Analysis for May 17th, 2012
EUR/USD
The H4 chart of the EUR/USD currency pair shows the start of a correction on the descending trend. The previous sideways correction has been finished after Tweezers pattern. A new Window has been opened. Window 2012.01.09 is a support level. Three Line Break and Heiken Ashi candlestick charts confirm the correction.
The H1 chart of the EUR/USD currency pair shows a correction on the descending trend, which is indicated by Harami and Tweezers patterns. 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 trend change from descending to ascending, which started after Engulfing Bullish pattern. Shooting Star pattern indicates a bearish pullback. Three Line Break and Heiken‑Ashi candlestick charts confirm an ascending movement.
The H1 chart of the USD/JPY currency pair shows a correction on the ascending trend, which is indicated by Shooting Star pattern. Window, which is the closest to the price, is a resistance level. Three Line Break chart confirms the correction, Heiken Ashi candlesticks indicate an ascending movement.