empty
 
 
05.08.2015 01:47 PM
Daily analysis of SILVER for August 05, 2015

The current daily chart structure is calling for a more downside bias below the support level of 1.5450 as long as the pair stays below the 200 SMA. If a breakout happens over there, it would be expected to reach the 1.5348 level. However, if a rebound is performed at this current stage, then the GBP/USD pair will do a rally towards the 1.5543 level.

This image is no longer relevant

On H1 chart, the bias is obviously bearish because the pair is already doing a consolidation below the 200 SMA. Besides, it's forming a lower low pattern above the support level of 1.5484. If the pair manages to break that zone, it would be expected to fall until the 1.5411 on a short-term basis. MACD indicator is entering the positive territory.

This image is no longer relevant

Daily chart's resistance levels: 1.5543 / 1.5640

Daily chart's support levels: 1.5450 / 1.5348

H1 chart's resistance levels: 1.5545 / 1.5587

H1 chart's support levels: 1.5484 / 1.5411

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5484, take profit is at 1.5411, and stop loss is at 1.5557.

Summary
Urgency
Analytic
InstaForex Analyst
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