Daily Market Analysis by Real-Forex
Tracking the EUR/USD pair
Date: 02.07.2012 Time: 17:53 Rate: 1.2589
Daily chart
The price has stopped at the 1.2436 price level and created a large green candle in the weekend. Breaching the 1.2750 price level will indicate that an uptrend is building up while this level is the neckline of the “Double bottom” pattern which has a target around the 1.3090 price level. On the other hand, if the price will not break the 1.2750 price level and will move downwards under the 1.2436 price level will indicate that the price will descend at first stage to the last low on the 1.2290 price level.
You can see the chart below:
4 Hour chart
Date: 02.07.2012 Time: 18:07 Rate: 1.2586
Last Review
It is possible to see that the price stayed under the Bollinger’s moving average which is used as a dynamic resistance, as long as the price is under this MA it is located in the bearish area of the Bollinger bands. Breaking of the 1.2440 price level will probably lead the price towards the “Wolfe waves” pattern target on the crossing of the price with the line connecting between points 1 and 4 (around the last low at the 1.2290 price level). on the other hand, stoppage at the current area will sign that it is possible to see a correction in size of a third of the last downtrend (blue broken line), meaning the 1.2560 price level.
Current review for today
The price has stopped at the 1.2440 support level, jumped to the 1.2690 price level and stopped at this level while correcting the last move upwards by exactly 38.2%. Stoppage of the price at the current area and its breaking of the 1.2690 price level will probably continue the uptrend while its first target is the last peak on the 1.2750 price level. On the other hand, breaking of the 1.2580 price level will probably continue the correction with targets at the 1.2550 and the 1.2516 price levels.
You can see the chart below:
GBP/USD
Date: 02.07.2012 Time: 18:19 Rate: 1.5690
4 Hour chart
Last Review
It is possible to see that after the price has stopped at the 1.5540 price level for the first time, it made an ascending move towards the trend line connecting the lows (the line connecting between points 2 and 4) and stopped at this area. It is possible to assume that the short move upwards was actually a correction to the last downtrend (red broken line) and as it is written on yesterday’s review, breaking of the 1.5540 price level will probably continue the downtrend towards the “Wolfe waves” pattern target around the 1.5400 price level.
Current review for today
The price went back to the 1.5540 support level and went back to check the trend line which connects the lows (points 2 and 4). Breaching of the 1.5716 price level will indicate that it is possible that the price will check again the last peak on the 1.5777 price level. on the other hand, breaking of the 1.5660 price level will indicate that the price is headed towards the closest support on the 1.5613 price level.
You can see the chart below:
AUD/USD
Date: 03.07.2012 Time: 22:17 Rate: 1.0248
4 Hour chart
Last Review
The price is currently struggling at the 1.0075 price level in its attempt to breach it. Proven breaching of this level will indicate that it is possible that the price will continue towards the last peak at the 1.0224 price level. On the other hand, stoppage of the price at this area and breaking the 0.9980 price level will lead the price towards its first target on the 0.9940 price level, this is the “One in, one out” pattern target (red broken lines). Breaking of this level will probably lead the price towards the 0.9900 price level, this is a 50% Fibonacci correction level of the uptrend described with blue broken line.
Current review for today
The price did break the 1.0075 price level and reached the target of the last review on the 1.224 price level and even passed it. At this point the price is checking whether the resistance level can be used as a support, while breaching of the 1.0278 price level will continue the current uptrend. On the other hand, breaking of the 1.0224 price level will indicate that it is possible that we will see a correcting move towards the 1.0171 price level at first stage, this is a 38.2% Fibonacci correction level of the move upwards )blue broken line).
You can see the chart below:
Daily Market Analysis by Real-Forex
