Japanese Candlesticks Analysis 11.05.2012 (EUR/USD, USD/JPY)
11.05.2012
Analysis for May 11th, 2012
EUR/USD
The H4 chart of the EUR/USD currency pair shows a bearish tendency on the descending trend. A sideways correction has been finished after Tweezers pattern. Window, which is the closest to the price, is a support level. Three Line Break and Heiken Ashi candlestick charts confirm a descending movement.
The H1 chart of the EUR/USD currency pair shows the start of a correction on the descending trend, which is indicated by Hammer pattern. Three Line Break chart confirms a descending movement, Heiken Ashi candlesticks indicate a bullish pullback.
USD/JPY
The H4 chart of the USD/JPY currency pair shows the start of a correction on the descending trend, which is indicated by Engulfing Bullish pattern. Three Line Break and Heiken‑Ashi candlestick charts confirm the descending trend.
The H1 chart of the USD/JPY currency pair shows a trend change after Piercing Line pattern. Window, which is the closest to the price, is a support/resistance level. Three Line Break and Heiken Ashi candlestick charts indicate a correction in different directions.
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.