For today I am leaving my support and resistance levels unchanged from yesterday at 1.5000 for support and then a zone between 1.5130 and 1.5140 for resistance as traders try to find a point of balance for this pair.
For today, I am leaving my support and resistance levels basically unchanged with the first level of potential resistance in the zone of 1.3100 to 1.3110 with initial support somewhere near 1.2840 to 1.2850.
When leaders in organizations attend to those three reason for resistance and support, I have seen resistance or complacency turn to a willingness to hear more and then to a commitment to support the change.
Knowing how to judge these support and resistance levels is essential, in my opinion.
The correction will not violate the key 61.8% support or resistance level before the market again reverses direction.
If these levels are taken out, the next areas of support and resistance are 1, 280 and 1, 340, respectively.
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The pivot is the key level of support or resistance and the longer the time period the more important it becomes.
For today I am leaving the potential support and resistance zones unchanged at 1.2840 to 1.2850 and 1.3100 to 1.3110, respectively.
Any breaks of key support and resistance could trigger further moves, particularly if the market were to trigger sell or buy stops.
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The market continues to move in a very choppy pattern, rising to test support and resistance, but not settling on a definitive direction.
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By using his own proprietary methods to analyze the state of the market he comes up with his predicted levels of pivot support and resistance.
This difference is caused by using different platforms, and it should be thought of as a zone of support or resistance more than an exact level.
But a situation is also in place that might have intermediate-term implications, thus making how the market deals with the short-term support and resistance levels more important.
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That concept and the value of using the 8-day moving average as key indicators for levels of support and resistance are both covered well in our trader education courses.
So, analysts are watching potential support and resistance levels.
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There are hundreds of technical indicators out there, and we use pretty much the most basic ones, which are price, volume, moving averages, trend lines and prior levels of support and resistance.
The second guideline is that the greater the number of points that can be used to identify an important support or resistance level, the more likely it is that prices will respect that level.
Technical analysts point out that gold prices are holding near some important support and resistance levels, and depending on which way gold goes next week, it could set the stage for near-term price direction.
Over the last 24 hours the 1.3000 level has not acted so much as support or resistance but more as a pivot point as the price has moved about 45 pips both above and below that key level.
In fact, since the SPX burst above the round 1, 300 level on the first trading day of February, nearly 80% of the daily closes since that time have been between 1, 300 and 1, 333, and these remain support and resistance levels in the near term.
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The OBV has failed to make it back to the former support, now resistance at line f.
All that feeds into the narrative, and then that comes down to the support levels or resistance levels.
There are reports that the United States is currently withholding disbursements of economic aid to Honduras to press for Honduran cessation of support for the Resistance.
Recent lower support is another resistance area, 1291-1295.
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As the red dashed line indicates, the decline held above the April 2010 highs as this former resistance became support.
Students of Fibonacci analysis know that it is typically the violation of the 61.8% resistance or support level that confirms a rally is over.
His service in the United States Army from 19431977 included an assignment with the Office of Strategic Services that involved parachuting into occupied France to work with the Resistance to support the Allied invasion.
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As for the first question of discerning market trends, Sullivan looks at the internals like the ratio of new highs to new lows, advance-decline ratios, and the ability of the market to hold support and break through resistance.
Gold (NYSE:GLD) dipped below its 8-day moving average for a day last week but quickly climbed back above it, and Silver (NYSE:SLV) also remains above its 8-day MA. The precious metals are in a tight upper level consolidation and will likely yield a trade if they break above or below key resistance or support.
Major support sits at 1438-1442, which was prior resistance that should serve as major support.
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