By: Doug Rosen
This pair is caught inside of a price trap in my hourly chart. It has been in a consolidation range for the last week or so trying to make up its mind and I think it is getting close. There isn't anything to say about this pair on the weekly chart and on the daily chart the only comment I have is that it has been riding the 5, 13 and 21 ema's but coming up to the 55 which I do believe will cause a reaction.
Moving on to the 4 hour and monthly pivot chart I see that price is trying to make its way out of the range it has been trapped in and has breached but not broken the R2 at 106.38. The 5 ema is heading up giving price a lift and the upper Bollinger band is trying to open up. Price will probably retrace back a bit and touch the 5 ema and keep heading up.
Moving on to the hourly and weekly pivot chart price has broken past the central pivot point and just as the 4 hour chart, price is riding the 5 ema with an open upper Bollinger and pointing upward.
Finally, on to the 15 minute and daily pivot chart it is obvious price is riding the 21 ema and price has already broken yesterdays high and the next area of resistance is the R1 at 106.45.
The upper Bollinger band is pointing down at the time of my analysis I must point out, however, the stochastic is in the center of the trade zone beginning to cross up. Other than some expected retracements, this pair is looking very bullish to me.