Top Forex Brokers:Weekly Technical analysis for 14.04 - 18.04.2014
Keywords: Forex Analysis,Forex Review,top Forex Brokers,Best Forex Brokers, forex trading strategy,forex trading system,forex trading signals.
IMPORTANT
ECONOMIC EVENTS DURING THE WEEK (GMT)
EURUSD:
After
breaking through the purple bearish trend line, the
price started bullish increase, following another
bullish trend line (orange). With the opening of the
markets this morning, the price opened with a gap of 36
bearish pips, which broke the orange bullish trend line.
Meanwhile, the Momentum Indicator was also doing a
bearish decrease, where the line has just crossed the
100-level in bearish direction. Since the price broke in
bullish direction through the purple bearish trend line
during the last week, the general movement of the price
is expected to be bullish. For this reason, we believe
that currently, the price might be doing a correction,
which might stop in some of the potential supports of
the price.
USDJPY:
As
we see, the price broke through the blue support line,
which connects the last few bottoms of the price. Right
after the break, the price started consolidating. If you
switch to a W1 chart, you will see the reason for the
consolidation. There is another support on W1 (bullish
trend), which is a result of the bottoms the price has
formed (orange) and this is where the price is
consolidating now. In other words, the price is testing
the orange level. Having in mind that the price is
testing the orange level for sixth time, we believe that
the level will probably support the price and we will
witness another bounce from the orange line. At the same
time, we see that the Momentum Indicator has also formed
a bullish trend line (blue) and it is testing it now. We
might use the indicator as a trigger of an eventual
position.
GBPUSD:
On
the D1 chart we notice that after the third bounce from
the pink bullish trend line (and also the blue bullish
trend line), the price increased and was resisted by the
1.68170 level (turquoise), which marks the previous top
of the price. A bearish bounce occurred afterwards. As
you see, the turquoise resistance and the pink bullish
trend line form an Ascending Triangle, which as we all
know, has the potential to break in both directions. For
this reason, it might be good to follow the scenario of
the Ascending triangle, until we see a break in bearish
or bullish direction, where we would be able to go short
or long respectfully.
USDCHF:
After
dropping with the pink bearish trend line, the price did
a bullish break through the trend line, where after
consolidating for a while, it formed something like a
small inverted Head and Shoulders formation. At the same
time, the Momentum Indicator was visibly slowing down
and changing its direction, which could be followed by a
rounded line (blue). Now the Momentum Indicator is about
to cross the 100-level line in bullish direction. For
this reason, we believe that the price would start
moving after the inverted Head and Shoulders formation,
where the first resistance it would meet is the red line
at 0.87970 and if the price breaks, we have another -
the turquoise line at 0.88701.
AUDUSD:
The
price is still following the blue bullish trend line and
the inverted Head and Shoulders formation respectfully.
The price has around 100 more bullish pips to take from
its current position in order to fully complete the
formation. Currently the price is trying to reach the
blue bullish trend line, where a bullish bounce is
likely to occur. At the same time, the Momentum
Indicator is following a bullish trend line too and the
indicator is currently testing the line. We would like
to remind that the Momentum Indicator could be used as a
position trigger if a bounce or a break in the trend
line on the Momentum Indicator
occur.
