Support becomes resistance forex dubai


The local currency shrugged of negative news and Stevens' pessimistic words, holding onto gains at the end of the day, in spite of a pullback amid plummeting oil prices. Intraday retracements found buying interest around 0. The Nasdaq Composite lost 20 points, to end at 5, US equities were hit by falling oil prices, with the Dow plummeting to 18, intraday as Exxon Mobil fell 2. Technically, the index's daily chart presents a neutral stance, still stuck around a flat 20 SMA and the technical indicators heading nowhere, the Momentum around its level and the RSI indicator around In the 4 hours chart, the index is holding within a horizontal SMA and below an also flat 20 SMA, whilst the technical indicators hover around their mid-lines, suggesting further consolidation ahead rather than a downward extension.

The FTSE surged for a fifth consecutive day in-a-row, adding 15 points to close at 6, BHP Billiton closed 1. The benchmark keeps posting higher highs and higher lows daily basis, indicating there's still room for further advances. In the mentioned time frame, the index is well above its moving averages, whilst the technical indicators keep heading higher, with the RSI entering overbought territory, also supporting a new leg higher.

In the shorter term, and according to the 4 hours chart, the index may see some consolidation in the shorter term, given that technical indicators are diverging modestly lower within positive territory.

The German DAX lost 41 points to close the day at 10, Falling utilities stocks led the way lower, with E. Banks, on the other hand, were among the biggest winners, with Deutsche Bank up by 2. Technically, the daily chart shows that the index remains within Tuesday's highs, and far above its moving averages, while the Momentum indicator has lost upward strength, but remains well into positive territory, and the RSI indicator hovers within overbought level, indicating a limited downward potential.

In the 4 hours chart, the technical indicators are also turning lower, although the RSI indicator remains within extreme overbought levels, currently at 74, whilst the 20 SMA has accelerated its advance, standing now around 10, Asian indexes closed mixed, with the Nikkei down 29 points or 0.

Japanese banks will be closed this Thursday on a local holiday, anticipating some thin trading for the upcoming session. Automakers suffered the most, affected by a stronger yen, with Mazda Motor Corp. The index fell further in electronic trading, now standing around 16,, and the daily chart shows that the index has turned mostly neutral, as despite it is still holding above its 20 and DMAs, technical indicators have lost upward potential, and turned flat within neutral territory.

In the 4 hours chart, the index is a handful of pips above its 20 SMA, whilst the technical indicators have continued retreating within positive territory, with the Momentum indicator now flat around its level and the RSI heading modestly lower around The weekly low stands at 16,, now an immediate support, and the level to break to confirm additional declines for the upcoming sessions. The commodity however, hold on to gains by the US session, maintaining a positive tone in the daily chart, as the price is further above a still flat 20 SMA, whilst the technical indicators continue heading north above their mid-lines, with the Momentum indicator at fresh monthly highs.

In the 4 hours chart, spot is recovering from a low set at 1, Renewed buying interest that pushes the price above 1, What is forex trading?

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