Daily Chart
Bulls and Bears are continuing their fight within the consolidation zone around 1.265. Price managed to dip below the trendline for a while yesterday due to the weakening of USD during US trading hours, but bulls pulled price back up above the line once more, showing their grit. However, do not take this as a clear sign that bulls are in charge right now. Price is still below the 1.265 halfway point between 1.26 – 1.27 consolidation, and stochastic readings are pushing lower, lending strength to the bearish cause. As we approach the end of May which happens to be the end of the week, volatility may be higher due to the thinner liquidity, as such traders may wish to see if any potential trends hinted by the end of tonight has proper follow through the next week.
More Links:
GBP/USD – Surges Strongly Through 1.52
AUD/USD – Pushing Up to Resistance at 97 Cents
EUR/USD – Surges Through 1.30 and Settles
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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
View the original article: http://forexblog.oanda.com/20130531/usdsgd-technicals-1-27-broken-but-rising-trendline-intact/
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