Forex Trading For Beginners 29 October 12
Autochartist Daily Forex Update: Technical Analysis EUR/JPY turns down from Rising Wedge resistance trendlineAutochartist recently identified the daily Rising Wedge chart pattern on the EUR/JPY charts.
Autochartist Forex Trading for Beginnersrates the Quality of this Rising Wedge at the 6 bar level which reflects the strong Initial Trend (10 bars), medium Uniformity (5 bars) and low Clarity (3 bars). The maximum value of the Initial Trend reflects the strength of the previous weekly downward price thrust from March. Point B on the chart below formed when EUR/JPY turned down from the resistance zone consisting of the Fibonacci Cluster made out of 61,8% Fibonacci Correction of the preceding downward price impulse from March and the 38,2% Fibonacci Correction of the longer-term downward price impulse from April of 2011 - located near the weekly downtrend resistance trendline (standing on the starting pivots of the two downward impulses making up the Fibonacci cluster mentioned above) and weekly upper Bollinger Band.