Analysis for October 17th, 2012
Canadian Dollar is trying to start moving upwards, the bulls got very close to a local maximum and may break it during the day. The Super Trends’ lines formed “bullish cross”. The short-term target is at the 8/8
At the H1 chart a local correction is taking place, the bulls are supported by the Super Trends’ lines. If the market rebounds from the lines, the price will start moving upwards again. If later the market is able to keep the price above the 5/8
level, it will continue growing up towards the 8/8
The bears are trying to enter an “oversold zone”. If they keep the price below the 0/8
level, the pair will continue falling down towards the -2/8
one. After the latter level is broken, the lines at the chart will be redrawn.
At the H1 chart the pair is being corrected. The bears are supported by the Super Trend’s line. If the market rebounds from the line, the price will start moving downwards again. After the pair breaks the ‑2/8
level, the lines at the chart will be redrawn.
Silver started a deep corrective movement, that’s why I closed my buy order and opened a sell one. Considering that the market is moving below the 3/8
level, we can expect the price to continue falling down towards the 0/8
one. If the instrument rebounds from the H4 Super Trend’s line, the price will start moving downwards.
The instrument is moving in the middle of the H1 chart, the bears are supported by the Super Trend’s line. In the near term, Silver is expected to start one more descending wave. The target for the next several days is the 0/8
RoboForex Analytical Department