Technical analysis for 24.12
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Important Economic Data
EURUSD:
Again SMA150 is proved to be an opstacle for the movement of the price. On H1 chart we see that after the price interacted with the blue bullish trend, it tried a move in bullish direction but it was stopped twice by SMA 150. The price did not manage to break the level and it went back under the blue bullish trend line.
On H4 the situation is just the opposite. After the price broke the blue bullish trend line, it found support in SMA 150. So, it looks like the price is bouncing between the same moving average, but on a different chart timeframes. The price finds support in SMA150 on H4 and then the price is resisted in SMA150 on H1. Probably a break in SMA150 on one of the time frames would determine the future move of the price. Furthermore, SMA150 on H4 is under the blue trend line and SMA150 on H1 is above the blue trend line. If SMA150 crosses the blue trend line in one of the time frames, that could also be counted as a signal in the relevant direction.
USDJPY:
On H4 chart we notice that recently the price bounces into a corridor formed by the white bullish trend line and an upper blue level, which assists as a resistance. In its last bottom, the price found support in the already broken red level, which indicates the previous top of the price. In this case we might expect an increase of the price to the blue upper level of the corridor. We decided to open a lon position with a stop loss right under the bottom, where the price found support in the already broken red level. The Momentum Indicator gives vague signals for now.
GBPUSD:
The price has been consolidating for the last 6 days and the consolidation continues even now. The tops and the bottoms of the consolidation let us build two lines which form something like a flag or a triangle. These two lines are intersecting today. This means that the price would break in one of the directions today, which would probably set the end of the consolidation and we would witness a move in one of the directions. The interesting here is the attitude of the Momentum Indicator. It is crawling on the 100-level line and it looks like the instrument is extremely confused of the price’s intentions.
USDCHF:
After the price found resistance in the interaction point of the upper level of the bearish corridor (white) and the 38.2% Retracement of Fibonacci, it started an even bearish movement, which now could be expressed with a bearish trend line (blue). The price has just interacted with the blue bearish trend line and it has started a bearish move afterwards. Maybe we could try a short position with a stop loss line right above the top, which interacts with the blue bearish trend line. However, the bottoms of the bearish movement could also build a line, which is not as steep as the blue line, which means that these two lines could cross and could close a triangle. Could this be a consolidation of the previous big bullish move? Would the upper level of the bearish corridor get broken? The time will say.
AUDUSD:
On H4 we notice the bounce of the price from the lower level of the bearish corridor, which is a consequence of the big head and shoulders formation on the D1 chart. Now the price is heading to the upper level of the bearish corridor. The recent bottoms of the price could be connected into a bullish trend line (blue) which we use in order to determine the possible supports and to determine the favorable places of our stop loss orders. Now the price is located on the blue trend line and after a jump, we could use the situation to go long with a stop loss, right under the formed bottom. Then the stop loss order could be constantly adjusted.
Source From: Forex-Metal Forex Broker
http://www.topforexbrokerscomparison.com
