Friday’s Setups
T-bonds
(
USZ1 |
Quote |
Chart |
News |
PowerRating) remain a possible short
should they reach, and then fail to hold above, the recent high in the 107 11/32
area. An up-down move is likely to be quick, in a same-day Turtle Soup Sell
Reversal.
Also in the currencies, the
British pound
(
BPZ1 |
Quote |
Chart |
News |
PowerRating) is looking heavy out of its bearish
flag/pullback from a one-month low formation. The BP pulled back 50% of its most
recent swing down, providing a possible resistance zone. Entries below today’s
close represent a good area to test the bear flag theory. A move above 1.4450
suggests additional backing and filling (and is a place to consider placing a
stop). A move below 1.4370 works to
confirm the breakdown out of the flag formation.
Canadian dollar
(
CDZ1 |
Quote |
Chart |
News |
PowerRating)Defining
Reward/Risk Ratios With Chart Setups in the Futures Education section). In
summary, the expectation is for a bounce off the triple bottoms (includes the
April lows) before a move lower.
Contract | Symbol |
Setup |
Direction |
Trigger |
T-bonds |
( USZ1 | Quote | Chart | News | PowerRating) |
Turtle Soup Sell Reversal |
Down |
107 11/32 |
British pound |
( BPZ1 | Quote | Chart | News | PowerRating) |
Bearish Flag/ Pullback From Lows |
Down |
Below 1.4425 |
Canadian dollar |
( CDZ1 | Quote | Chart | News | PowerRating) |
Triple Bottoms |
Up (short-term, counter-trend) |
.6315 |