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Forex Discussions
Technical Analysis
US Dollar / Canadian Dollar as of Friday, 02 August, 2013
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[QUOTE="primetrader, post: 50234, member: 26481"] [b]Euro Dollar / US Dollar as of 15/8/13[/b] [B]Trend Analysis[/B] EURUSD prices close HIGHER than the 200 Moving Average HIGHER than the 50 Moving Average HIGHER than the 20 Moving Average The current trend for Euro Dollar / US Dollar is Extremely Bullish. The most recently confirmed up trendline for Euro Dollar / US Dollar has an ending point currently at 1.28. Expect prices to have some difficulty falling below this trendline. A break below this trendline particularly on heavy trading would be a bearish sign. [B]SAR[/B] No SAR signals triggered today. SAR triggered a Sell signal 2 period(s) ago. [B]Japanese Candlestick[/B] White Body has formed as prices closed higher than the open. The past 10 candlesticks there are 5 white candles and 5 black candles . The past 50 candlesticks there are 25 white candles and 25 black candles .Spinning Top has formed with a small real body. Spinning tops have little price action defined by the difference between open and close. During a rally or near new highs, a spinning top is a sign that prices are losing momentum and the bulls are in trouble. [B]Bollinger Band[/B] Euro Dollar / US Dollar closed above the lower Bollinger Band by 48.6%. Bollinger Bands are 50.69% narrower than normal. The narrow width of the Bollinger Bands suggests low volatility as compared to Euro Dollar / US Dollar's normal range. Therefore, the probability of volatility increasing with a sharp price move has increased for the near-term. The Bollinger Bands have been in this narrow range for 1 period(s). The probability of a significant price move increases the longer the Bollinger Bands remain in this narrow range. Overall, the bias in prices is: Sideways. Short term: Prices are stalling. Intermediate term: Prices are ranging. By the way, prices are vulnerable to a correction towards 1.32. The projected upper bound is: 1.35. The projected lower bound is: 1.30. The projected closing price is: 1.33. Note: these price projections are for reference only, and can be easily exceeded by the market. [B]Technical Outlook [/B] Short Term:Oversold Intermediate Term:Bullish Long Term:Bullish [B]Summary[/B] Euro Dollar / US Dollar is currently 1.2% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Volume indicators reflect very strong flows of volume into EURUSD (bullish). Trend forecasting oscillators are currently bullish on EURUSD and have had this outlook for the last 15 periods. Momentum oscillator has set a new 14-period low while the price has not. This is a bearish divergence. [IMG]http://www.primetradefx.com/blog/en/wp-content/uploads/2013/08/eur-0815121.png[/IMG] [IMG]http://www.primetradefx.com/blog/en/wp-content/uploads/2013/08/eur-0815122.png[/IMG] [/QUOTE]
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