18.01.2019
Amazon continues to be on the uptrend for more than four weeks as the pair reached 1679.00, which is 50% Fibonacci retracement of the major downside movement
All indicators support the bullish movement. We see SMA 7 cross with SMA 50 and it is trading below and near the price and thus posing positive price support for further upside. The 50 MAF continues to move near the 1589.75 support level, reinforcing the strength of the previous support level.
The Stochastic has given a bullish cross signal and is heading towards the overbought area and therefore is a positive sign for a high price.
The expected movement between 1589.75 support and 1769.66 resistance
Support and resistance:
Support: 1679.00-1589.75-1483.76
Resistance: 1769.66-1836.6.-1893.78
General direction of the movement: upward
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