01.10.2014 – Support and Resistance by Dukascopy
October 1, 2014 7:20 amVideo
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It’s time for another edition of the Support and Resistance Level Report. I’m Imogen Comrie and here’s how our in-house model tests out this Wednesday.
Euro/Dollar saw a strong drop yesterday in light of disappointing Euro zone inflation data, and it now has R1 of 1 2630 and S1 of 1 2570.
R2 leads in resistance with 6 studies, and R3 counts a 20 day moving average among its 5 confirmations. R1 is backed up by Bollinger Upper Band and two other models. S1 has found 8 matches, including Price Channel Indicator Lower Line and a 2 year low, and S2 is a psychological level with 2 studies. The lowest support line sees a single confirmation.
The Cable has moved South as well, and it is currently trading in the range limited by R1 of 1 6210 and S1 of 1 6170.
The lower two resistance lines see 4 confirmations each, including a 20 day moving average for R2. R3 counts Bollinger Upper Band among its 2 studies. S1 is confirmed by Price Channel Indicator Lower Line, a 6 month low and 3 other models, and the second support line has found 2 matches. S3 counts a psychological level as its only confirmation.
Dollar/Yen is testing new heights as it now stands below R1 of 110 and above S1 of 109 70.
Standing at the important psychological level of 110, R1 sees 3 confirmations. R2 is Bollinger Upper Band with 2 studies, and the highest resistance line has found a single match. S1 is well confirmed with 12 models, including Price Channel Indicator Lower Line and a former 4 year high, and the second line is supported by 9 studies. A 20 day moving average is among the 2 matches for S3.
Last up is the Dollar/Swiss Franc, and its yesterday’s rise puts it between R1 of 0 96 an S1 of 0 9530.
R1 is backed up by Price Channel Indicator Upper Line, a 12 month high and 5 other models, and R3 is a 2 year high with 2 confirmations. The second line has found a single match. S2 is a psychological level with 9 studies, and a 20 day moving average is among the 7 confirmations for S3. S1 is Bollinger Upper Band with 4 models.
You’ve been watching the Support and Resistance Level Report for Wednesday. Check back in tomorrow when the next report will be available. Goodbye.
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