|GBP/JPY Wave Analysis for August 20,2012|
|GOLD Intraday Technical Analysis|
After breaking through the resistance of its bullish channel, the spot rate made a pull back and is testing now the upper limit of the channel at 98.60, suggesting a decline. However, a break of these levels will release a good potential and initiate a more violent bullish trend.
Technical indicators approach overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase of these days. Stabilization is expected in a short term. Furthermore superior band strengthens the intermediate resistance supporting the assumption of a violent movement in case of a break.
The spot rate tests its resistance that is why we recommend 2 scenarios: the first one is the hypothesis of a decline where we advise a sell on the level of 98.60 with the 1st objective at 98.00 and then at 97.80. A breakthrough 98.80 will invalidate this scenario. The second scenario is the hypothesis of a break of its resistance then we recommend a “buy stop”. We suggest to buy the spot rate as soon as it is broken through its resistance of 98.60 with the 1st objective at 99.20 and then at 99.40. A breakthrough 98.40 will invalidate this scenario.
Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Albert Fitoussi
|InstaForex Group © 2007-2013|
|Recommend: Forex Analytics|
USD/JPY intraday technical levels for May 20, 2013
2013-05-20 07:57:18 UTC+00 16 hours, 50 min. ago
|Views today 719|
GBP/USD. Forecast for May 20, 2013
2013-05-20 09:20:59 UTC+00 15 hours, 27 min. ago
|Views today 699|
EUR/USD. Forecast for May 20, 2013
2013-05-20 08:53:06 UTC+00 15 hours, 55 min. ago
|Views today 766|
EURUSD: Daily analysis for May 20, 2013
2013-05-20 07:55:10 UTC+00 16 hours, 52 min. ago
|Views today 659|
EUR/USD: weekly technical levels for May 20 -- 24, 2013
2013-05-20 10:39:34 UTC+00 14 hours, 8 min. ago
|Views today 702|