Analysis for August 8th, 2012
The price has rebounded from the 5/8
level twice in a row. Now the bears have to break the H4 Super Trend and then the daily one as well. Later the price may continue falling down towards the 0/8
The price is moving in the middle of the H1 chart. If the bears break the 4/8
level and then keep the price below the 3/8
one, the pair will continue falling down towards the 0/8
level. I’ll move the stop on my sell order into the black as soon as possible.
After making a rapid descending movement, the market is being corrected. The bears are supported by the Super Trend’s line. In the near term, the price may continue moving downwards and reach the 0/8
level within the next several days.
At the H1 chart the bears are trying to keep the price inside an “oversold zone” below the 0/8
level. Most likely, the price will continue falling down during the day. If the pair breaks the -2/8
level, the lines at the chart will be redrawn.
The market is trying to rebound from the 8/8
level. If the bears are able to break the Super Trends’ lines, the first target will be the 4/8
level. However, if this level is also broken, the instrument will continue moving downwards.
At the H1 chart the market has rebounded from the 8/8
level as well. The short-term target is at the 4/8
level, but the market will probably break it and continue falling down towards the 0/8
one. After the price breaks the Super Trends’ lines, I’ll move the stop on my sell order into the black.