Last week, the market updated the low, but the sellers failed to continue the downward movement fully. This may have been because the previous week’s low (141.63) was reinforced by the monthly support level (141.96). Consequently, the decline was halted, and the pair began showing upward correction. Thanks to this correction, the bulls reclaimed support from the daily short-term trend, which is currently located at 141.97, and continue pushing upward.
The nearest targets at the moment are the resistances of the daily Ichimoku cross (144.22 – 145.56), now reinforced by the weekly short-term trend (145.56) and the monthly medium-term trend (145.81). Overcoming these resistance levels will shift the market’s focus towards new prospects.
If the corrective rise ends and the pair falls below the nearest support around 141.96 (the final level of the monthly Ichimoku cross + the daily Tenkan), it will pose new challenges for the sellers. The bears will need to restore the downtrend (139.90) and continue the decline toward the weekly targets for breaking through the cloud (133.23 – 136.10), reinforced by the upper boundary of the monthly cloud (133.88).
The buyers currently have the main advantage. The resistances of the classic pivot levels will be additional reference points for intraday growth development.
Upon completion of the rise, the nearest and most important reference points will be the supports of the key levels: 142.79 (the daily central Pivot level) and 142.04 (the weekly long-term trend). A breakthrough and reversal of the trend would transfer the main advantage to the sellers, thus supporting the further development of bearish sentiment. Reference points for the intraday decline are supports of the classic pivot levels. The actual Pivot values will be available at the market open and updated daily.
***
Technical Analysis Components:
- Higher Timeframes: Ichimoku Kinko Hyo (9.26.52) and Fibonacci Kijun levels
- H1: Classic Pivot Points and 120-period Moving Average (weekly long-term trend)
The material has been provided by InstaForex Company – www.instaforex.comLast week, the market updated the low, but the sellers failed to continue the downward movement fully. This may have been because the previous week’s low (141.63) was reinforced by the monthly support level (141.96). Consequently, the decline was halted, and the pair began showing upward correction. Thanks to this correction, the bulls reclaimed support from the daily short-term trend, which is currently located at 141.97, and continue pushing upward.The nearest targets at the moment are the resistances of the daily Ichimoku cross (144.22 – 145.56), now reinforced by the weekly short-term trend (145.56) and the monthly medium-term trend (145.81). Overcoming these resistance levels will shift the market’s focus towards new prospects.If the corrective rise ends and the pair falls below the nearest support around 141.96 (the final level of the monthly Ichimoku cross + the daily Tenkan), it will pose new challenges for the sellers. The bears will need to restore the downtrend (139.90) and continue the decline toward the weekly targets for breaking through the cloud (133.23 – 136.10), reinforced by the upper boundary of the monthly cloud (133.88).The buyers currently have the main advantage. The resistances of the classic pivot levels will be additional reference points for intraday growth development.Upon completion of the rise, the nearest and most important reference points will be the supports of the key levels: 142.79 (the daily central Pivot level) and 142.04 (the weekly long-term trend). A breakthrough and reversal of the trend would transfer the main advantage to the sellers, thus supporting the further development of bearish sentiment. Reference points for the intraday decline are supports of the classic pivot levels. The actual Pivot values will be available at the market open and updated daily.***Technical Analysis Components:Higher Timeframes: Ichimoku Kinko Hyo (9.26.52) and Fibonacci Kijun levelsH1: Classic Pivot Points and 120-period Moving Average (weekly long-term trend)The material has been provided by InstaForex Company – www.instaforex.com Read More
Forex analysis review
