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Week Ahead 27Th July Technical Analysis From Fxmars
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[QUOTE="fxmars, post: 66534, member: 30843"] USDCHF: [IMG]http://i.imgur.com/Baj5Prg.png[/IMG] After the Swissy confirmed its double bottom formation with bottoms from July 1 and July 14, the price continued its bullish increase and it even broke the last high of the price at 0.90367. We note that the recent bullish activity of the price was highly intensive and we assume that the time for a bearish correction might have come. At the same time, the stochastic oscillator is pretty explicit about the current condition of the market, because it gives us a clear signal for an overbought market. For this reason, we believe that the price might do a bearish correction, which could reach the support at 0.89486, or the yellow bullish trend line from March 13. AUDUSD: [IMG]http://i.imgur.com/p1ZJYhY.png[/IMG] After the stochastic oscillator confirmed its double bottom formation, the price increased with about 70 pips and the Aussie interrupted the 0.94347 resistance. This could be interpreted as an indication for a continuation of the bullish activity (yellow bullish trend from May 21). Currently, the price shows some bearish activity, which would eventually reach the yellow bullish trend line for a test. At the same time, the stochastic oscillator gave us a signal for an overbought market, which supports the return to the yellow bullish trend. An eventual bounce from this trend is likely to send the price to its last high at 0.95070 and a bullish break could even appear. XAUUSD: [IMG]http://i.imgur.com/mYhXAVh.png[/IMG] There was a bearish break in the yellow bullish trend line from June 03 on Thursday. We remind that we got a signal for an eventual break via the bearish divergence between the stochastic oscillator and the chart. After the break in the yellow bullish trend, the price did a return to test the already broken trend as a resistance on Friday. Currently, the price is located on the underside of the trend line. If a bearish bounce appears, the price is likely to test the red support, which indicates the last bottom of the price after the break. If this happens, we would observe a potential change of the trend scenario. If the price renews its bullish activity, we would have the 1331.38 resistance as a neck line of a formation, which resembles inverted head and shoulders (green). This formation has the potential to send the price to new highs. Disclaimer: Data, information, and material (“content”) is provided for informational and educational purposes only. This material neither is, nor should be construed as an offer, solicitation, or recommendation to buy or sell any Forex or CFD contracts. Any investment or trading decisions made by the user through the use of such content is solely based on the users independent analysis taking into consideration your financial circumstances, investment objectives, and risk tolerance. Neither FxMars.com nor any of its content providers shall be liable for any errors or for any actions taken in reliance thereon [/QUOTE]
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