Technische Analyse | Sharp Trader

GBP/USD- Trading in a resistance zone – What now

The GBP/USD pair is trading back in the resistance zone on a 30 minute time once again. The resistance zone may not be able to hold this time as this is the second time the price is visiting this level. However, we need to be careful here as well, because a double top pattern is also forming at the same time. The double top is a reversal pattern which usually has the potential to change the direction of the trend and this pattern does have a significant importance once, it is formed in an important level of resistance.

Technical AnalysisBy sharptrader

BP- Bounced from its support as predicted.

BP has bounced from its support on a 4 hour time frame as predicted as predicted. This support zone was given in our analysis 30^th of July. The volatility for the stock was high at the time as the price was piercing the Bollinger band at that level. The piercing of the Bollinger band does have a significant importance at an important level of support/resistance and it could reverse the trend or push the price back towards its mean. However, the volatility for the pair has gone back to normal as the price is back with the band and it is trading near the 20 day moving average.

Technical AnalysisBy sharptrader

FTSE 100 – Technical Analysis

The FTSE 100 index is trading above the upward trend line on a 60 minute time frame. The volatility for the index is low as the price is trading within the Bollinger band. The price is also trading within the upward channel which is shown in purple colour.

Technical AnalysisBy sharptrader

GBP/USD- Trading in a downward channel

The GBP/USD pair is trading in a downward channel on a 30 minute time frame. However, the price is also trading in an upward channel on a bigger time frame which confirms that the upward trend is still in play. The price is trading near the 50 day (shown in green) but below the 100day (shown in yellow) moving averages which means that the bears are taking the control.

Technical AnalysisBy sharptrader

EUR/USD- Bounced from its support as predicted

The EUR/USD pair bounced from its support on a 30 minute time frame. This support zone was given in our analysis on Friday. The price has also broken the downward trend line to the upside however, since then it is lacking a further upward momentum. The pair is also trading above the 50 day (shown in green) but below the 100 day (shown in yellow) moving averages which confirms that the bulls are taking the control.

Technical AnalysisBy sharptrader

USD/JPY – Broken its downward channel but upside still remains weak

The USD/JPY pair has broken its downward channel to the upside on a 30 minute time frame. However, since then the price has failed to continue it momentum and it is moving in a sideway pattern. The pair is trading above the trading above the 50 day (shown in green) and the 100day (shown in yellow) moving averages which means that the bulls are in control. The volatility for the pair is low as the price is trading with the Bollinger band and it is close to its 20 day moving averages.

Technical AnalysisBy sharptrader