Sunday, April 18, 2010

EUR-USD Technical Analysis - 18 April 2010

The FX Bootcamp Guide to Strategic and Tactical Forex Trading (Wiley Trading)
The EUR-USD having a premature movement and now standing on very fragile support line. Skepticism still loom on next week trading session as MACD and Stochastic still having a battle against of direction against each other. At this point it is becoming more difficult to predict as buyer and sellers has 50:50 chances of gaining full domination of the market movement. Anyway based on indicators' signal we will see what happen next week.

Monthly Time Frame:

MACD = Down
Stochastic = Down
Bollinger Band = Middle
Summary: The long-term movement is obviously bearish for EUR-USD, however having a position at the middle line of the bollinger band very critical as the market may move either way.

Weekly Time Frame:

MACD = Down
Stochastic = Up
Bollinger Band = Bottom
Summary: Intermediate-term MACD and Stochastic still having contra-direction, maintaining the balance of power between the bull and bear. This maintain the strong fluctuation activities within support/resistant level at 1.3660 and 1.3291. However Bollinger band at the bottom may only trigger movement to the middle by next week.

Daily Time Frame:

Stochastic = Up
Bollinger Band = Middle
Summary: Short-term signal favor bullish trend as both MACD and Stochastic is moving upward direction. However the bollinger band position is middle band which is premature. So movement further down is not impossible.

Overall Summary:
Counting the candlestick for next is very important, because the market is highly unpredictable as all are hanging in the balance without strong bias towards one direction. So if the first day candlestick (Monday) is up there is a strong bias that the second day (Tuesday) candlestick will also be up. Otherwise if it goes down then it should be falling back deep to 1.3291

So we wait for the week ahead.!!

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