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Tracking the EUR/USD pair
Date: 21.08.2012 Time: 18:04 Rate: 1.2479
Daily chart
Last Review
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.
Date: 21.08.2012 Time: 18:04 Rate: 1.2479
Daily chart
Last Review
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.
Current review for today
The price is looking like breaching the 1.2436 price level and it is possible to assume that its establishment above this level will continue the creating uptrend, while its first target is the closest resistance on the 1.2560 price level. On the other hand, in case the price will go back under the 1.2436 price level will indicate that the range will continue between this level and the 1.2290 price level.
You can see the chart below:
4 Hour chart
Date: 21.08.2012 Time: 18:11 Rate: 1.2480
Last Review
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.
Current review for today
Indeed the breaking of the 1.2387 price level led the price to a sharp move upwards which reached the target of yesterday’s review on the 1.2444 price level and even breached it. Its closest target at this point is the 1.2517 price level, which was taken from the depth of the range (light blue background) and its throw upwards. It is possible to assume that before reaching the target, the price will perform a technical correction in size of between a third and two thirds of the uptrend started on the 1.2290 price level.
You can see the chart below:
GBP/USD
Date: 21.08.2012 Time: 18:21 Rate: 1.5786
4 Hour chart
Last Review
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.
Date: 21.08.2012 Time: 18:21 Rate: 1.5786
4 Hour chart
Last Review
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.
Current review for today
The price has breached the 1.5745 price level which is used as the neck line of the “One in, one out” pattern (blue broken lines), while its target is the 1.5816 price level. It is possible to see that the price has breached the last peak on the 1.5777 price level, at this point the price might perform a correction of the last uptrend which started on the 1.5674 price level and its depth will be in size of between a third and two thirds of the uptrend.
You can see the chart below:
AUD/USD
Date: 21.08.2012 Time: 18:29 Rate: 1.0492
4 Hour chart
Last Review
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.
Current review for today
The price has breached the upper lip of the descending price channel (red broken lines), but returns now to check if this trend line can switch positions and be used as a support line. In case it can, breaching the next resistance on the 1.0540 price level will probably lead the price to a continuation of the uptrend towards the last peak of the 1.0613 price level. On the other hand, its return into the descending tunnel and another breaking of the 1.0444 price level will probably lead to a correction in size of between a third and two thirds of the uptrend which is locked in the ascending price channel (blue broken line), probably to the area between the 1.0377 and the 1.0232 price levels.
You can see the chart below:
USD/CHF
Date: 21.08.2012 Time: 18:35 Rate: 0.9626
4 Hour chart
Last Review
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.
Current review for today
The price has breached the 0.9700 price level and reached the target from yesterday’s review, the 0.9650 price level. By breaking this level, the price will probably continue towards the next support on the 0.9564 price level, while in first stage it is possible that the price will perform a correction in size of between a third and two thirds of the last downtrend.
You can see the chart below:
USD/JPY
Date: 21.08.2012 Time: 18:42 Rate: 79.33
4 Hour chart
Last Review
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.
Date: 21.08.2012 Time: 18:42 Rate: 79.33
4 Hour chart
Last Review
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.
Current review for today
The price is ranging now between the 79.20 and the 79.80 price levels while it is possible to how the Bollinger bands are closing on the price and reducing the volatility. Breaching of the 79.80 price level in a proven way will probably lead towards the last peak on the 80.60 price level. On the other hand, it is possible to see a technical correction in size of between a third and two thirds of the last uptrend which started on the 78.15 price level.
You can see the chart below:
Important announcements for today:
13.30 (GMT+1) CAD – Core Retail Sales (Monthly)
15.00 (GMT+1) USD – Existing Home Sales
19.00 (GMT+1) USD – FOMC Meeting Minutes
