Morning Report
The pair just formed an intraday continuation bearish flag pattern as shown on the image, however, trading is consolidating above the 50% Fibonacci correction of the latest bullish wave, in addition to that, near the descending support of the broadening formation while Stochastic is near oversold areas. Therefore, we will remain on the sideline this morning awaiting more confirmations for the possible upcoming move before the midday report.
The trading range for today is among the major support at 1.3380 and the major resistance at 1.4080.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3650 | 1.3605 | 1.3565 | 1.3520 | 1.3450 |
| Resistance | 1.3710 | 1.3760 | 1.3825 | 1.3870 | 1.3905 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting more confirmations. | ||||
Great British Pound (GBP)
Morning Report
Respecting yesterday's proposed classical scenario over four-hour time scale flawlessly, the pair declined from 1.6050 zones where the right shoulder of the classical head and shoulders top pattern was completed. Now, the pair is calmly clearing the neckline areas of the pattern as seen on the secondary image; thus, the bearishness is still favored over intraday basis. Breaching 1.5905 will accelerate the move targeting 1.5630 zones and we recommend reviewing the weekly report for more details about the bigger harmonic daily pattern.
The trading range for today is among key support at 1.5630 and key resistance at 1.6150.
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 | 1.5820 | 1.5780 | 1.5725 | 1.5630 | 1.5555 |
| Resistance | 1.5935 | 1.6000 | 1.6075 | 1.6125 | 1.6150 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5935 targeting 1.5630 and stop loss above 1.6150 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair is still consolidating above the classical support -previous resistance- of 77.70 as seen on the provided daily chart. Stochastic shows that areas of 77.70 might be re-tested first before resuming the bullishness towards 79.55 zones. We hold onto our positive scenario explained in the weekly report; noting that a break of 78.80 will assist the pair to beat 79.55 zones. On the downside areas of 76.40 should hold to keep the positivity valid.
The trading range for today is among key support at 76.10 and key resistance now at 82.25.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.90 | 77.20 | 76.95 | 76.60 | 76.10 |
| Resistance | 78.80 | 79.55 | 79.90 | 80.05 | 81.15 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.90 targeting 80.05 and stop loss below 76.40 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair started to stabilize above the previous breached resistance line of the correctional downside channel that dominated the movements from 0.9315 zones as seen on the provided four-hour chart. In the interim, we can see how SMA 50 is carrying the pair from below after achieving the re-test process of the broken resistance line. All what we need now is a breakout above SMA 100 to make sure that the resistance areas between 0.8930 and 0.8960 will be beaten. RSI 14 may cause some kind of fluctuation but the positivity appering on the candlesticks pattern argues us to say that the pair will neglect this overbought sign.
The trading range for today is among key support at 0.8560 and key resistance now at 0.9140.
The general trend over short term basis is to the upside targeting 0.9400 as far as areas of 0.8020 remain intact.
| Support | 0.8805 | 0.8780 | 0.8740 | 0.8695 | 0.8625 |
| Resistance | 0.8890 | 0.8945 | 0.8990 | 0.9030 | 0.9080 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 0.8890 targeting 0.9080 and stop loss below 0.8740 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair is still stable above the ascending channel’s main support as shown above, where the pair returned to trade above this level after 61.8% Fibonacci correction was able to stop the bearish wave. Therefore, we expect an upside bias today, supported by the moving average 50 in addition to the positivity seen on Stochastic; however, two conditions are required for the suggested bullishness to remain valid; the first one is a breach of 1.0210 and consolidation above it, while the second condition is stability above 1.0110.
The trading range for today is among the major support at 1.0030 and the major resistance at 1.0360.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0110 | 1.0085 | 1.0030 | 1.0000 | 0.9910 |
| Resistance | 1.0210 | 1.0245 | 1.0275 | 1.0330 | 1.0360 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair with a breach of 1.0210, and take profit at 1.0360 and stop loss below 1.0110 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