Recent wave development still looks like a triangle, even more complex and time consuming.
The current price range is limited by two factors:
– The first is the technical support at 129.66
– The second is the intraday resistance at the 130.41 – 130.55 zone.
In this case there are two ways to trade. One is that you can open short positions from the intraday area at 130.41-130.55. And another is that you can trade the range break out.
Due to larger time frame cycles the current bias is to the downside as there are missing waves, which should develop to finish the cycle.
Support/Resistance:
128.91 – Technical Support | Lower Multi-Week Triangle level
129.26 – 129.40 – DEMAND ZONE | INVALIDATON ZONE |Key Level For Bulls|
129.63 – Intraday Support
130.28 – Technical Resistance | Key level |
130.43 – WS1 | Intraday Supply | Golden Trend Line Resistance Zone |
130.82 – 130.02 – Key Level For Bears
131.23 – Technical Resistance
131.42 – Weekly Pivot
Trading recommendations:
As I have mentioned above there are two ways of trading this range:
-short positions are favoured from the area of 130.41 – 130.55 with SL just above this level and potential TP1 at 129.66 and TP2 at 129.40
– wait for a breakout at the either level
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 30/08/2013 08:30 CET
Recent wave development still looks like a triangle, even more complex and time consuming.
The current price range is limited by two factors:
– The first is the technical support at 129.66
– The second is the intraday resistance at the 130.41 – 130.55 zone.
In this case there are two ways to trade. One is that you can open short positions from the intraday area at 130.41-130.55. And another is that you can trade the range break out.
Due to larger time frame cycles the current bias is to the downside as there are missing waves, which should develop to finish the cycle.
Support/Resistance:
128.91 – Technical Support | Lower Multi-Week Triangle level
129.26 – 129.40 – DEMAND ZONE | INVALIDATON ZONE |Key Level For Bulls|
129.63 – Intraday Support
130.28 – Technical Resistance | Key level |
130.43 – WS1 | Intraday Supply | Golden Trend Line Resistance Zone |
130.82 – 130.02 – Key Level For Bears
131.23 – Technical Resistance
131.42 – Weekly Pivot
Trading recommendations:
As I have mentioned above there are two ways of trading this range:
-short positions are favoured from the area of 130.41 – 130.55 with SL just above this level and potential TP1 at 129.66 and TP2 at 129.40
– wait for a breakout at the either level
The material has been provided by InstaForex Company – www.instaforex.com
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