 0 comments
FOLLOW UP - Bear SHS in Sterling?
In the last issue we had pointed out a three decade old Downtrend Resistance on the GBPUSD Monthly chart, which presaged weakness in GBPUSD. Technical Analysis is based on the assumption that ALL factors governing Price are in the Price itself and we can predict Price movements through the study of Charts. This assumption seems to be proving correct yet again. The Sterling seems to be developing a Bearish Shoulder Head on the Weekly chart (shown alongside), confirming the prognosis of the monthly chart.
If this works, Cable can fall to 1.73-1.70 over the next 4-8 weeks Negation would need a Week Close above 1.8589, as compared to the current level of 1.8158.
In our last report (23-Feb-24, US10Yr @ 4.25%), we had laid out our near term view (that the ongoing rise in the US10Yr may/ may not extend up to 4.5%), our medium term view (that the US10Yr can still fall to 3.5%) and our long term view of a rise towards 5.0% and higher going into 2025. …. Read More
After breaking above the earlier range of $70-85, Brent has moved up higher. Will it sustain and break above $90? Or will it fall back to $80/70? … Read More
Euro could not move above 1.0981 in March and has been trading well below 1.10 post the surprise rate cut by SNB last month. Will Euro continue to trade below 1.10? Or can it remain stable for a while and show a sharp breakout above 1.10? ……. Read More
Our April ’24 Quarterly Dollar-Rupee Forecast is now available. To order a PAID copy, please click here and take a trial of our service.
Our March ’24 Monthly Dollar-Rupee Forecast is now available. To order a PAID copy, please click here and take a trial of our service.