Analysis for June 27th, 2012
Canadian Dollar has been moving near the 4/8
level for several days, the market couldn’t stay below this level for a long time. Most likely, the price will continue growing up in the nearest future. The target for the bulls is the 8/8
At the H4 chart the pair is consolidating between the 5/8
levels. The Super Trends’ lines are inside the “green zone”. There is a possibility that the price may grow up towards the 8/8
level in the nearest future.
The bears’ first attempt to break the daily Super Trend’s line failed, right now the local correction is taking place. There is a possibility that the sellers may try to break the line once again during the day. If they succeed, the price will continue falling down towards the 0/8
At the H1 chart we can see that the 1/8
level was a starting point of the correction. There is a possibility that the pair may be supported at the 3/8
level and the price will rebound from it. After that we can expect the pair to continue falling down. Taking into consideration the targets at major time frames, we can expect the lines to be redrawn in the nearest future.
The EUR/GBP currency pair is moving below the daily Super Trend’s line again. The correction has been taking place for more than a month. If the price is able to stay below the Super Trend’s line, the pair will continue falling down. The target for the bears is the 0/8
At the H4 chart the pair is moving below the 3/8
level, thus indicating that it may continue falling down towards the 0/8
one. There is a possibility that the price may break the latter level and move lower. If it happens, we can expect the lines at the chart to be redrawn in the nearest future.