SENSEX 30
DIVERGENCE IN INDICATORS...

Market is trading volatile range bound since March 07 beteen 13400 and 12316. The decline from 14723 to 12316 is the Wave A, unless we wont see any sustain above 13400 until then we wont see the Wave B. Wave B will take us to the level of 13800 which is the 61.8% fibo resistenc eof 14723-12316 decline and 14200 which is the 78.6% fibo resistence of 14723-12316 decline. From there we'll see the Wave C another fall. And indicators like Daily RSI, CCI and MACD you'll see the Divergence. This will expose the above mentioned level like 13800 and 14200.

GBP/CHF - 4 HRS CHART
WAVE C IS IN UNDERWAY...

The GBPCHF is also tracing out a corrective pattern following the January – early March sell-off. The rally off of 2.3287 is in 3 waves and may be complete. A rally above 2.4142 shifts focus to the 61.8% of 2.4756-2.3287 at 2.4192, but the C wave decline that will take price under 2.3287 may already be in progress. Price is currently broken and trading below a short term trendline.

GBP/AUD - DAILY CHART

WEAKNESS CONTINUES IN WAVE 3...

I remain bearish following the break of the longer term trendline support few days ago. Weakness is likely to extend in a 3rd wave to the 161.8% extension of wave 1 (2.5490-2.4663) at 2.3671. We’ll look for a corrective 4th wave to follow.

USD/CHF - DAILY CHART ***

A DOUBLE ZIGZAG PATTERN...

The USDCHF continues to mark time between primarily 1.2100 and 1.2200. Well the decline from 1.2570 is the shot term Double ZigZag correction which have completed at 1.2029. And now we're seeing the breaking of potential trendline drawn off of the 2/12 & 3/12 and lets see will it give the the enough confidence for the upside.

NZD/JPY - 4 HRS CHART

PAIRS HOLDS 82.22 AND EXTENDS 5 WAVE UP...

NZD/JPY pair holds the 82.22 and along with that it confirmed that we're in 5 wave up. And now its somewhere near to completing the Wave 5. 4 hrs RSI foremd the Divergence in Overbought region and even MACD too, this itself gives the clear signal of the Wave 5 top is near. And then we expect the Corrective waves (A-B-C) for the 5 wave up. 85.12 is the very strong support indeed, a crack below 85.12 is the clear signal that Wave 5 is completed and it will head into te Corrective moves.

Here ae the 4 hrs Indicators Divergence

AUD/NZD - DAILY CHART,

A POSITIVE DIVERGENCE ON DAILY...

AUD/NZD pair is stuck in nice consolidation since September 06. Now we're seeing a positive divergences on Daily charts just look out the indicators like RSI, MACD and CCI. As long as it stays below 1.1477 and stays above 1.1141 we see the further consolidation. Well even this pair formed the Inverse Head and Shoulders patten. The head is 1.1052 and the two shoulders are 1.1143 and 1.1141. If the 1.1141 takes off then we see the failure of Inverse Head & Shoulders pattern. And if it cacks the 1.1477 then we get the completion of Inverse HNS pattern. A move above 1.1477 will give the enough confidence to test the level of 1.1661. Well my Inverse HNS target will be 1.1902 cluster resistence (61.8% fibo resistence of 1.2451-1.1052 decline at 1.1917) and 1.1956 high of Sept 05, 2006.

Here are the Daily Indicators Positive Divergence...

NZD/USD and AUD/USD - 4 HRS CHART

A BIG EXTENDING RSI DIVERGENCE...

Well here i posted NZD/USD an AUD/USD 4 hrs chart along with 4 hrs RSI indicator. Just check out the chart, you can see a bigger extending RSI divergence. So in the coming hours i expect the fall in this two pairs. NZD/USD pair holding the strong support at 0.7081 and anything below this level will lead to the bigger corrective moves as same with AUD/USD pair and this pair got stronger support at 0.8067. Just watch out these levels very carefully.

USD/JPY - 4 HRS CHART
FINALLY THE BREAKOUT IS HERE...

USD/JPY pair got the breakout from 118.47 and also from the Ascending Triangle which is started at 115.16 on March earlier. From here on i put my target at 121.62. 4 hrs RSI is just inching closer to the ovebought region and here i expecting the divergence somewhere in the region of overbought, which tends to correct higher. But lets see wheather this breakout is just a fake/false breakout or the real one to stay.

USD/CAD - 4 HRS CHART
IS 1.1497 IS THE BOTTOM OF WAVE 5...

USD/CAD pair went 5 wave down from 1.1812 which started in March 07. Currently it made the bottom at 1.1497 here i labelled as the end of Wave 5 but still its not confirmed yet. For that it need to sustain above 1.1570. 4 hrs RSI is hovering at 50 level. The next big resistence is at 1.1635 which is the Wave 4 top. And the key support is lied at 1.1525 which is the end of Wave 3. Well if 1.1497 is the confirmed bottom of Wave 5 then the current ongoing rally is the Wave A and then Wave B and C, which correct the 5 wave down.