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Technical Analysis
Daily Technical analysis
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[QUOTE="Martin Kay, post: 49518, member: 25911"] [B]*** Intra-Daily Trading Strategy: SELL British Pound / US Dollar Sell Target: 1.5279 Sell Stop: 1.5385 Enter New SELL on OPEN and exit SELL positions at Target price or at Stop price. (NOTE: Adjust Stop Loss Price according to your trading risk.) Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING only!!!!![/B] A black body has formed as prices closed lower than open. The previous 10 candlestick bars, there are 3 white candles versus 7 black candles with a net of 4 black candles. The previous 50 candlestick bars, there are 24 white candles versus 25 black candles with a net of 1 black candles. MACD is BULLISH as the MACD is above the signal line. The MACD crossed above the signal line 3 period(s) ago. Since the MACD crossed the MACD moving average, British Pound / US Dollar's price has increased 0.11%, and has been fluctuating from a high of 1.538 to a low of 1.510. Stochastic signal was a Sell 6 Period(s) ago. The ADX is currently below both Plus and Minus Directional indicators and the Directional Movement Indicators (DMI) currently is not indicating a specific price direction. Should not initiate any trades right now. SAR signal was a Buy 1 period(s) Ago. The close is currently BELOW its 200 daily moving average ABOVE its 50 daily moving average ABOVE its 20 daily moving average The current market condition for British Pound / US Dollar is Mildly Bearish British Pound / US Dollar appears to be locked in a trading range bounded by upside resistance is around 1.56 and downside support around 1.49. British Pound / US Dollar closed below the upper Bollinger Band by 38.8%. Bollinger Bands are 24.76% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. [/QUOTE]
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