Sterling and Aussie are Under Pressure
22 February 2012 11:10:25 WIB
GBP/USD
Correction occurs on GBP/USD and moving at the range 1.5733 – 1.5788. 4 hours stochastic and CCI are oversold and we will try to look for bullish signals from both of the indicators before the support at 1.5733 breaks. If so, GBP/USD possibly will be bullish especially if the resistance at 1.5788 breaks. In that scenario, bullish move is expected to the next resistance at 1.5879.
The bullish scenario mentioned above will fail if the support at 1.5733 breaks. In that case, sterling potentially will weaken to the next support at 1.5642.
AUD/USD
Australian dollar remains under bearish pressure. Hourly stochastic and CCI are still moving upwards so we are expecting a pullback move to the resistance area at the range 1.087 – 1.0735. As consideration, this area can be our reference to look for bearish signals.
The bias will turn to bullish for AUD/USD if the resistance at 1.0735 breaks. In that case, AUD/USD possibly will be bullish to around the next resistance which is located at the level of 10.814.
