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.
The EURUSD pair has broken out of a symmetrical triangle towards the upside on a 30 minute time frame. If this pattern does play out completely, then it could push the price near the minor resistance level. The price is also trading above the 50 day and 100 day moving average. However, the RSI is…Read More
The GBPUSD pair is trading below its 50 day (shown in green) and its 100 day (shown in yellow) moving averages which suggest that the price is weak and this trend may continue. Moreover, the price action is also respecting its downward trend line and has been unable to break this line so far. The volatility for the pair is back to normal as the price action is trading within the Bollinger band.
However, the RSI is showing that the bias could be towards the upside.