Forex Daily review- 21.08.2012

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 continues its movement sideways while being consistent about holding close to the 1.2290 balance point. Descending of the price and closure of the candle under the Bollinger’s moving average will probably lead the price to a bearish move while its first target is the lower Bollinger band. On the other hand, breaching of the 1.2436 price level will probably continue towards the next resistance on the 1.2692 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 between the 1.2250 and the 1.2387 price levels for several days. Breaching the upper ranging level will probably lead the price to the 1.2444 Fibonacci correction level at first stage. On the other hand, breaking of the 1.2250 price level will probably lead the price towards the last low on the 1.2134 price 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 breached the 1.5720 price level but stopped on the trend line connecting the peaks (upper black broken line). It is possible to see that a shrinking ascending price channel was created (black broken lines) and as soon as the price will breach the lower lip of the tunnel it should create a correction move in size of between a third and two thirds of the uptrend started on the 1.5490 price level. On the other hand, a continuation of the uptrend is supposed to lead the price at first stage towards the last peak on the 1.5777 price level.

 

 

 

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 indeed reached the 1.0444 target level and even broke it, stopped on the 1.0411 price level and corrected the last downtrend which started around the 1.0530 price level. It is possible to see that at the moment a descending price structure is taking place and in addition the price is located under the Bollinger’s moving average. Breaking of the 1.0411 price level followed by the breaking of the lower lip of the ascending price channel (black broken lines) will indicate that it is possible that the price will perform a correction of the uptrend locked in this tunnel (blue broken line) in size of between a third and two thirds, meaning between the 1.0377 and the 1.232 price levels. On the other hand, breaching of the upper lip of the descending tunnel (red broken line) will probably lead the price towards the upper lip of the ascending price channel.

 

 

 

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 is clearly ranging between the 0.9700 and the 0.9810 price levels. Breaching the 0.9810 price level will probably lead the price to 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 the 0.9650 price level which is a 61.8% Fibonacci correction level of the uptrend marked in blue broken line.

 

 

 

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.

 

The price indeed based above the 78.93 price level, reached the 79.20 target and came close to the 79.80 price level. Breaching of this level will probably lead the price towards the last peak on the 80.60 price level. On the other hand, stoppage of the price at the current area and its descending under the 79.20 price level will probably lead the price to check the lower Bollinger band.