Gbp/usd zup & qta
Here is a continuance of our last posted daily with ZUP. We added the QTA_v4.
The QTA adjusts plots automatically, and by the time this pic was taken, the high-to-high was changed. We manually repositioned it to Feb 2nd and Apr 2nd.
The cluster for a potential turning point from 3 plots was for the Sunday/Monday period. This pair most often trades in the same direction as EUR/USD, therefore this should not be a surprise.
We can see the previously discussed trendline (0_Recation2_0) continue to act as support as price pivot up. This level is also the 38.2% retrace from Apr 16th/Apr 30th high/low, as displayed by the ZUP.
Chart 2: Application of MurreyMath1.0 also generated support at 1.61133. Likewise the HAMA_T3 on the daily. These make up a support cluster.
Currently, we see the 138.2% fib 1.61932 from aforementioned extension plot using H1, act as resistance and a TP option.
Gain from Monday open 1.61174 to resistance 1.61932 is about 65 net pips.
Last edited by fxbaja; 05-07-2012 at 05:24 PM.