GBP/JPY Morning Technical Report 24/10/2014
ecPulse
2014-10-24 07:16AM UTC
Dow futures moved to the upside again yesterday and is currently trading close to 61.8% correction at 16625.00. The referred to level represent the previously broken key support that turned to resistance, which makes indicates that the upside move is only a retest for this level. Meanwile, breaching the referred to 16625.00 then stabilizing later above 16755.00 indicates the possibility of extending bullishness.
RSI and MACD are showing positivity, but we cannot depend on that now due to the fact that the bullish wave is only a retest. Therefore, we remain nuetral waiting for confirmation signals.
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