Day Trading Recommendation and Technical Analysis of Sterling as on 28-08-2014

GBPUSD:

Sterling was under a great selling pressure against US dollar since couple of weeks but it is a time for correction or might be the reversal on breakage of key resistance levels. This pair moved more then 600 pips in 7 weeks. 

Technically this pair is in bullish trend for day trading because SMA 100 and 200 are indicating a clear bullish trend. Ichimoku cloud signal is also bullish in h1 graph. Alligator and parabolic SAR signal is also bullish in h1 graph. Bollinger Band is indicating a clear reversal trend in d1 graph.   

Further more in d1 graph the d wave is indicating some correction here. Sterling is also testing the support level  4th April,2014. It seems that sterling will try to test 1.6696, the 23.6% Febo level.

Buy Above 1.6570, Expected Targets 1.6643/70  Stop loss 1.6535,Break out sell 1.6530

 

Support

S1

1.6539

S2

1.6504

S3

1.6471

Resistance:

R1

1.6607

R2

1.6640

R3

1.6675

Views: 227

Comment by Super Angie M on August 28, 2014 at 8:53am
Mb targeting 1,6514/25?
Comment by Jishan M Ananta on August 29, 2014 at 10:27pm

plz give us a eurusd Technical Analysis

Comment

You need to be a member of Forex Social Network to add comments!

Join Forex Social Network

Members

© 2014   Created by FXStreet.

Badges  |  Report an Issue  |  Terms of Service

Offline

Live Video