The Dukascopy TV team is back with another edition of the Support and Resistance Level Report. Here’s a look at how our in-house model tests out this Monday.
We start with the trader’s favourite pair, the Euro/Dollar, which rose recently and now stands between R1 of 1 1210 and S1 of 1 1170.
A 50 day moving average is one of the 17 confirmations for R1. R3 and R2 have 3 and 2 matches respectively. The highest line is a price channel indicator upper line and R2 is a Bollinger upper band. S1 and S3 both have 5 matches. S1 is confirmed by a 100 day moving average and S3 is a price channel indicator lower line. S2 is backed up by a Bollinger lower band and 2 more models.
Next up is the Cable, which has recently dropped and is trading the range limited by R1 of 1 2490 and S1 of 1 2230.
R3 used to be a 4 year low and it has a total of 6 confirmations. R1 has a Bollinger lower band and a psychological level among its 3 confirmations. There are two matches for R2. S3 posts 3 matches, including a price channel indicator lower line. There are 2 alternative studies near S1 and S2 is a psychological level.
Dollar/Yen has declined recently, and it has the closest levels of 103 in resistance and 102 30 in support.
R1 and R2 both have 5 confirmations and the second line is both a 100 day moving average and a Bollinger upper band. R3 has found 3 matches, including a price channel indicator upper line. S3 is well confirmed with 5 matches and it’s a Bollinger lower band, a price channel indicator lower line and a psychological level. S2 follows with 2 matches, including a 50 day moving average and there’s just a single match for S1.
And the last pair for this report is the Dollar/Swiss Franc, which finds itself below R1 of 0 9830 and above S1 of 0 9750.
Bollinger upper band and price channel indicator upper line both are among the 6 confirmations for R1. R2 and R3 have 3 matches each and the highest level is a psychological level. A 150 day moving average is one of the 16 confirmations for S2. S3 posts 5 matches and Bollinger lower band and price channel indicator lower line are among them. S1 is confirmed by a 100 day moving average and 3 more models.
I’m Jessica Walker and that’s all for Monday’s Support and Resistance Level Report, but we’ll be back tomorrow with the next overview of the key price levels. Goodbye.
You can view this video and the full video archive on the Dukascopy TV page: http://www.dukascopy.com/tv/en/#195904
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