Last week’s weekly close gave us a candlestick formation which closely resembled three white soldiers which is often a clear signal for a bullish reversal.  However, in this case as we are relatively close to an old top and the reversal could hardly be considered significant I would suggest caution using this signal in isolation.  In addition the 9 week moving average is still below the 14 week and for any medium bullish move we will need to see the 9 week move back above the 14 so that all moving averages are pointing higher.

With the chart giving us somewhat contradictory signals it may be better to wait before opening any positions as these will be influenced by the raft of $undamental news tomorrow.

In the meantime you can catch up with all the latest currency news, live currency charts as well as videos on support and resistance by simply following the appropriate links.