Japanese Candlesticks Analysis 04.05.2012 (EUR/USD, USD/JPY)
04.05.2012
Analysis for May 4th, 2012
EUR/USD
The H4 chart of the EUR/USD currency pair shows a bearish correction on the ascending trend, which is indicated by Engulfing Bearish pattern. Window 2011.11.25 is a resistance level. Three Line Break chart confirms the correction, Heiken Ashi candlesticks indicate a bullish pullback.
The H1 chart of the EUR/USD currency pair shows a correction on the descending trend, which continued after Three Methods pattern. Window 2012.02.03, which is the closest to the price, is a support level. High Wave pattern indicates that the correction continues. Three Line Break chart indicates the correction, Heiken Ashi candlesticks confirm a descending movement.
USD/JPY
The H4 chart of the USD/JPY currency pair shows a bullish correction on the descending trend, which was started after Belt Hold pattern. Shooting Star pattern indicates a bearish pullback. Three Line Break chart confirms an ascending movement, Heiken‑Ashi candlesticks indicate a bearish pullback.
The H1 chart of the USD/JPY currency pair shows a bullish correction on the descending trend, which is indicated by Doji and Belt Hold patterns. Window is a support level. Three Line Break and Heiken Ashi candlestick charts confirm the correction.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.