Markets Analysis (30/11/2012)

USDCAD (4-HOUR) SELL

Trend indicators are pointing down, wave indicators are neutral while market is overbought conditions. The chart pattern shows a falling trendline that is currently on an Up correctional wave. Given the market is overbought and there is already a down candle there now it may be a good time to Sell.  Make sure to set a stop loss slightly above 0.9960 resistance level in case the market reverses.

 

GBPUSD (4-HOUR) BUY

This could be a good trading opportunity later on. The pair is on an uptrend both due to its Trend indicators and chart pattern . It is currently experiencing its down wave correction but not yet oversold. Just monitor till this down wave is over to buy again. 

 

 

Most of the pairs have performed the wave movement that was expected in our previous days analysis and are in oversold/overbought regions so it is risky to buy or sell them. Most particular wait before buying Euro pairs or USDJPY/EURJPY which are overbought.

Read about the Trend/Wave/Extreme system here.

The following is an analysis of the currency markets using the Trend/Wave/Extreme system under a 4-hour period. You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.