Morning Report
We haven’t witnessed any 4-hour closing below the support level at 1.3515, while the pair rebounded to the upside after reaching this level to confirm that the breach of the main resistance of the downside trend is still affecting the pair positively and changed the trend over intraday basis. Stochastic is positive over 4-hour basis, while MACD is reflecting some kind of positivity. All those factors together argue usto expect an upside movement today as long as the pair is stable above 1.3515.
The trading range for today is among the major support at 1.3220 and the major resistance at 1.3840
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3600 | 1.3540 | 1.3515 | 1.3490 | 1.3435 |
| Resistance | 1.3665 | 1.3710 | 1.3775 | 1.3800 | 1.3840 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.3600, and take profit in stages at (1.3690 and 1.3740) and stop loss with 4-hour closing below 1.3515. | ||||
Great British Pound (GBP)
Morning Report
The subsidiary image of the four-hour interval shows how the pair succeeded in breaching the support line which carries the correctional movements from the significant low by 1.5330 zones. We still classify the current correction as a reaction for the oversold sign appearing on Stochastic over daily studies, while these daily studies offer a mixture of harmonic possibilities for drawing a Crab pattern from X2 point and a Bat pattern from X1 due to the Fibonacci rhythmic dominating the price actions. Thereby, we hold onto our bearish predictions over intraday basis as far as trading remains below B point. A break of 1.5555 will accelerate the awaited downside move.
The trading range for today is among key support at 1.5330 and key resistance at 1.5880.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5555 | 1.5495 | 1.5445 | 1.5390 | 1.5330 |
| Resistance | 1.5690 | 1.5720 | 1.5780 | 1.5820 | 1.5880 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5555 targeting 1.5260 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
Although the pair is presently attempting to offer a positive sign on MACD traditional indicator in addition to closing positively above SMA 20 but the over all movements are trapped within a very tight range. Henceforth, we keep our neutrality intact over intraday basis; noting that a break of 76.95 will bring the bullish picture of the numerously discussed Elliott count back into focus, while 75.80 should act as a floor to protect it.
The trading range for today is among key support at 75.25 and key resistance now at 77.90.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.10 | 75.80 | 75.60 | 75.45 | 75.25 |
| Resistance | 76.75 | 76.95 | 77.20 | 77.60 | 77.90 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Swiss Franc (CHF)
Morning Report
The pair continues to trade negatively affected by the bearish harmonic structure. Momentum indicators support the downside movement, which could lead the pair to test 0.8835 and then the structure’s first target at 0.8620, which represents 38.2% Fibonacci correctional level of the CD leg. Consolidation below 0.9185 and below 0.9105 is much better for our expectations to prevail.
The trading range for today is among the major support at 0.8620 and the major resistance at 0.9230.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400
| Support | 0.8920 | 0.8850 | 0.8835 | 0.8780 | 0.8750 |
| Resistance | 0.9000 | 0.9080 | 0.9105 | 0.9185 | 0.9230 |
| Recommendation | Based on the chart and explanations above, we recommend selling the pair below 0.9000, and take profit in stages at (0.8835 and 0.8620) and stop loss above 0.9185 might be appropriate today. | ||||
Canadian Dollar (CAD)
Morning Report
The pair returned to incline, yet the bullishness was limited below the upside movement’s main resistance as shown above. we still expect a general upside move, but a downside correction is needed before this upside movement continues, where approaching the ascending channel’s main resistance along with Stochastic being within overbought areas and also the negativity seen on the Relative Strength Index, are reasons that encourage us to expect a downside movement today.
The trading range for today is among the major support at 1.0010 and the major resistance at 1.0400
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0290 | 1.0250 | 1.0225 | 1.0185 | 1.0125 |
| Resistance | 1.0375 | 1.0400 | 1.0450 | 1.0500 | 1.0550 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair below 1.0350, and take profit in stages at (1.0125, 1.0085) and stop loss with 4-hour closing above 1.0400 might be appropriate | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment