Analysis for September 6th, 2012
The local correction is taking place, the bears are supported by the H4 Super Trend’s lines. If the market rebounds from the current levels, the price will continue moving downwards. The main target is at the 0/8
At the H1 chart the bears are trying to find support at the 5/8
level. If they rebound from the level and keep the price below the H1 Super Trend, the price will start moving downwards. The pair may reach the 0/8
level within the next several days.
Yesterday the pair rebounded from the 6/8
level once again. At the moment the price is moving near the upper border of the current trading range. In the near term, we can expect the pair to continue growing up towards the 8/8
The Super Trends’ lines have formed “bullish cross”. The price may enter an “overbought zone” during the day. If later the pair breaks the +2/8
level, the lines at the H1 chart will be redrawn.
Yesterday the market started moving upwards, allowing me to move the stop into the black. The bulls are supported by the Super Trend’s line. In the near term, the price is expected to start growing up towards the 8/8
At the H1 chart the instrument has entered an “overbought zone”. The local correction may continue during the day, but later price may continue moving upwards. If the price breaks the +2/8
level, the lines at the chart will be redrawn.