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Analysis for June 28th, 2012
The USD/JPY currency pair is trying to break the daily Super Trend once again. If the bears succeed in doing it and are able to keep the price below the 3/8 level, nothing will prevent the market from continuing falling down towards the 0/8 one. We can’t exclude a possibility that the latter level may also be broken and the price will move lower.
At the H1 chart the pair is moving below the Super Trends’ lines, which are in the “red zone”. The market hasn’t been able to stay above the 4/8 level for a long time. Most likely, in the nearest future the price will continue falling down towards the 0/8 level.
The bears are trying to break the daily Super Trend’s line one more time. If the indicator’s line is broken and then the market is able to stay below the 3/8 level, the price will continue falling down towards the 0/8 one.
At the H1 chart the pair has moved very close to the 0/8 level. There is a possibility that the price may break this level in the nearest future and continue moving downwards. If the price breaks the -2/8 level, the lines at the cart will be redrawn.
USD/CADThe USD/CAD currency pair has been moving near the 4/8 level for several days. At the moment the bulls are trying to break the daily Super Trend’s line backwards. If they succeed to keep the price above the line, we can expect the price to reach the 8/8 level within the next several days.
At the H1 chart the bulls are trying to leave the channel between the 5/8 and 3/8 levels after quite a long consolidation. In the near term, we can expect the price to reach the 8/8 level. There is a possibility that the market may break this level and the pair will continue growing up.