The GBP/USD starts its severe falling from 30th of April. When the price reached the important area of supportive levels, the falling became weaker and it was stopped on first of June which we talked about it on 4th of June. You can see that technical analysis here.
As we told in our previous analysis we mentioned that there is the possibility of the reform and ascend of the price on 4th of June and interestingly the price moved according to the theory of reform and ascend of the price. Right now, the price is closed above the average of the movements of 5 days in the daily time frame and there is a good potential of ascend of the price.
Right now, the price is in the resistance of 23.6 Fibonacci which is formed from the falling which starts from 30th of April to 1st of June. This stop of the price is evident in the 4h time frame. All the candle stick patterns in the 4h time frame confirm that the price is reacting to theresistance level of 23.6 Fibonacci which is issuing the warning of a price top and falling of the price.
Right now, the sellers prefer that the price starts its falling trend from this top price and also the Stoch indicator confirm it. The price is now located in the saturation buy area. The price shows a potential of a descending trend in the 4h time frame which is very dangerous for the buyers. If the resistances level of 23.6 breaks, it is the sign of more reforms and ascend of the GBP/USD currency pair.
The GBP/CHF currency pair started falling and reforming of the price during its ascending trend from the bottom price of 08.10.2011 and after reaching the 1.51000. One of the main reasons of the stopping of the price in this level is the presence of a transformative level during the ascending trend of the price. This transformative level is from 2008 and now plays the role of resistance level. You can see this transformative level in the GBP/CHF weekly chart. Also, it is necessary to mention that, the supportive level of 1.51000 is considered a resistance level too, because of it a simple number.
The prices had stopped from more ascends when it reached the resistance level. Considering the Stoch indicator, there is a good potential of descending trend during the next weeks and until when this resistance level is not broken.
However, in the daily time frame we see another situation. The blue ascending trend’s line, which played its role very well, was broken and moved toward the green ascending trend’s line. At this time, the price has a good potential for ascend from the fourth point of the ascending trend’s line. In the first stage, it moves toward the red descending channel and in the next level moves toward the green resistance line. Until when, the mentioned bottom price is not broken, we can hope ascend of the GBP/CHF currency pair.
Written by the technical team of FxGlory Brokerage
The GBP /USD currency pair is in an ascending trend right now. This trend has started from the green tape which consists of several supportive levels. The currency pair was stopped and started falling when it reached the transformative level during the ascending trend and reforming of the previous movement. This transformative level played the role of a resistance level.
Right now, this resistance level is one of the most resistance levels which the price is obliged to pass it to continue its ascending trend. The price is closed above the average movement of the past 5 days and until when the descending candle is not closed we cannot expect the ascending of the price and important reforms.
As we pointed out in the technical analysis of 06.04.2012, the price is making a third point in the ascending trend line. Right now, this bottom price is formed and there is a weekly ascending candle on the line too. Also, the Stoch indicator is in the saturation area of sell and there is agood potential for formation of an ascending cycle. Until when this ascending trend’s line is not broken, we can hope ascending of the price from the formed third point of ascending trend’s line.
The most important resistance level:
R1=1.55984
R2=1.58000
Written by the technical team of FxGlory Brokerage
When the price touched the long term descending trend’s line on 15th and 21th of March, it was not able to pass the line. After this, the price started falling which you can see it in the picture. Descend of the prices continued until the transformative line and then it stopped there.
Right now, the descending trend’s line is broken in the daily time frame and the price top of 79.782 is registered and therefore, the warning of the formation of an ascending trend is issued.
There is the possibility of an ascend of the price by considering that an ascending candle is closed on the supportive line and the current ascending cycle of Stoch indicator and the progress of the price toward the descending trend’s line in the weekly chart.
You can see in the 1 and 4 hour time frame a pennant pattern. This pattern is always a pattern which continues the trend and it forms when the market is resting. Right now, the price is falling after reaching the supportive line of the pennant pattern.
Written by the technical team of FxGlory Brokerage
The CHF/JPY was stopped during its descending trend when it reached to the old ascending trend’s line on 1st of June. The bottom prices of this currency pair formed on 2008 and 2010. Right now, in the weekly time frame the price reacted to the ascending trend line very well and leaded the price to the upper parts of the chart. Also, the Stoch indicator is in the saturation sell area. Therefore, there is a good possibility of ascending of the price. The drawn green line in the chart is another supportive line which along with the ascending trend’s line played the role of a supportive level.
The price was stopped and formed a candle pattern of Shooting Star, when the price continued its ascend and reached the descending trend’s line, and issued a good warning for the buyers about formation of a top price and ascending trend. This descending trend has prevented the fall of the price for 6 times and played an important role. Considering the possibility of ascend and its potential in the weekly time frame, the price should break the descending tend line and pass it.
Written by the technical team of FxGlory Brokerage
In our previous technical analysis about AUD/USD on 06.05.2012, we predicted the warning of ascend of the price by considering the technical signs. The price was reached to the resistance Andrew’s Pitchfork pattern in its ascending trend, and therefore the price had a little descend. But, it passes this pattern because of the longing of the buy and locating in the saturation area of sell. Right now, the price is closed above the average of the last 5 days in the daily time frame. We cannot see a strong reason of the descending of the price.
Hypothetically, if the price continues its ascending trend, the most important resistance level will be the drawn descending trend’s line consists of A and C point and it is also the next target of resistance level. Right now, this currency pair is in the ascending trend. Considering the potential of ascend in the weekly time frame (right now, a bottom price is formed in the time frame and the Stoch indicator confirm this ascend) this potential is increasing.
As we predicted by the technical signs in the charton 05.28.2012 that there was the possibility of ascend of the price and increase of the price, we see this ascend in the chart. the price started its ascend from the third bottom price of supportive level ( determined with the green color) and right now the price reached to the resistance level and descending trend’s line and stopped there. This resistance line has prevented the increase of the price twice and now is doing it for the third time. (By a close reviewing, we will understand that the main reason of this stop on 15th of May was a shorter descending line which consists of 2 top prices of 1st of May and 6th of June)
If the daily candle of today were closed in ascending trend, we would be considered as a broken line. But, if the daily candle were closed in a descending trend and under the line, there would form a top price on the line. Right now, the blue and green supportive levels are the most supportive level which prevent the fall of the price. On the other hand, the red and black lines are important resistance levels.If the price breaks the initial descending trend’s lines, we can expect the ascend of the price from the red descending trend’s line.
The USD/CHF currency pair after its ascending trend and registering the 0.97691 was stopped and started its fall. Right now, the price formed its descending channel pattern during its fall. You can see this pattern in the 4h time frame.
Right now, the price is stooped by reaching the descending trend’s line and formed a top price. It necessary to mention that, this resistance line has prevented ascend of the price twice. The Stoch indicator is in the saturation buy area and issued the warning of the formation of top price and the falling of the price. until, this formed top price is not broken, we can expect the descend of the price and decrease of the price in the USD/CHF chart.
We predicted the possibility of an ascending movement and locating in the determined target in our previous analysis on 06.15.2012. Right now, the price reached a very important resistance level, which is a transitive kind, and is stopped there and had a weak falling. The price is in saturation sell area in the daily time frame and also the Stoch indicator confirms this situation. Therefore, there is the possibility of forming top price and a fall in the price, however, the direction of the movement is not the same with the weekly time frame and therefore, the accuracy of this prediction is not confirmed.
The price is closed under the average of the moving of 5 days and right now is reached to the ascending line. This line plays the role of a supporting level for the price. The price should break this line to be able to continue its descending movement. This line is not an ideal supporting line by considering the steep slope of the ascending trend and the potential of a fall in the daily time frame. We expected the descend of the price and reform of the price by considering the daily time frame. Until the formed tip price is not broken, we cannot expect more reform in the price.
