Morning Report
| |
Heavy fluctuations dominated trading yesterday as the ECB cut interest rates by 25 bps, however the pair keeps attempting toward the level we mentioned yesterday at 1.3825 failing to print a clear breach of the level. At the same time, a bearish flag pattern may be in progress, however a breach of the aforementioned level may negate this pattern and send the pair towards 1.3930 areas again. Therefore, we will continue to anticipate bullishness if the 1.3825 was taken.
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.
*The provided chart based on GMT+2*
| Support | 1.3780 | 1.3720 | 1.3660 | 1.3610 | 1.3565 |
| Resistance | 1.3725 | 1.3870 | 1.3930 | 1.3975 | 1.4000 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair with four-hour closing above 1.3825 targeting 1.3875 and 1.3935 , stop loss with hourly closing below 1.3780 | ||||
Great British Pound (GBP)
Morning Report
The neckline of the suggested head and shoulders top pattern of the four-hour interval pushed the pair higher once more as seen on the provided chart. This incline has brought back the idea of forming Bulkowski's complex head and shoulders top pattern where the right shoulder is still in progress. This technical concept will not be damaged as far as the top of 1.6165 remains intact, while a break of 1.5960 will assist the pair to beat the neckline this time. Vortex -trend indicator- may cause some kind of fluctuation, but the bearishness is still favored supported by the breakout below the trend line carried the movements from the significant low around 1.5270 to the aforesaid peak.
The trading range for today is among key support at 1.5720 and key resistance at 1.6380.
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 | 1.5935 | 1.5880 | 1.5820 | 1.5780 | 1.5720 |
| Resistance | 1.6075 | 1.6125 | 1.6150 | 1.6225 | 1.6295 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5960 targeting 1.5630 and stop loss above 1.6180 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
Today, we will look at the four-hour time scale where we can notice that the pair is finding good support at 77.80 zones. The trading range is very tight and that may cause a price explosion. Anyway, we look forward to a new technical attempt to maintain levels above 78.80 to make sure that 79.55 will fall. Ultimately, areas between 76.80-76.40 should hold to protect our positive scenario.
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 couldn't maintain levels above 0.8890 yesterday, where it went mildly downwards touching the previous broken resistance line of the descending channel that organized the movements from 0.9315 areas. Actually, the negativity of RSI 14 was moderately fixed by this re-test of the downtrend line, but we need to witness a breakout above the value of SMA 50 at 0.8815 and preferably above 0.8835 to make sure that the pivotal resistance areas around 0.8930 will be reached. Conversely, a break below 0.8740-0.8725 with a four-hour closing will give us reason for concern.
The trading range for today is among key support at 0.8560 and key resistance now at 0.9080.
The general trend over short term basis is to the upside targeting 0.9400 as far as areas of 0.8020 remain intact.
| Support | 0.8760 | 0.8740 | 0.8695 | 0.9625 | 0.8560 |
| Resistance | 0.8835 | 0.8890 | 0.8945 | 0.8990 | 0.9030 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 0.8835 targeting 0.9030 and stop loss below 0.8725 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
| |
The pair continued to trade negatively yesterday, and provided a closing below the ascending channel’s main support as shown above, where this negative factor could trigger more downside movement supported by the negativity seen on Stochastic. But on the other hand, the moving average 50 protects the suggested bullish wave from below. Therefore, we remain neutral today due to the technical conflict seen, awaiting further confirmations regarding the pair’s next move, especially when heavy fundamentals are to be released from the Canadian and U.S. economy.
The trading range for today is among the major support at 99.10 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 | 1.0085 | 1.0030 | 1.0000 | 0.9910 | 0.9850 |
| Resistance | 1.0120 | 1.0210 | 1.0245 | 1.0275 | 1.0330 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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