Wednesday, January 7, 2015

Possible hammer on the GBP/USD daily chart

The hammer is a bullish reversal candlestick formation. It means that the price may change direction to the upside if the pattern is confirmed. The long lower shadow with the small real body of the candlestick is an indication that the buyers came in strong towards the end of the trading day. If tomorrow’s candlestick is bullish, then the formation is confirmed and most likely will try to correct to the upside. 


at

8 comments:

Subscribe to: Post Comments (Atom)

WTI oil at the 200 day EMA

WTI oil breaks below the 66.27 support zone and accelerates its bearish momentum towards the 200 day EMA around the 64.30 level. We have b...

  • The USD/CAD in consolidation mode
    The USD/CAD gets tangled between the 21 day EMA and the 55 day EMA, also between the 1.2800 and the 1.3000. From this point the pair may go...
  • Gold continues consolidating
    The price of gold is still consolidating as shown on the daily chart between the 1281 as support and the 1304 as resistance. At the 1304 lev...
  • Pullback to a key level on the EUR/USD
    The EUR/USD has been very volatile lately, but it has not taken a clear a direction. The pair has been consolidating between the 1.2300 leve...