Analysis for October 10th, 2016
Last Friday, the EUR/USD pair rebounded from the 0/8 level and, as a result, started growing very fast. Before that, the price had been supported by the 1/8 level twice. Consequently, in the nearest future the market may move upwards to reach the 5/8 level, which earlier provided a significant resistance.
EUR USD, “Euro vs US Dollar”
At the H1 chart, the pair rebounded from the 0/8 level as well and then Super Trends formed “bullish cross”, which means that the price may start a short-term growth at least. At the same time, during the day the market may be corrected towards the 4/8 level. After reaching this level, it may rebound and attempt to start a new ascending movement.
NZD JPY, “New Zealand Dollar vs Japanese Yen”The NZD/JPY pair couldn’t stay above the 7/8 level and right now is moving under Super Trends. Several days earlier, the price had rebounded from the 1/8 level. As a result, in the nearest future, the market may fall towards the 4/8 level.
At the H1 chart, the pair rebounded from the 7/8 level twice and then Super Trends formed “bearish cross”. The situation being what it is, the market may continue falling towards the 1/8 level. To confirm this scenario, the pair has to break the 4/8 level and fix below it. .
RoboForex Analytical Department
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