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Majors Technical Analysis 20/Jun/2012
Submitted by Forexyard on Wed, 20/06/2012 - 07:31
Long term technical indicators are providing mixed signals for this pair. On the one hand, the weekly chart's MACD/OsMA seems like it is about to form a bullish cross. On the other hand, the daily chart's Williams Percent Range is in overbought territory, indicating that downward movement could occur. Taking a wait and see approach for this pair may be the best choice.
The Williams Percent Range on the daily chart is currently in the overbought zone, indicating that downward movement could occur in the near future. In addition, the Slow Stochastic on the same chart seems like it is about to form a bearish cross. Traders will want to pay attention to this indicator. If it forms the cross, it may be a good time to open short positions.
The Bollinger Bands on the weekly chart are narrowing, indicating that this pair could see a price shift in the coming days. Furthermore, the Williams Percent Range on the same chart is hovering close to the oversold zone. Traders may want to go long in their positions for this pair.
A bullish cross on the daily chart's Slow Stochastic indicates that this pair could see an upward correction in the near future. This theory is supported by the Williams Percent Range on the same chart. Going long may be the best choice for this pair.