Friday, July 31, 2009

Forex Fridays

The weekly chart shows a security that wants to go lower. The MACD and RSI are both declining. All the EMAs are moving lower. The shorter EMAs are below the longer EMAs and the 10 and 20 day EMA have moved through the 50 day EMA.

However, the daily chart shows there is strong support at the (roughly) 78 area. Prices broke through the lower line of the triangle consolidation, fell to the 78 area and have now moved higher.