MTI Analyst Articles

Support & Resistance

Support confirmed by Indecision

May 11, 2010

Gary Fichardt - FxBigDog

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Chart Analysis

One thing is clear, the GBPUSD is bearish overall, but the question is when is it going to break short?

The daily chart in certainly showing indecision at key levels of support, and the only time when you should be paying attention to indecision is when you find it at support or resistance.

The price at 1.4782 is the Intermediate swing low and you can see how the market has closed up higher both Friday and Monday

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Analysis

If the market holds above 1.4782, we could see a move to 1.5122 before heading down south. At that level we will convergence of the 618 Fib and old support with the downward trend-line all at one place, confirming strong resistance.

Any bearish candle formation once 1.5122 is hit, could be the finally confirmation before the dip to 1.3900 in the long run. what is going to be important to see today, is how the daily closes out.

All of the analysis is done using the MTI 4.0 charting software, practice these, and other great strategies for FREE, by downloading a 14 day trial of MTI 4.0 charting.

Market Forecast

	EUR/USD	GBP/USD	USD/JPY	USD/CHF	USD/CAD	AUD/USD	NZD/USD
Resistance 3	1.3816	1.6456	98.89	1.1603	1.0994	1.0000	0.7522
Resistance 2	1.3694	1.5816	97.81	1.1421	1.0871	0.9855	0.7442
Resistance 1	1.3358	1.5523	94.78	1.1267	1.0779	0.9385	0.7324
Current Price	1.2744	1.4865	93.73	1.1076	1.0218	0.8966	0.7187
Support 1	1.2457	1.4782	91.55	1.0723	0.9930	0.8706	0.6963
Support 2	1.2336	1.4476	88.14	1.0504	0.9814	0.8577	0.6853
Support 3	1.1612	1.4396	84.79	1.0132	0.9702	0.8156	0.6807