Market Outlook-Friday the 13th, ‘09. OOooh!

Well, it is friday the 13th today and does that mean bad luck? Well, superstitions aside, market is the market and what we do is what we do. I am a total agonistic when it comes to such superstitious beliefs and lets be accountable for our own actions and events in our daily lives

Well, what could be bad news for us is that we don’t have much news happening today, which is pretty unusual on a friday. As for our major fundamentals we could be watching, there is the G7 meeting which is happening all day. This could prove some erratic choppiness, but i don’t foresee major whipsawing.

I will be personally looking to buy Gbp/Usd today. I am cautious should there still be downside to the downtrend formed a few days ago. But overall, if this is the bottom for this short correction, i can foresee a nice rally retesting 1.4420 and then the 1.45-46 level.

You can easily that once the uptrend channel was broken, there was a nice steady downtrend(though much faster than the uptrend, as always) and now that the downtrend channel resistance too has broken, there could be an uptrend forming.

The fib 1h support is next seen at 1.4340 level and if it bounces off that, i will take a buy. I have placed a buy limit order there.

Bottomline

Buy Gbp/Usd

At 1.4300-1.4340 level, TP 1.4420, BOW 1.4500

Happy trading,
Seeni

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