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Majors Technical Analysis 03/May/2012
Submitted by Forexyard on Thu, 03/05/2012 - 10:31
The MACD/OsMA on the daily chart appears close to forming a bearish cross, indicating that this pair could see upward movement in the near future. Additionally, the Williams Percent Range on the same chart is moving down at the moment and could soon cross into oversold territory. Traders will want to keep an eye on these indicators, as they may signal an impending upward correction.
The Williams Percent Range on the weekly chart is in overbought territory, meaning that this pair could see downward movement in the near future. Furthermore, the MACD/OsMA on the daily chart appears to be forming a bearish cross. Going short may be the preferred strategy for this pair.
A bullish cross on the daily chart's Slow Stochastic points to a possible upward correction. That being said, most other long-term technical indicators show this pair trading in neutral territory, meaning that no defined trend can be predicted. Traders may want to take a wait and see approach, as a clearer trend may present itself shortly.
Most long-term technical indicators show this pair range-trading, meaning that no defined trend can be predicted at this time. That being said, the weekly chart's MACD/OsMA appears close to forming a bearish cross. Traders will want to keep an eye on this indicator. Should the cross form, it may be a sign of impending bearish movement.