Analysis for August 29th, 2016
Super Trends have formed “bearish cross”, which means that the EUR/USD pair may yet continue moving downwards. The closest target is at the 2/8 level. If the price breaks this level, the market may continue falling much deeper to reach the 0/8 one.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the pair is moving inside the “oversold zone”. It’s highly likely that during the day the price may break the -2/8 level. In this case, the lines at the chart will be redrawn. During the correction, I opened another sell order.
USD CAD, “US Dollar vs Canadian Dollar”In case of the USD/CAD pair, Super Trends have formed “bullish cross”, but the price hasn’t broken the weekly Super Trend yet, which may be a rather serious obstruction for buyers. Consequently, if later they do break this level, they will continue pushing the price towards the 7/8 one.
At the H1 chart, the pair is moving at the top. If the price rebounds from the 6/8 level, the market will resume moving upwards. If later the 8/8 level is broken as well, the pair may test the 1/8 one.
RoboForex Analytical Department
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