Analysis for April 23rd, 2012
Several days ago Canadian Dollar rebounded from the daily Super Trend’s line, but it didn’t seem to be enough for the bulls. The price may test this level one more time, and if it rebounds again, the market will start moving towards the 0/8
The lines at the H1 and the H4 charts are completely the same. The correction has been taking place over the last couple of days. Most likely, in the nearest future the descending trend will start again.
The EUR/GBP currency pair continues consolidating, this movement is supported by the H4 SuperTrend’s line. Most likely, the price will continue moving downwards during the week. The short-term target for the bears is the 4/8
At the H1 chart the pair is trying to enter “an oversold zone”, the price may break the 0/8
level on Monday or Tuesday. If the market breaks the -2/8
level, the lines at the chart will be redrawn and we’ll have new targets.
We may assume that the price has formed a classic continuation pattern, “triangle”. The correction is supported by the Super Trends’ lines. The price may start falling down towards the 0/8
again in the nearest future.
At the H1 chart the market rebounded from the H4 Super Trend’s line. Most likely, in the nearest future the price will start falling down again. The 0/8
level is unlikely to be a strong resistance level for the bears.