GPB/USD: technical analysis for October 17, 2013

October 17, 2013

Current trend

Amid sluggish trade throughout the week yesterday’s trades seemed rather active. In the morning the pair grew up to resistance level of 1.6060, which coincides with the level of 23.6% Fibonacci. After that the pair fell for more than 150 points, but not for long and returned to the level of 1.5970. Such fluctuation demonstrates market uncertainty.

Technical indicators show sideways movement. The signal line and histogram of MACD indicator are near the zero line and do not give clear signals. Stochastic is in the medium zone, both lines are directed upward.

Support and resistance

Resistance levels are 1.6050, 1.6070 and 1.6090. Support levels are 1.5970, 1.5945 and 1.5900.

Trading tips

It is recommended to buy after consolidation of the trading instrument above the level of 1.6070. Short positions are recommended below the level of 1.5950. 

Ilya Lashenko

Analyst of LiteForex Group of Companies

Publication source
LiteForex information  LiteForex reviews

September 30, 2016
Euro continues to trade sideways inside a 100pips range
Looking at the hourly chart, the pair still fighting to overtake 1.1235 barrier, which is considered as the near-term resistance for the single currency...
September 29, 2016
Will Brexit be more painful for Europe rather than for the UK?
The risk is increasing on the market ahead OPEC meeting in Algiers and Yellen testimonial, which will happen before the House panel. FED-fueled rally on gold starts to fizzle out as the December futures keep on a losing streak for a second day, finally dipping by 0.12% to 1,328.75...
September 28, 2016
US presidential debate moves unwind
The market’s initial response to the US presidential election debate overnight was a clear sigh of relief. The Mexican Peso, which had hit a record low against the dollar just the day before, surged higher, as too did the Canadian dollar...

FXCM Rating
Tickmill Rating
Vantage FX Rating
XM Rating
Larson&Holz IT Ltd Rating
Orbex Rating

OptionFair Rating
Binary Brokerz Rating
24option Rating
Anyoption Rating
IQ Option Rating
Grand Option Rating