Analysis for July 28th, 2014
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar rebounded from the 6/8 level that, considering its previous rebound from the 2/8 level, signals continuation of descending movement. When price stays below the 3/8 level, it will confirm the further descending movement towards the 0/8 level.
Price was not able to stay in “overbought zone” and in “bearish cross” formed by Super Trends and continues falling down. Probably, today price will break the 3/8 level and bears will try to reach new minimums.
GBP JPY, “Great Britain Pound vs Japanese Yen”
Last Friday, pair rebounded from daily Super Trends and reached the 4/8 level. The main target is still at the 0/8 level. If price breaks the 3/8 level and stays below this level, it will confirm the further descending movement.
At H1 chart, Super Trends formed “bearish cross”. Earlier price rebounded from the 8/8 level. Probably, during this day price will break the 4/8 level and I will be able to move stop loss on my order into the black.
XAG USD, “Silver vs US Dollar”
Last week silver rebounded from the 4/8 level and stayed above H4 Super Trend, therefore, I decided to open buy order. If price stays above the 5/8 level, I will increase long position.
At H1 chart, Super Trends formed “bullish cross”, earlier, price rebounded from the 0/8 level. In the nearest future, if bulls break the 5/8 level, price may start ascending movement towards the 8/8 level.
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