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
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