Forex Technical indicators 02.07.2007
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Moving Average:
Crossing of two moving averages and closing price of the candle is above the short term moving averages
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RSI
RSI in an uptrend approaching to 70% line
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MACD
MACD crosses two lines and pointing upwards with high volume
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Bollinger
Bollinger gives us a bullish signal after closing the candle above the upper band
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Bollinger Band and RSI
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Fundamentals:
The sterling broke through 2 versus the dollar for the first time since May 1, on speculation that the Bank of England may quicken its monetary tightening process. Interest rate futures indicate traders have priced in two more rate increases till the year-end. Some even expect that the central bank may lift interest rates by 25 basis points as early as next month.
The dollar was little changed after a report showed the housing market slowed down slightly as expected. US existing home sales dropped 0.3% to an annual rate of 5.97 million units in May. The market will focus on the new home sales report due tomorrow for more clues on the US housing market. Other important data to be released this week include US Durable goods orders, personal income and spending, and Chicago PMI. Beside, the FOMC is scheduled to announce interest rate decision this Thursday afternoon. The Fed is widely expected to hold rates at 5.25% unchanged.
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Moving Average and MACD
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