empty
 
 
05.08.2015 01:33 PM
Technical analysis of AUD/USD for August 5, 2015

This image is no longer relevant

Overview

According to the attached H4 chart, Silver price showed an initial breach to the bearish channel's resistance as the price moves inside a minor bullish channel that appears on image, which might push the price to attempt to stop the recently dominating negative pressure. On the other hand, stochastic offers negative signal now that might push the price to decline again, thus, the minor bullish channel could form a bearish flag pattern that will assist to put the price back to the overall bearish trend in case breaking its support line at 14.50. Therefore, we prefer staying aside temporarily in order to monitor the price behavior according to the next trend keys represented by 14.50 support and 14.80 resistance, as breaching one of them will offer clearer signal for the next destination on the intraday and short-term basis.

Summary
Urgency
Analytic
Mourad El Keddani
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback