The EURUSD pair is trading below its downward trend and its 50 day (shown in green) and 100 day (shown in yellow) moving averages on a 30 minute time frame. The price action has violated its minor support zone (mentioned below) which is no longer valid. The volatility for the pair remains low as the price is trading within the Bollinger band and close to its 20 day moving average.Read More
The precious metal has finally broken its side way pattern on a 30 minute time frame and it is near its minor support zone which was given in our analysis on 3rd of May. The price is also piercing the Bollinger band and it is far enough from its 20 day moving average. The piercing of a Bollinger band only has importance at or near support or resistance level, and in this scenario, this is taking place near its minor support zone. This suggests that the price could take a breather or reverse a trend at this zone.Read More
The GBPUSD pair is trading within its minor support zone on a 30 minute time frame. This support zone was given in our analysis yesterday. The price is trading well below the 100 day (shown in yellow) and the 50 day (shown in green) moving averages. The volatility for the pair is also increasing as the price is piercing the Bollinger band, and this piercing of a Bollinger band is also taking place at a support zone. The RSI has shown a clear sign of deflection in relation to the price which means bias could be towards the upside.Read More
The EURUSD pair has completed its symmetrical triangle pattern which we predicted in our analysis and the price retraced from its resistance level which was also given in our analysis 8th May. The price is trading above the 100 day (shown in yellow) and the 50 day (shown in green) moving averages which suggests that the bias could be to the upside. The price action is also trading well above its rising trend line which means that the uptrend is intact. The RSI is also trading in line with the price action which suggests that the bias could be to the upside.
The USDJPY pair has failed so far to break its downward trend line which suggests weakness in the price. The price is also trading below the 50 day (shown in green) and 100 day (shown in yellow) moving average. The USDJPY pair is trading within the ascending triangle, and historically speaking these triangles usually break towards the downside. If this pattern does break towards the downside, it could bring the price near the yellow rectangle on the chart. However, the RSI is giving slightly bullish signal in terms of deflection between the price and the RSI which means bias could be towards the upside.Read More
It is widely expected amongst investors that there will be no further increase in the asset purchase facility or rate cut, as the country has avoided its triple dip recession, according to the latest GDP numbers. Moreover, the all sector PMI increased to 52.1 from its previous reading of 51 which further strengthen this argument that the economy is accelerating its growth at a faster pace.