Analysis for October 16th, 2014
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD, Time Frame H4 – Indicator signals: Tenkan-Sen and Kijun-Sen are still influenced by “Dead Cross” (1). Chinkou Lagging Span is getting closer to the chart, Kumo Cloud continues heading down, and the price is between Tenkan-Sen and Kijun-Sen. Short term forecast: we can expect resistance from Kijun-Sen – D Tenkan-Sen.
GBPUSD, Time Frame H1. Tenkan-Sen and Kijun-Sen formed “Dead Cross” (1) inside Kumo; Tenkan-Sen is directed downwards. Chinkou Lagging Span is below the chart, Kumo Cloud is very narrow and going down (2), and the price is inside Kumo. Short term forecast: we can expect support from Kijun-Sen, and attempts of the price to stay above the cloud.
XAUUSD, “Gold vs US Dollar”
XAUUSD, Time Frame H4s: Tenkan-Sen and Kijun-Sen are influenced by “Golden Cross” (1). Chinkou Lagging Span is above the chart, Kumo Cloud is going up (2), and the price is above the lines. Short-term forecast: we can expect decline of the price towards W Tenkan-Sen.
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