Forex Daily review- 16.08.2012

The price is currently located at the same place where it started the current trading day while leaving a long shadow behind (a failing attempt of the buyers to set a direction). The descending of the price and the closure of the candle under the Bollinger’s moving average will probably lead the price to the lower Bollinger band. On the other hand, breaching of the 1.2436 price level will probably lead the price towards the closest resistance on the 1.2692 price level.

 

The price came back to the 1.2290 balance level, while this is used for a long period as a basis for its movements up and down. Descending of the price and closure of a candle under the Bollinger’s moving average will probably lead the price to a Bearish move with first target on the lower lip of the Bollinger band. On the other hand, breaching of the 1.2436 price level will probably lead the price towards the next resistance on the 1.2692 price level.

 

  

The price is located now in the middle of the range of the Bollinger bands while it is located above its moving average (Bullish market). Breaching of the 1.2367 price level in a proven way will probably lead the price to check the 1.2444 price level again. On the other hand, stoppage of the price at the current area and its descending under the 1.2250 price level, will probably continue the downtrend while its first target is the last low on the 1.2134 price level

 

On the last trading day the price has performed a descending move and at the moment it is holding on the ascending trend line which is connecting the lows (purple line connecting between points 2 and 4). Breaking of the trend line and the 1.2250 price level will probably lead the price to the last low on the 1.2134 price level at first stage. On the other hand, stoppage of the price on the mentioned trend line and breaching the 1.2367 price level in a proven way will probably lead the price for another checking of the 1.2444 price level.

 

The price is ranging while performing sharp movements between the 1.5577 and the 1.5720 price levels, while proven breaking of the 1.5720 will probably lead the price towards the last peak on the 1.5777 price level. On the other hand, stoppage of the price at the current area and its descending under the Bollinger’s moving average will probably lead the price to check the 1.5577 support level.

 

It is possible to see how the Bollinger bands are closing on the price and preventing wide movement to one of the directions. Breaching of the 1.5720 price level will probably lead the price towards the last peak on the 1.5777 price level. On the other hand, breaking of the 1.5658 price level which is use as a support level, will probably lead the price to the next support on the 1.5577 price level.

 

 

 

The price has broken the 1.0500 price level and we can see that a descending price structure was created. It is possible to assume that its closest target will be the 1.0444 support level, while breaking it will probably lead the price towards the lower lip of the ascending price channel (black broken lines).

 

The price has performed a correction in size of between a third and two thirds of the downtrend which started on the 1.0540 and still located under the Bollinger’s moving average. Breaking of the 1.0500 price level in a proven way will probably lead the price towards its first target on the 1.0444 price level. On the other hand, if the price will receive its support on the 1.0500 price level and its establishment above the Bollinger’s moving average, will probably lead the price towards the top Bollinger band.

 

 

 

The price is standing in front of the 0.9750 resistance level while its breaking will probably lead the price to check the 0.9810 price level again. On the other hand, stoppage of the price at the current area and breaking of the 0.9700 price level will indicate that the price will go down to check the 0.9650 price level, which is a 61.8% Fibonacci correction level of the uptrend marked in blue broken line.

 

The price has breached the 0.9750 price level and climbed to the top Bollinger band, but stopped under it. Breaching of the 0.9810 price level will probably lead the price for a checking of the closest resistance on the 0.9866 price level. On the other hand, breaking of the 0.9700 support level will probably lead the price to check the 0.9650 price level, which is a 61.8% Fibonacci correction of the uptrend marked with blue broken line.

 

 

 

The price has breached the 78.70 resistance level and it looks like it is going back to check if it can be used as a support. If the price will stop at the current area and go back to the 78.93 price level and above it, it is possible to assume that in first stage it will check if the 79.20 resistance level.

 

The price went back and breached the 78.93 price level, if it will succeed to base above this level, it will make its way at first stage to the 79.20 resistance level, and the breaching of this level will lead the price to the 79.80 price level. On the other hand, only a descending of the price under the 78.46 price level will bring the price back to the ranging area between the 77.94 and the 78.70 price levels.

 

 

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