Tuesday, November 02, 2010

Forex Profit Multiplier Ends 11/04/10

Forex Profit Multiplier
FPM 2nd Chance Ends Thursday 11/4/10 @ 11:59PM EST!


EUR/USD closed lower on Monday as it consolidates last week's short covering rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a short-term top has been posted. If it renews the rally off August's low, the 75% retracement level of the November-June decline crossing is the next upside target.

USD/JPY closed slightly higher on Monday and low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging but turning neutral to bearish hinting that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted. If it extends this year's decline into uncharted territory, downside targets will be hard to project.

GBP/USD closed higher on Monday as it extended last week's rally. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, this month's high crossing is the next upside target. If it renews this month's decline, the reaction low crossing is the next downside target.

USD/CHF closed higher on Monday and the mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, the 38% retracement level of the May-October decline crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.

Gold closed lower on Monday and the low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices is possible near-term. If it extends today's rally, this month's high crossing is the next upside target. If it renews this month's decline, the 25% retracement level of this year's rally crossing is the next downside target.

Silver closed lower on Monday and the low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. If it extends today's rally, this month's high crossing is the next upside target. If it renews this month's decline, the 25% retracement level of this year's rally, crossing is the next downside target.

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