Analysis for April 16th, 2014
AUD USD, “Australian Dollar vs US Dollar”
It looks like Australian Dollar is about to complete current correction. Market is still moving between Super Trends, but may break them upwards during the day. Closest target at the 6/8 level.
As we can see at H1 chart, pair rebounded from the 2/8 level. Considering that pair started current correction after rebounding from the 6/8 level, the fact that it rebounded from the 2/8 one means that price may start new ascending movement. I’ll increase my long position as soon as market breaks the 4/8 level.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the 4/8 level, pair is trying to start new descending movement. During correction, I opened short-tern sell order with stop placed above daily Super Trend. Target is at the 0/8 level.
At H1 chart, price is moving below the 3/8 level. Most likely, pair will break the 0/8 level quite soon and enter “oversold zone”. Later market is expected to continue falling down to break the -2/8 level. In this case, lines at the chart will be redrawn.
XAG USD, “Silver vs US Dollar”
I opened sell order during local correction again. Earlier Silver rebounded from the 4/8 level and daily Super Trend. Closest target is at the 0/8 level. After reaching it, instrument may start new correction.
As we can see at H1 chart, target is the same. In the near term, Silver may form correction, at the end of which I’m planning to increase my short position. Possibly, instrument may reach new local minimum during the day.
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