Morning Report
The pair is positively biased due to the stability above 88.6% Fibonacci correction of the bullish wave, which started from 1.3145 and ended at 1.4247. In addition, the pair is also stable above the support level of the downside movement. Stochastic is positive, while the relative strength index positively breached the 50-point level. We don’t exclude the continuity of the upside move, targeting the main resistance of the downside movement, which resides with the moving average 50 at 1.3415, but due to the high risk associated with our expectation and the opening gap seen earlier this week, we remain neutral this morning.
The trading range for today is among the major support at 1.3145 and the major resistance at 1.3565.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
| Support | 1.3350 | 1.3300 | 1.3270 | 1.3220 | 1.3160 |
| Resistance | 1.3380 | 1.3415 | 1.3490 | 1.3515 | 1.3565 |
| Recommendation | Based on the chart and explanations above we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Morning Report
Influenced by facing the pivotal resistance around 1.5590, the pair has slumped once again towards 76.4% Fibonacci retracement of the upside rally from 1.5270 to 1.6165 as seen on the provided four-hour graph. Actually, it found some kind of support around the aforementioned Fibonacci level that may send the pair along with its RSI 14 to the overbought areas once more. We will continue relying on the above seen descending channel that dominated the bearishness during the previous period to suggest more bearish actions over upcoming sessions. A break of 1.5480 will confirm the negative scenario; whilst breaching through 1.5415 will trigger a panic sell-off towards 88.6% Fibonacci followed by the full correctional level of 1.5270. On the upside, a break above 1.5720 will give us reason for concern.
The trading range for today is among key support at 1.5270 and key resistance at 1.5720.
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 | 1.5510 | 1.5460 | 1.5415 | 1.5370 | .5340 |
| Resistance | 1.5590 | 1.5630 | 1.5680 | 1.5720 | 1.5780 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5560 targeting 1.5270 and stop loss above 1.5750 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
In line with yesterday's scenario, the pair has moved sharply upwards after touching our suggested entry levels around 77.40-77.30 where it has cleared 38.2% Fibonacci retracement of the entire upside rally from 75.50 to 79.50 as seen on the provided four-hour chart. Now, momentum indicators are reflecting clear overbought case and they need relief. Consequently, the pair may move mildly lower during the early session, but the recovery from 76.55 may continue later. Our potential support zones reside at 77.80, while the pair is being carried by SMA 100.
The trading range for today is among key support at 76.40 and key resistance now at 79.55.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.80 | 77.30 | 77.15 | 76.95 | 76.60 |
| Resistance | 78.45 | 79.10 | 79.55 | 80.00 | 80.50 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.80 targeting 79.55 and stop loss below 76.65 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair declined again below 0.9235, which could indicate that the Butterfly pattern could have been completed in areas around 0.9330, which is normal and meets the rules of the harmonic analysis. We expect a negative bias today, supported by the harmonic structure and the relative strength index, which breached the 50-point level negatively. The pattern’s first target is at 0.9110, yet a breach of this level could support the pair to extend the downside movement towards the pattern’s second target at 0.8980.
The trading range for today is among the major support at 0.8980 and the major resistance at 0.9370.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.9160 | 0.9110 | 0.9080 | 0.9045 | 0.9010 |
| Resistance | 0.9200 | 0.9235 | 0.9290 | 0.9335 | 0.9370 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair around 0.9200, and take profit in stages at (0.9110, 0.9045 and 0.8940) and stop loss above 0.9235 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
Stochastic is negative, but the pair is stable above the exponential moving averages 20 and 50, and also above 50% Fibonacci correction at 1.0275, which is a critical technical barrier. Consolidation above the mentioned levels is positive, while a breach 1.0185 with 4-hour closing is required to negate our positive outlook.
The trading range for today is among the major support at 1.0185 and the major resistance at 1.0570.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0305 | 1.0275 | 1.0205 | 1.0185 | 1.0140 |
| Resistance | 1.0365 | 1.0400 | 1.0475 | 1.0495 | 1.0570 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0275, and take profit in stages at (1.0375 and 1.0475) and stop loss with 4-hour closing below 1.0185 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