I missed out to make an analysis for this week forex trading session due to my short vacation. So this is just a continuation for the rest of 2 days left before the weekend. As you may notice the market is gradually moving in small scale within the range of 50-60 pips and there is not yet significant breakout for this week.
The current situation is very tricky as the market nearly touch down on the last support level 1.2027. Traders becoming very cautious fear the unexpected correction might take place anytime soon. That fear is display by strong volatility of price actions fluctuating within the identical length of support/resistant in the hourly time frame. On the other hand gradual movement downward also signal strong continuation towards that support level. Especially with the head and shoulder chart formation on daily time frame providing clear hint of that intention.
So here is the analysis:
Daily Time Frame:
Stochastic = Down
MACD = Down
Bollinger Band = Bottom
Summary = Support continuation of bearish trend
Weekly Time Frame:
Stochastic = Down
MACD = Down
Bollinger Band = Bottom
Summary = Support continuation of bearish trend
Monthly Time Frame:
Stochastic = Down
MACD = Down
Bollinger Band = Bottom
Summary = Support Continuation of Bearish trend but the Bollinger Band signal is a little bit oversold that might trigger unexpected significant correction
Chart Formation:
Daily time frame chart formation is head and shoulder which means it support further downward continuation.
Subscribe to:
Post Comments (Atom)
Popular Posts
-
Trade result for EUR-USD and AUD-USD on the 4th June 2016 As expected the EUR-USD and AUD-USD should go for major correction after an ex... -
Let's take a look at the historical chart of the major currencies traded in Forex over the course of 37 years period since 1978 until pr... -
Strong bearish signal has pushed the EUR-USD deep to oversold position, but is it going to stop soon when the Euro Zone market open or conti...
-
MACD Settings:- First EMA = 12 | Second EMA = 26 | Signal EMA = 9 Stochastic Settings:- Period = 5 | Average Period Fast = 7 | Average Pe... -
MACD Settings:- First EMA = 12 | Second EMA = 26 | Signal EMA = 9 Stochastic Settings:- Period = 5 | Average Period Fast = 7 | Average Pe... -
MACD Settings:- First EMA = 12 | Second EMA = 26 | Signal EMA = 9 Stochastic Settings:- Period = 5 | Average Period Fast = 7 | Average Pe... -
EUR-USD trading last Friday 19 Feb 2016. There is a strong sentiment the EUR-USD might be heading for major correction upside as the MACD an... -
MACD Settings:- First EMA = 12 | Second EMA = 26 | Signal EMA = 9 Stochastic Settings:- Period = 5 | Average Period Fast = 7 | Average Perio... -
The movement is now totally out of hand. Volatility is unpredictable and yet it is vigorously moving up and down between support and resista... -
MACD Settings:- First EMA = 12 | Second EMA = 26 | Signal EMA = 9 Stochastic Settings:- Period = 5 | Average Period Fast = 7 | Average Pe...
No comments:
Post a Comment