4 Hourly Chart
6.52 resistance has been breached, opening up next level of resistance (38.2% Fib Retracement from 16th Nov '12 High vs recent Low) found just above 6.58. However, wait for any confirmation of bullish reversal as current candle is not slated to close until 3+ hours later, and we could still end up with a false dawn yet.
Daily Chart
From the daily chart, Stochastic suggest that bullish correction could still extend a little bit further after readings came back to above 20.0. However, downward trendline will weigh against any bullish efforts, with 6.53 (swing low on Oct 19th) potentially where price meet trendline. Overall, current setup does not negate the bear trend until 6.57 has been broken. Should 6.57 remain respected, 6.44 comes back into focus with bears wanting to break below to continue the bearish extension.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.