Forex ForecastNOTE: The material and the Forex forecast on these pages are presented solely for informational or educational purposes. No investment or trading advice or strategy or system of any kind is being offered, recommended or endorsed by the author, Forex-Trading-Insight.com or any of its affiliates, agents or employees. Analysis for week 21, 19th to 23th of May 08I said last week that there were no clear signs of either direction and the week that passed was mixed and didn't really go anywhere. The NLL is showing good momentum up and the close on Friday was higher than previous peak, which is all good. However, we still do not have a solid close above the Pitchfork line and before this there is uncertainty. Basically we have two scenarios, either price closes above the fork and continues up or we have a bearish pennant. The probability is higher for a new run up in my opinion. You might have wondered why the break of the Pitchfork was not considered a proper break. Well, look back to the beginning of the fork that we a close to now and you will see that we also had a break then. This break was due to "imperfection" of price and simply means that we have to add more space to a later break.
For the Economic Releases, stay tuned at my Forex Calendar. The green Fibonacci Pivots will not be presented here for this week. I have moved all my Forex Trading from TradeStation to NinjaTrader and this has caused some problems with the calculation of the Pivots. If you are interested in them anyway, check the charts above. The previous Forex Forecast can be found at FOREX trading Blog.
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