Analysis for February 4th, 2014
AUD USD, “Australian Dollar vs US Dollar”
Correction turned out to be more serious and is taking more time than we expected. Considering that earlier price rebounded from the 2/8 level, right now local target for bulls is at the 6/8 one. If later pair rebounds from this level, market may start new descending movement.
At H1 chart, pair is moving at the 7/8 level. Possibly, during Tuesday price may try to test the 8/8 level, where I placed limit sell order. After pair breaks Super Trends downwards and stays below them, I’m planning to increase my position.
GBP CHF, “Great Britain Pound vs Swiss Franc”
Correction reached the 4/8 level; pair has formed bullish Wolfe Wave pattern. Right now, I have only one buy order, but I’m planning to increase my position after price breaks the 5/8 level and stays above it.
At H1 chart, pair is trying to rebound from the 0/8 level. The first target is at the 2/8 level. If price breaks it, market will continue growing up towards the 4/8 level and may even break maximum.
XAG USD, “Silver vs US Dollar”
Yesterday Silver rebounded from the 4/8 level. If market is able to keep price below the 3/8 level in the nearest future, instrument will continue falling down to reach the 0/8 level and then may start new and deeper correction.
The lines at the H4 and H1 charts are completely the same. So far, I have only one sell order. If price breaks Super Trends, I’ll increase my short position.
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