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Thread: Re: Forex Technical Analysis by IFC Markets

  1. #21
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    Forex Technical Analysis GBP/USD 2013-10-16

    The longer term resistance zone at 1.6335/1.6253 where previous peaks formed, drove the pair below 20 and 10 SMA at 23.6% of 1.4828 to 1.6253, at 1.5919. In the last two weeks a possible reversal also increased downside chances, however surging trend line remains solid as prices failed to breach support at 1.5919, backed by 50 SMA providing an extra support at 1.5805.
    Looking at the oscillators, RSI(14) has correctly provided a bearish divergence as prices consequently declined but at the moment is neutral.

    See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-16

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    Forex Technical Analysis USD/JPY 2013-10-17

    In the longer term we have plotted a potential symmetrical triangle shape which increase chances of continuation of the last year’s initiated up trend. We would be watching the falling and surging trend lines and upside breaching would confirm theory. On the contrary downside break would increase bearish chances but we would seek for more indications to follow.
    In the intraday, bias is to the downside and should the 97.72 fail to hold it then we expect prices to move as low as 97.21.

    See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-17

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    Forex Technical Analysis USD/CAD 2013-10-18

    Recently established bearish structure drove prices to support at lower Bollinger band at 1.0279 and in the intraday has extended in sideways between 1.0299/1.0279. Downtrend has increased chances for lower ground although risk of NFP may hold the USDCAD in that consolidation zone until Tuesday.

    MACD confirms negative structure of the price pattern since it is below zero and lower than its signal line. However, the Stochastic is bullish amid has just escaped oversold territory and heading upward while RSI(14) is declining but just dropped below 30 line, providing us conflicting signals.

    See more: Forex Technical Analysis US DOLLAR / CANADIAN DOLLAR 2013-10-18 | IFC Markets

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    Forex Technical Analysis EUR/USD 2013-10-21

    Positive structure in the currency pair remains strong with recent lift to 10-month peak at 1.3701. Prices are also waving above the SMAs increasing further bullish chances confirmed by rising trend line.
    The Average Directional Index confirms the price pattern by indicating strong upside. However, we have the first weakness signal by Relative Vigor Index, bearishly diverging from price arrangement, suggesting that a corrective dip could be on the way but no contrarian expression justifies that.

    See more: Forex Technical Analysis EURO / US DOLLAR 2013-10-21 | IFC Markets

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    Forex Technical Analysis AUD/USD 2013-10-22

    The currency pair has been consolidating just below 161.8% Fibonacci extension of 0.9535 to 0.9278, at 0.9678 with longer term structure being bullish. Moreover, the 100 and 50SMAs formed a golden cross increasing chances for further highs.
    Looking at the oscillators, MACD confirms the positive price pattern, however the Stochastic at extreme peaks suggesting being contrarian although not confirmed by OsMA.

    See more: Forex Technical Analysis AUSTRALIAN DOLLAR / US DOLLAR 2013-10-22 | IFC Markets

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    Forex Technical Analysis USD/JPY 2013-10-25

    The currency pair is testing the surging up trend line at 97.00 of a potential symmetrical triangle pattern. According to the theory the triangle is a continuation pattern thus the uptrend line could hold prices and induce them to test falling trend line at 99.00 since previous trend was up. However, in case of falling below 97.00 we would consider it a reversal pattern favoring downside.
    Oscillators have limited capabilities since trading range has narrowed significantly in recent trading.

    See more: Forex Technical Analysis US DOLLAR / JAPANESE YEN 2013-10-25 | IFC Markets

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