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TECHNICAL ANALYSIS  for 05.12, 2013

EURUSD:

On H4 chart we see price has broken the blue resistance and has already reached the 61.8% Retracement of Fibonacci and the area of the upper level of the already broken triangle where it looks like the price found resistance. We also notice that the price is still conforming to SMA 150. Since the price interacted with two levels at one – two resistances – this gives bigger chance for the price to return where it has been. The Momentum Indicator, on the other hand, signalizes for a picking bullish trend. We will have a more clear idea after the release of the European and the American economic data today.

REMINDER:

USDJPY:

On H4 chart we see that the price is moving toward its bullish trend line (green) again. Having in mind that the trend line crosses the previous top of the price (blue thick line) the eventual target of the price on the bullish trend is more likely to be on the interaction point with the blue thick line. At the same time, if the price tests that area, this would give better chances to the price to bounce and not to break, because the test would depend on the forces of two supports. At the same time we have the already broken orange trend line underneath, which is an additional warranty against any strong bearish activities. The Momentum Indicator signalizes for an exhausted bearish movement.

GBPUSD:

On H4 we see that the price has confirmed a double top formation, but it does not look like the price is going to conform to this. After the price has crossed the neck line, we have a regular interaction with the bullish trend line and a bounce in bullish direction. Of course this does not mean that the price would not return back and would not break the bullish trend. It is just like it looks like the chance is bigger for this event not to occur. Furthermore, the Momentum Indicator has just crossed the 100-level line in bullish direction, which supports the bullish scenario.

REMINDER:

USDCHF:

The price is back in its bearish corridor and it has even tested the lower level of the corridor as a support. It looks like the level stood up the pressure of the price and we might see a bullish return pretty soon. The last top of the price helped us to create better frame about the corridor and its resistance level. Since the corridor is not that steep, we might be able to trade an eventual correction with going long now. If the price returns to the upper level of the corridor with the same strength as in the previous cases, this could bring us around 50 pips. The Momentum Indicator signalizes that the bearish activity is near its end.

AUDUSD:

After reaching the lower level of the bearish corridor, which is as a result of the head and shoulders formation on D1, the price created a second bottom, broke the neck line and started moving according to a double bottom formation. The minimum target of this formation would probably be around 0.9085, but since the price is located in a corridor, we might be able to seek an interaction with the green thick line if the price reaches our first target. The Momentum Indicator shows a picking bullish trend.