live forex 13-05-2014 update
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live forex EUR/USD moved in a consolidative mode, remaining below the 1.3790 (R1) hurdle. I still expect the bears to push the rate lower and challenge the support of 1.3695 (S1). However, the RSI is trying to move higher, out of its oversold zone, while the MACD shows signs of bottoming and seems ready to cross above its signal line. Thus, I would expect further consolidation or an upside corrective wave before the continuation of the decline. On the daily chart we can identify negative divergence between the daily MACD and the price action, while on the weekly chart, we see a bearish engulfing candle formation, increasing the possibilities for further declines.
Support: 1.3695 (S1), 1.3650 (S2), 1.3600 (S3).
Resistance: 1.3790 (R1), 1.3815 (R2), 1.3900 (R3)
Support: 1.3695 (S1), 1.3650 (S2), 1.3600 (S3).
Resistance: 1.3790 (R1), 1.3815 (R2), 1.3900 (R3)
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live forex
USD/JPY rebounded from the 101.50 (S2) support zone and moved higher to overcome the 102.00 barrier. Both our momentum studies continue their upside path and if the bulls are willing to maintain the positive momentum, we may see them targeting the 102.70 (R1) resistance hurdle. However, since we cannot identify a clear trending structure on the short-term horizon, I would consider the overall picture of the pair to remain neutral. On the daily chart, the MACD remains near its neutral level, confirming the trendless mode of the rate.
Support: 102.00 (S1), 101.50 (S2), 101.25 (S3).
Resistance: 102.70 (R1), 103.00 (R2), 103.40 (R3).
USD/JPY rebounded from the 101.50 (S2) support zone and moved higher to overcome the 102.00 barrier. Both our momentum studies continue their upside path and if the bulls are willing to maintain the positive momentum, we may see them targeting the 102.70 (R1) resistance hurdle. However, since we cannot identify a clear trending structure on the short-term horizon, I would consider the overall picture of the pair to remain neutral. On the daily chart, the MACD remains near its neutral level, confirming the trendless mode of the rate.
Support: 102.00 (S1), 101.50 (S2), 101.25 (S3).
Resistance: 102.70 (R1), 103.00 (R2), 103.40 (R3).
live forex
EUR/GBP moved lower and managed to break below the 0.8155 hurdle. If the rate closes the day below that bar, I would expect such a move to carry larger bearish implications and pave the way towards the support of 0.8080 (S1). The 50-period moving average remains below the 200-period one and they both point down and as long as the rate is printing lower highs and lower lows below the moving averages, I see a negative short-term picture.
Support: 0.8080 (S1), 0.8035 (S2), 0.8000 (S3).
Resistance: 0.8155 (R1), 0.8200 (R2), 0.8246 (R3).
EUR/GBP moved lower and managed to break below the 0.8155 hurdle. If the rate closes the day below that bar, I would expect such a move to carry larger bearish implications and pave the way towards the support of 0.8080 (S1). The 50-period moving average remains below the 200-period one and they both point down and as long as the rate is printing lower highs and lower lows below the moving averages, I see a negative short-term picture.
Support: 0.8080 (S1), 0.8035 (S2), 0.8000 (S3).
Resistance: 0.8155 (R1), 0.8200 (R2), 0.8246 (R3).
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