Forex Trade Alert for – Symbol = EURAUD
SELL FOREX SIGNAL
<Forex Trade Alert for Wednesday Jun 24, 2009>
On Jun-24-2009 a candlestick formation confirmed a sell signal. A sell signal was also confirmed when this CURRENCY PAIR EUR/AUD closed below 1.7488 on Jun-24-2009. 4xGENIE Action: ==> Sell this currency pair at 1.7401. Stop at 1.7830. Wave 3 could drop down to 1.7233 or to 1.67380. The market closed below the top fibonacci fan line. Prices should find support on the middle fan line. NOTE: A consolidation of price movement or a price correction may be underway.
TRENDLINE ALERT: Support level of 1.7526 was broken today. Look for a possible drop to the next support level.
Next Day Trading Ranges for Wednesday Jun 24, 2009
The 20 day moving average of the daily trading range is 239 pips and the 60 day moving average of the daily trading range is 251 pips. This shows that volatility has decreased in the short term. The percentage of downdays when the open/high ratio is less than 25% is 47.92 percent. This means that if this currency pair EUR/AUD does not rise more than 60 pips from the opening price then there is a 47.92 percent chance that this will be an downday.
The [R3] or the most extreme high trading range is 1.8065.
The [R2] or the extreme high trading range is 1.7917.
The [R1] or the high trading range is 1.7697.
The [P] or pivot point is 1.7549.
The [S1] or the low trading range is 1.7329.
The [S2] or the extreme low trading range is 1.7181.
The [S3] or the most extreme low trading range is 1.6962.
Next Day Alternate Stops for Wednesday Jun 24, 2009
The red line to the right on your chart is an extreme support or resistence level for the next trading day.
A good alternative stop is one which is placed just beyond this extreme support/resistance level.
In this particular case if the price rises above 1.7830 then that would show momentum against 4xGenie’s short position and that would be a break out to the upside.
Please Note: These support/resistance levels are calculated by using the previous day’s trading range. Normal volatility may cause a breakout of this value once every 4 or 5 days when prices consolidate.
Alternate stop: 1.7300
Current Day Trading Session:
No signs of downward momentum at this time.
Next Day Trading Session:
If the next day’s close is below 1.7406 then that could be a sign that new downward momentum is beginning.
4xGenie Support Team
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