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Majors Technical Analysis 08/Jun/2012
Submitted by Forexyard on Fri, 08/06/2012 - 09:43
The weekly chart's Slow Stochastic has formed a bullish cross, indicating that this pair may extend its recent upward movement. In addition, the Williams Percent Range on the same chart has crossed into oversold territory. Going long may be the wise choice for this pair.
Long-term technical indicators are currently placing this pair in neutral territory, meaning that no defined trend can be determined at this time. Traders may want to take a wait-and-see approach, as a clearer picture may present itself in the near future.
A bullish cross on the daily chart's MACD/OsMA points to a possible upward correction in the near future. Furthermore, the Slow Stochastic on the weekly chart appears to be forming a bullish cross as well. Traders will want to keep an eye on this indicator. If the cross does form, it may be a good time to open long positions.
The Slow Stochastic on the weekly chart has formed a bearish cross, indicating that this pair could see a downward correction in the coming days. Additionally, the Williams Percent Range on the same chart is hovering around the overbought zone. Opening short positions may be a wise choice for this pair.