Tuesday, July 21, 2009

July 21 - GBP USD : ITD rotation seems to get clear


ITD rotation seems to be getting clearer now and I am quite comfortable with the ITD rotation per the attached chart. However, ITD 5 high has not been confirmed yet without a daily close below 1.6317, so we may still get rally higher. MTD and LTD rotation are still not clear since MTD is still in inversion time zone.

Regardless of the MTD and LTD rotation, if ITD 5 high is already IN at 1.65556, then Intermedate Term direction is DOWN to ITD 6 low due around July 31. The price level of ITD 6 low (whether above or below 1.5982) around July 31 would later further clarifies the MTD and hopefully LTD rotation.
 

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