Analysis for December 5th, 2012
USD/CAD
Canadian Dollar continues moving inside quite a narrow trading range, yesterday the price rebounded from the 6/8 level one more time. There is a possibility that during the day the market may keep the price below the 5/8 level and the pair may start falling down again. The target for the bears is the 0/8 level.
At the H1 chart the pair is trying to enter an “oversold zone”, the Super Trends’ lines formed “bearish cross”. Most likely, in the nearest future the price will break the -2/8 level and the lines at the chart will be redrawn.
EUR/JPY
The EUR/JPY currency pair has finally left the consolidation channel, inside which it was moving during the last several days. The bulls are supported by the H4 Super Trend. Most likely, the price will continue moving upwards, up to the 6/8 level at least.
At the H1 chart the buyers stopped near the lower border of an “overbought zone”. It looks like the price is going to break the 8/8 level during the day. Later the pair may reach the +2/8 level. In this case the lines at the chart will be redrawn.
NZD/JPY
The NZD/JPY currency pair broke the Super Trend’s line backwards. We can’t exclude a possibility that the price may break a local maximum during the day. After that the pair is expected to continue growing up towards the 8/8 level.
At the H1 chart we can see that the Super Trends’ lines are directed upwards; the price is moving in the middle of the chart. If the bulls are able to keep the price above the 5/8 level, the pair will continue growing up towards the 8/8 one and reach it within the next couple of days.
