Daily Forex Markets Analysis (14/3/2013)

Read about the Trend/Wave/Extreme system here.

Another day of gains for the US against most currencies following its correction over the past 2 days. The GBP which has been collapsing has managed to make some gains. Does this make the GBP a good sell opportunity now? We investigate the setups and Trend/Wave/Extreme indicators.

EURJPY (4-HOUR) BUY

Why Buy

– An up trend pattern

– Trend indicators pointing up

– All but one extreme indicators are pointing oversold

– Down correction should be over as shown by the two consecutive up candles

– Support found at the 23.6% fibonacci level

GBPUSD (4-HOUR) Possible Sell

Why Sell

– A continuous down trend

– All trend and all but one wave indicators pointing down

– The pair has undergone a significant correction

Note: Keep an eye on this pair before selling as since it is not oversold further upwards correction may occur.

Do have a look at the EURGBP for a possible buy as well as it is oversold while the trend has not yet cleared out.

Read about the Trend/Wave/Extreme system here.

The following is an analysis of the currency markets using the Trend/Wave/Extreme system . You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.