Analysis for October 12th, 2016
The EUR/USD pair continued its decline and, as a result, the lines at the chart were redrawn. Before that, Super Trends had formed “bearish cross”. Later, the price may reach the 4/8 level and start a new local correction, which may be followed by a new descending movement towards the 3/8 one.
EUR USD, “Euro vs US Dollar”
At the H1 chart, the pair is moving near the 1/8 level. If the price rebounds from this level, it may start a new ascending correction. However, if Super Trends provide resistance, the market may resume falling towards the -2/8 level.
The NZD/USD pair is attempting to stay inside the “oversold zone” under the 0/8 level. Earlier, Super Trends formed “bearish cross” and the price rebounded from the 4/8 level several times. Consequently, in the nearest future the market may fall towards the -2/8 level. If later this level is broken, the lines at the chart will be redrawn.
NZD USD, “New Zealand Dollar vs US Dollar”
At the H1 chart, the pair is moving inside the “oversold zone” under Super Trends. On Wednesday, the local correction may continue, but later the market is expected to break the -2/8 level.
RoboForex Analytical Department
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