Base line of the ascending channel could pump the price up once more
ANZ Commodity Prices was released in New Zealand and the US will publish Consumer Price Index and Crude Oil Inventories. On the chart the price looks to be bullish for next few days too; the ascending channel that formed a few days ago is still valid and has not been broken to either sides yet.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.72050 with resistance at 0.72590 which the weekly pivot point at 0.72360 is located in between the lines. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving on level 50, the MACD line is above the signal line in the positive territory and the Stochastic is moving in high ranges. The ADX is showing buy signal. The price is in the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen is showing an upward trend and the Kijun-sen is showing a horizontal trend.
Long positions are recommended towards 0.73100.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.