Murray Math Lines 19.07.2011 (GBP/JPY, USD/CHF, GOLD)

Analysis for July 19^th, 2011

GBP/JPY

The price was forming some kind of correction during the last several days, which may be a sign of the growth up to the 5/8 level at least. It’s very important how the price is moving near daily Super Trend. If the price breaks is and fixes itself above it, bulls will get their chance.



Bulls are trying to break Super Trends’ lines at the H1 chart. If they succeed, the price will be able to move to the 5/8 level. When the price reaches it, we will know what to expect. And if the price breaks this level, it may grow even higher.

USD/CHF

The way the price is moving during the last several days looks more like the correction than the rising movement. At the daily chart the target is still the 0/8 level, where Take Profit for sell orders is. We may expect down-trend to resume its movement within the next several days.



The correction may come to its end, so I’ve decided to open the second sell order. Protective stop and Take Profit are the same as the first order. In the near term, the price may fall to the -2/8 level. If it happens, the lines will be redrawn.

GOLD

GOLD is establishing one price record after another. The target of the growth is still the 8/8 level with the Take Profit on it. However, one should take into account that the market has reached the 7/8 level, which sometimes can stop significant price movements. One is advised to be very attentive under the circumstances.



This morning I’ve opened one more buy order, the fourth total. The price has reached new maximum again, and the level 7/8 as well. I moved stop on all orders to the latest minimum, in order to protect a part of profit, ‘cause if the market rebounds from the 7/8 level, the correction may take place.