Friday, April 23, 2010

EUR-USD Technical Analysis – 23 April 2010


Currency Trading For Dummies
The Euro-Dollar movement has completed for the downward and it went a little bit extra piercing on the bottom of the Bollinger Band due to strong MACD and Stochastic signal. Today's upward correction will be continued by next week, It should hit the Bollinger band (in the daily time frame) first before continuing to the upper band. Let's speculate what will next week based on the following indicator's signal.

Repetitive Chart Patterns:

  • Intermediate support/resistant fluctuation signal repetitive patterns. Historical data show time and again at least 3 mountains peak will form in the support and resistant point
  • Therefore we expect another movement up by next week to complete one more peak
MACD and Stochastic Signals:

  • Daily Time Frame: MACD Down | Stochastic Down = Signal Down
  • Weekly Time Frame: MACD Down | Stochastic Up = Signal Balance (Maintaining the level of fluctuation within support and resistant level)
  • Monthly Time Frame: MACD Down | Stochastic Down = Signal Down (Long-term trend is bearish)
Summary: The historical repetitive patterns is very important at every support/resistant level. Therefore we have to believe that by next week the EUR-Dollar should be rising temporarily to reach the middle or top of the Bollinger band line

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