The golden trend line has been violated and now the market is trading below the intraday resistance at the level of 1.2859 as wave iii is developing lower. Nevertheless, it looks like this might be a short-lived drop as the corrective wave iv is due later and the weekly pivot support at the level of 1.2822 might be a good target to terminate wave iii. A growing bullish divergence between the price and the momentum oscillator supports this view.
Support/Resistant:
1.2822 – WS1 and Intraday Support
1.2859 – Intraday Resistance
1.3006 – Weekly Pivot
1.3091 – WR1
Trading recommendations:
Day traders should consider opening buy orders from current price levels with SL below the level of 1.2800 and TP at the level of 1.2859.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 16/08/2016:
The golden trend line has been violated and now the market is trading below the intraday resistance at the level of 1.2859 as wave iii is developing lower. Nevertheless, it looks like this might be a short-lived drop as the corrective wave iv is due later and the weekly pivot support at the level of 1.2822 might be a good target to terminate wave iii. A growing bullish divergence between the price and the momentum oscillator supports this view.
Support/Resistant:
1.2822 – WS1 and Intraday Support
1.2859 – Intraday Resistance
1.3006 – Weekly Pivot
1.3091 – WR1
Trading recommendations:
Day traders should consider opening buy orders from current price levels with SL below the level of 1.2800 and TP at the level of 1.2859.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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