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London Session Summary / Mar 5, 2008

Premium Market Reports by FXTechStrategy

London Session Summary / Mar 5, 2008
Thursday, March 6th, 2008 @ 12:33 am by Mihai Marinescu

Hi everybody!

Yesterday the market started pretty slow, only to accelerate later in the NY session. GBPUSD was looking good for a short-term short however the mid-term picture showed good levels for buying with targets up at 2.0350. At the time of this writing the bullish scenario was confirmed, and we are looking to set some position longs on this pair.

AUDUSD also looks like possibly having completed its retracement down at 0.9215 and the trendline break at 1.9335 confirms the mid-term bullish outlook is back on the table, with the W5 target at 0.9565.

EURUSD looked bearish in short-term, however a new push up confirmed by a short-term trendline break brought the pair to a 1.53 high. Looking overbought at the moment but no confirmation short yet.

The yen pairs looked all bullish, with targets of 207.30 on GBPJPY and 1.0475 on USDJPY (first one already reached during US trading).

Happy trading, and see you all in the room later!

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