As it was mentioned in previous analysis of this currency pair dated 22.05.2013 , according to the formed signs in the price chart, there was a potential for descending of price which finally happened.Sellers were successful in achieving the lowest price of 1.44549 in this downtrend. According to the continues formation of Spinning top candlestick pattern in recent days, it warns about indecision traders and inability of sellers in achieving the lower price in this currency pair.as it is obvious in the picture below , price has been stopped from more descending with reaching to the supportive level (alterant) and has formed a bottom price.
Stoch indicator is in saturation sell area in daily time frame and it warns the potential for ascending of the price according to the next cycle. The first important warning for ascending of price is breaking of the 1.45790 resistance level(the highest level of price changes in previous day). The first price target of buyers is long term descending trend line in this currency pair. Generally until the bottom price of 1.44549 is preserved, the price has the potential for ascending in this currency pair.
As it was mentioned in the previous analysis of this currency pair dated 14.05.2013 , according to the technical signs in the chart, there was the potential for ascending of price that finally happened. Price has increased form the third point of ascending trend line and buyers were successful in achieving the highest price level of 1.36318. Currently price in long term time frames is above 5-day moving average and warns about more ascending in long term interval of this currency pair.
As it is obvious in the picture below, price is in an uptrend channel and breaking of the supportive line of this pattern will be the first warning for a price reformation. Right now the price has reached to the resistance level of weekly Pivot 2 and with forming Shooting Star candlestick pattern warns about formation of a top price (need to be confirmed by a bearish candle). According to the formed price movements in 4H time frame, RSI indicator is in saturation buy area and it is in divergence mode with the price chart that warns the potential for price reformation.As it was mentioned in the previous analysis of this currency pair, according to the ascending of price in long term interval, the signals of short term time frames are possible to be unstable and temporary.
As it was mentioned in the previous analysis of this currency pair dated 15.01.2013 , according to the technical signs in the chart, there was the potential for ascending of price that finally happened. Buyers were successful in achieving the highest price level of 1.40431in this uptrend. Currently price in long term time frames such as monthly and weekly time frames is above 5-day moving average and warns about more ascending in long term interval of this currency pair. Right now price is near the round resistance level of 1.40000 which is one of the buyers price target in this uptrend and if it breaks in daily time frame, price will have the potential of reaching to the resistance level of 1.41400.
According to the formed price movements in 4H time frame, RSI indicator is in saturation buy area and it is in divergence mode with the price chart that warns the potential for formation of a top price and changing price direction during the next candles. If the supportive level of 1.39717 breaks, there will be the first warning for price reformation in this currency pair and if the price decrease, one of the price targets will be the weekly pivot level which is obvious in the picture below.
As it was mentioned in previous analysis of this currency pair dated 03.06.2013, according to the formed signs in the price chart, there was a potential for ascending of price to the specified resistance levels which finally happened and it touched those specified targets. Because of sell pressure and strong downtrend, ascending of price was not stable and sellers could achieve the lowest price of 0.78191. Currently price in long term time frames such as monthly and weekly is under 5-day moving average and warns more descending in long term interval.
As it is obvious in the picture below, right now price during the downtrend has reached to the ascending trend line (made of 3 bottom prices) and if this supportive line breaks, price will have the potential of reaching to the important supportive level of 0.77300. According to the formed price movements in daily time frame, there is a butterfly harmonic pattern between the top price of 0.86738 and the recent descending that by completing the D point of this pattern (formation of an ascending candlestick pattern or a bullish candle); there is a warning about stopping of descending of the price. There is no clear sign for ascending of the price and the least sign for price reformation and increasing of the price is formation of a bottom price in 4H time frame.
AUD/USD since 11.04.2013 had a strong and without reformation downtrend, that sellers during this downtrend were successful in achieving the lowest price of 0.93248.Price by reaching to the supportive level (alterant) and expansion Fibonacci range of 261.8 (ABC pattern) stopped from more descend and with forming a bottom price prepared a field for ascending. There is an AB=CD harmonic pattern with the ratios of 61.8 and 127.2 between the top price of 0.97909 and the bottom price of 0.93248 that prepared a field for ascending.
Currently the mentioned bottom price is recorded in daily time frame and with formation of the hammer candlestick pattern that shows sellers failure in achieving the lower price warns about changing trend direction. RSI indicator is in saturation sell area in daily time frame and in divergence mode with the price chart that confirms the bottom price of 0.93248warns about changing trend direction. Generally until the supportive level of 0.93248 is preserved , the price will have the potential for reformation of descending trend and reaching to the weekly pivot 1 resistance level.
GBP/USD from the bottom price of 1.50049 till now was in strong and consistent uptrend that buyers could achieve the highest price level of 1.56994.currently the price in weekly and daily time frame is above 5-day moving average and warns the potential of ascending in long period of time in this currency pair. Price by reaching to the round resistance level of 1.57000 and the resistance edge of uptrend channel has stopped from more ascend that shows buyers used this price level to exit their trades. Formation of Shooting Star and Hanging Man candlestick patterns with thin body in green area shows indecision market and vulnerability of ascending trend.
According to the formed price movements, RSI indicator is in saturation buy area and in divergence mode with the price chart that confirms the top price of 1.56994 and warns about changing price direction. One of the important signs for descending is breaking of ascending trend line (made of 3 bottom prices). Generally according to the current situation in 4H time frame until the top price of 1.56994 is preserved, price will have the potential of descending but according to the potential of ascending in long period of time, the descending of price is temporary and unstable.
USD/CHF from the top price of 0.98380 till now was in a downtrend that sellers were able to achieve the lowest price of 0.91308. As it is obvious in the picture below, price with formation of AB=CD harmonic pattern with ideal ratios of 61.8 and 161.8 has prepared the field for descending of the price from top price of 0.98380 that finally happened. Currently price with teaching to the ascending trend line ( made of 2 bottom prices) has been stopped from more descend and with forming of the Spinning Top candlestick pattern on yesterday, warns the possibility of formation of a bottom price which need the confirmation by the next bullish candle.
Formation of the lower long shadow in the last day candle shows the failure of sellers in reaching to the lower prices. Stoch indicator is in saturation buy area and in divergence mode with the price chart in daily time frame that confirms the price level of 0.91308 and warns changing price direction during the next candles. The first warning for ascending of price is breaking of the resistance level (the yesterday highest price change) 0.92577. Generally according to the current situation of the price chart in daily time frame until the third point of ascending trend line is preserved, the price will have the potential to ascend and pass the mentioned bottom price.
As it was obvious in the previous technical analysis of this currency pair dated 16.05.2013 , according to the formed signs in price chart, the price has the potential of descending which finally happened. CHFJPY during the uptrend since 2012 with approaching to the highest historical level in the price chart has been stopped from more ascend and with formation of a top price and recording of it in weekly time frame warns the potential of reformation of the price in long period of time.Currently on monthly time frame in the previous candle , price has formed Spinning Top candle stick pattern that is the possible vulnerability of ascending trend on long period of time and also in weekly and daily time frames price is under 5-day moving average and warns about more descending during the next candles.
Sellers during the recent descending were successful in achieving the lowest price of 101.799. As it is obvious in the picture below, price with reaching to the supportive edge of downtrend channel also alterant level range has been stopped from more descend and by forming a bottom price of 101.799 has prepared the field for ascending of price. In 4H time frame in green range, price has formed Evening Star candlestick pattern which is in the same direction with RSI indicator’s signal that warns about ascending of price during the next candle in midterm intervals. The first warning in this currency pair for descending of price (in the same direction of long term time frames) is breaking of the supportive level of 101.799.
