The previous ascending wave could penetrate the resistance
New Zealand released ANZ Business Confidence and the US will publish EIA Natural Gas Storage Change, Continuing Claims and Unemployment Claims. On the chart the price line is moving in a bullish channel. No trend reversal signal has been issued yet and the price is expected to continue the bullish trend.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.60960 with resistance at 0.61890 which both lines are above the weekly pivot point at 0.60070. 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 in overbought area, the MACD line is on the signal line in the positive territory and the Stochastic is moving in high ranges. The ADX is showing buy signal. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing an upward trend.
Long positions are recommended towards 0.62000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.