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Majors Technical Analysis 29/Jun/2012
Submitted by Forexyard on Thu, 28/06/2012 - 07:41
A bearish cross on the daily chart's MACD/OsMA 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, which has dropped into oversold territory. Going long may be a wise choice for this pair.
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 Williams Percent Range on the weekly chart is slowly drifting into oversold territory. Traders will want to keep an eye on this indicator, as it may signal an impending upward correction.
Long-term technical indicators show this pair trading 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 is likely to present itself in the near future.
The weekly chart's Williams Percent Range has drifted into overbought territory, indicating that a downward correction could occur in the coming days. This theory is supported by the Relative Strength Index on the same chart, which is currently approaching the 70 level. Going short may be a wise choice.