Forex Technical indicators 16.07.2007
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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 touched 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 pound may gain against the dollar on speculation the Bank of England will keep raising interest rates while the Federal Reserve stays on hold.
The U.K. currency rose to a 26-year high against the dollar last week after Moody's Investors Service and Standard & Poor's warned about bonds backed by U.S. subprime mortgages, suggesting a housing slowdown will worsen. The pound may be further buoyed before a report tomorrow that's forecast to show that U.K. inflation exceeded the BOE's 2 percent target for 14 months.
``The pound is going to remain well supported against the dollar going forward,'' said Jeremy Stretch, senior market strategist at Rabobank Groep in London. ``Sterling has gained a lot of impetus on the back of the differing rate expectations between the U.S. and U.K.''
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Moving Average and MACD
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