Murray Math Lines 20.02.2012 (SILVER, USD/CAD, GBP/JPY)
20.02.2012 / 10:05
Analysis for February 20th, 2012
After rebounding from the 6/8 level and the daily Super Trend’s line, the price is trying to break the 7/8 one. Most likely, the bulls will break this level on Monday. After that we can expect the price to grow up towards the +2/8 level.
The price has broken the H4 Super Trend’s line backwards, and the Super Trends’ lines have almost formed “Bullish Cross”. The pair may break the 4/8 level within the next several hours. The short-term target is the8/8 level.
After being opened with a gap down and rebounding from the daily Super Trend’s line, Canadian Dollar has reached a new local minimum. The price broke the 3/8 level, that’s why the next target for the bears is the0/8 one, which had been already tested on all major charts. The bears may reach this target within the next several days.
At the H1 chart Canadian Dollar gapped to the 5/8 level. The current consolidation indicates that the price may continue moving downwards. The target here is also at the 0/8 level, although the market is quite able to test the Super Trends’ lines and eliminate, at least, a part of this gap.
After my Take Profit at the 8/8 level worked, the price started moving around the level and I decided to re-enter the market. As we can see now, I’ve made a right decision, as the price continues growing up, so I’ve opened one more order. The target for both orders is at the +2/8 level.
At the H1 chart the market was opened with a gap up, thus allowing the pair to continue moving above the5/8 level. This movement is supported by the Super Trend’s line. Most likely, the pair will reach the 8/8 level within the next several days.