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Technical Analysis
XtreamForex Daily Technical Analysis
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[QUOTE="xtreamforex26, post: 163887, member: 59158"] [B]Technical Overview of GBP/USD, GBP/JPY and NZD/USD Currency Pairs[/B] [B]GBP USD[/B] The GBP traded higher against the USD and closed at 1.3029. The pair formed an Outside/Inside bar. Exactly on the monthly Pivot with a series of LH and LL It formed a Fibonacci setup called AB=CD. Scenario 1=A break above the Outside bar high and trend line may trigger bullish momentum. Scenario 2- A break below the outer bar low and trend line may lead the pair downwards. Employment Report for April increased by nearly 200,000 in March, while unemployment rate stood steady at 3.8 percent. The ISM Non-Manufacturing PMI for April rate of the services sector expansion slowed down in March, but the index remains at an elevated level of slightly more than 56 percent. According to the Analysis, The pair is expected to find support at 1.30043, and a fall through could take it to the next support level of 1.29800. The pair is expected to find its first resistance at 1.30667, and a rise through could take it to the next resistance level of 1.31048. GBP USD Previous Day range was 62.4 and Current Day Range is 23.6. [B]GBP JPY[/B] The GBP traded higher against the JPY and closed at 145.235. The pair formed an Outside/Inside bar. Exactly on the monthly AND yearly Pivot with a series of LH and LL It formed a Fibonacci setup called AB=CD Scenario 1=A break above the Outside bar high and trend line may trigger bullish momentum. Scenario 2- A break below the outer bar low and trend line may lead the pair downwards The pair is expected to find support at 144.914, and a fall through could take it to the next support level of 144.592. The pair is expected to find its first resistance at 145.698, and a rise through could take it to the next resistance level of 146.160. GBP JPY previous Day range was 7840 and Current Day Range is 1700. [B]NZD USD[/B] The NZD traded higher against USD and closed at 0.6616. 1- H4 Outside bar Inside bar. 2- Pivot high candles forming a trend line. Scenario 1=A break above the Outside bar high and trend line may trigger bullish momentum. Scenario 2- A break below the outer bar low and trend line may lead the pair downwards According to the analysis, pair is expected to find support at 0.66029, and a fall through could take it to the next support level of 0.65896. The pair is expected to find its first resistance at 0.66344, and a rise through could take it to the next resistance level of 0.66526. NZD USD previous day range was 31.5 and current day range is 18.4. [/QUOTE]
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