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Weekly Review to -18.02.2013
EUR-USD
Weekly
Daily chart
Quote the previous weekly review:
According to the weekly chart analysis, an upward movement stopped at the 1.3700 level of resistance (You can see the weekly chart) and the price dropped sharply to the level of 1.3354, a Fibonacci correction level that is 50% of the continuous upward movement which began at the level of 1.3000 and described by the black broken line. Blocking of the current downtrend between the levels of 1.3354 and the 1.3270 (Fibonacci correction of 61.8% above the upward movement) and a reasonable return of the price upwards, has taken the price to check again the last peak level of 1.3700. On the other hand, a breaking of the price support level at 1.3270, might certainly lead to the next support level of 1.3172.
Current Review today:
The price hasbroken the level of 1.3354, but the last candle has closed above this level,while it leaves a long downtail, up tail and a small body. This candle created uncertainty. Breaching the top of this candle is reasonable to assume, will take the price to continue it’s up course to the next resistance level of 1.3484 (You can see the decline on the graph). However, breaking the bottom of this candle isreasonable to take the price course down, while a breaking of 1.3270 level, almostcertainly will lead tothe level of support at 1.3172, at the first stage.
You can see the graph here:
GOLD
Weekly
Daily chart
Quote Review last week:
The price continues to range around a reasonable level of 1672, when its boundaries are the 1630 level of support and the resistance level of 1695. A breaking of the 1630 level, will most likely lead to the next price support level of 1590. On the other hand, if the price breaks the 1695 level, it probably, will continue towards the next resistance level of 1723.
Current Review today:
A stronglevel ofsupportof1630was broken, when you can see it continues to moveaccording to its present downwards price formation structure (peaks and lows arranged in a descending order) from the last record of 1791. It is most likely to assume, that the priceis destined to reach towards the near bottom lip of the parallel channelwhich coursing down,and also being a level of support at1590. The next target level might be the next support level of 1553 and after this, the last low level of 1540.
You can see the graph here: