Analysis of todays currency movements Part 1

Today, there was a huge fall in a lot of currency pairs and i hope everyone made some nice money. Usually the London session is the one with a lot of action and that was again proved yet again today where all the pairs saw a large drop during that session.

So, now, where do we go from here ? As all regular followers of this blog should already be knowing, i am not one for predicting any long term direction for any pair. I just trade what i see. I try not to have any bias and i just go by the charts and i believe that this is the best way to succeed.

But despite that, lemme try and stick my neck out and see whether i can predict the upcoming direction of currencies.

For GJ, it went down to support at 142.8 and then made a good retracement to 143.8 and now is back to 142.8. Break of this low, is a good confirmation that the downward trend would continue for some more time. This is because, it would then be showing all the trends befitting a trend continuation, which is, break of support, retracement and then continuation with the downward trend. But if 142.8 is not broken cleanly, then we should see some ranging for some time during which accmulation would take place and then we might see a slow movement upwards. But so far, things look like continuing downwards. If it does continue downwards, the first target would be 140.6.

I will analyse the other currencies and post an update in my next post.