The pair is trading between two trend lines — the long-term downtrend
line and the short-term uptrend line. On 6/6/2013, the day before
Non-Farm Payrolls, we had a strong bullish candlestick with a relatively
long upper shadow, indicating potential resistance at the session high
of 1.3300. Following that on 6/7 (Friday), we had a small bearish
candlestick body completely within the prior session’s large candlestick
body. It was a potential bearish Harami pattern in an uptrend, but that
warning signal was not confirmed in the subsequent trading sessions.
On 6/10 (Monday), we had a bullish candlestick body engulfing the
small bearish candlestick body of 6/7. On 6/11 we had another bullish
candlestick, this one closing at 1.3311 — 11 pips above the key
resistance level of 1.3300, which was the high on 12/19/2012. If price
has a stronger close above 1.3320/3350 today, more upside movement may
be expected. The RSI on the daily chart is approaching 70 and the MACD
is bullish.
No comments:
Post a Comment