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Technical Analysis
Daily Technical analysis
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[QUOTE="Martin Kay, post: 50809, member: 25911"] [b]GBP/USD DAILY as of Thursday, 22 August, 2013[/b] [B]*** Intra-Daily Trading Strategy: BUY British Pound / US Dollar Buy Target: 1.5638 Buy Stop: 1.5543 Enter New BUY on OPEN and exit BUY 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 4 white candles versus 6 black candles with a net of 2 black candles. The previous 50 candlestick bars, there are 22 white candles versus 27 black candles with a net of 5 black candles. MACD is BULLISH as the MACD is above the signal line. The MACD crossed above the signal line 14 period(s) ago. Since the MACD crossed the MACD moving average, British Pound / US Dollar's price has increased 2.01%, and has been fluctuating from a high of 1.571 to a low of 1.510. The Stochastic Oscillator is currently above 80. This is an indication of the security being in an "overbought" condition. Stochastic signal was a Sell 7 Period(s) Ago. The Directional Movement Indicators (DMI) currently is not indicating a specific price direction and should not initiate any trades right now. SAR signal was a Buy 12 period(s) Ago. The close is currently ABOVE 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 Very Bullish. British Pound / US Dollar broke above the down trendline at 1.55, 11 day(s) ago. This is a bullish sign. This down trendline, currently with an ending point at 1.52, now provide downside support. Prices having only risen 0.67% since the breakout, the validity of the breakout is questionable. The most recently confirmed up trendline for British Pound / US Dollar has an ending point currently at 1.53. Expect prices to have some difficulty falling below this trendline. A break below this trendline (particularly on heavy volume) would be a bearish sign. British Pound / US Dollar closed below the upper Bollinger Band by 27.4%. Bollinger Bands are 21.49% wider than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. Technical Outlook [B]Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish[/B] [/QUOTE]
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