Friday, 29 June 2012

Murray Math Lines 29.06.2012 (USD/JPY, EUR/GBP, SILVER)


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29.06.2012 / 13:37

Analysis for June 29th, 2012

USD/JPY

At the daily chart the USD/JPY currency pair is still heading towards the 0/8 level. Currently the market is consolidating, but it may start moving downwards again in the nearest future. We can expect the price to reach a new local minimum next week.



The price has rebounded from the H4 Super Trend’s line and the 4/8 level, that’s why I’ve opened one more sell order. Now the bears have to break the daily Super Trend. If they succeed in doing it, the price will continue falling down towards the 0/8 level.



EUR/GBP

The correction is taking too much time. However, the chart structure indicates that the consolidation may continue. The target is still at the 8/8 level.



At the H4 chart the bulls are trying to break the 4/8 level. If the buyers are able to keep the price above it, the pair will continue growing up towards the 8/8 one. Later, the price may make a reverse at this level.



SILVER

That’s the third time the price has entered the resistance area between the 1/8 and 0/8 level at the daily chart. However, we can expect it to rebound once again. The first target for the bulls is the 3/8 level. If the price breaks this level, the instrument will continue moving upwards.



At the H4 chart the bears will probably test the 1/8 one more time. Later the price is likely to make a reverse and start moving upwards. The short-term target is at the 4/8 level and we can’t exclude a possibility that the market may break it and continue growing up.


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