Morning Report
The pair is stable below the Exponential Moving Average 20, while the slight incline seen was able to relieve the positivity seen on Stochastic, which is currently approaching oversold areas. We expect the pair to extend the downside movement, where the pair is affected by the descending channel shown above on the chart. Consolidation below 1.3000 again should support the pair to extend the bearishness.
The trading range for today is among the major support at 1.2790 and the major resistance at 1.3160.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.3000 | 1.2955 | 1.2875 | 1.2845 | 1.2790 |
| Resistance | 1.3045 | 1.3080 | 1.3120 | 1.3160 | 1.3220 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair below 1.3045, and take profit in stages at (1.2875 and 1.2790) and stop loss with 4-hour closing above 1.3080 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The incline seen forced Stochastic to enter overbought areas, while the current upside move should send the pair to retest the previously mentioned areas around 1.5560-75, in attempts to gain negative momentum from there. Consolidation below the descending resistance level at 1.5665 drives us to expect a downside movement during the session today.
The trading range for today is among the major support at 1.5270 and the major resistance at 1.5705.
The short-term trend is to the downside as far as 1.6875 remains intact targeting 1.4225.
| Support | 1.5510 | 1.5460 | 1.5420 | 1.5375 | 1.5325 |
| Resistance | 1.5560 | 1.5630 | 1.5665 | 1.5705 | 1.5780 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.5575, and take profit in stages at (1.5420 and 1.5270) and stop loss above 1.5780 might be appropriate | ||||
Japanese Yen (JPY)
Morning Report
The pair rebounded to the upside after retesting the previously breached main resistance level which turned into support now, to currently trade in areas around 23.6% Fibonacci correction at 77.85. Stochastic, despite being below the 50-point level, is trading positively, while the RSI failed to reflect negativity below the 50-point level. Therefore, we expect an upside move during the session today.
The trading range for today is among the major support at 76.55 and the major resistance at 79.15.
The short-term trend is to the upside as far as 75.20 remains intact targeting 87.45.
| Support | 77.60 | 77.30 | 77.15 | 76.95 | 76.55 |
| Resistance | 78.10 | 78.30 | 78.45 | 79.15 | 79.55 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 77.85, targeting 79.15 and stop loss below 76.65 might be appropriate | ||||
Swiss Franc (CHF)
Morning Report
The decline seen pushed the pair below 0.9400, which in result negated our intraday expectations for yesterday. But, as shown above on the chart, the general trend is still to upside and the pair is still stable within the scope of the ascending channel, above the main support level at 0.9290. Stochastic is within oversold areas, which also support the return of the upside move today. Consolidation above 0.9400 is required to confirm the upside move.
The trading range for today is among the major support at 0.9400 and the major resistance at 0.9750.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9350 | 0.9325 | 0.9290 | 0.9260 | 0.9235 |
| Resistance | 0.9400 | 0.9440 | 0.9490 | 0.9520 | 0.9590 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair around 0.9350, and take profit in stages at (0.9490, 0.9590 and 0.9660) and stop loss below 0.9235 might be appropriate today | ||||
Canadian Dollar (CAD)
Morning Report
The pair declined again, and failed in the first attempt to settle above 1.0365. But, the pair is still stable above the Exponential Moving Averages 20 and 50, and also above 50% Fibonacci correction at 1.0275. In addition, the pair is still within the ascending channel which drives us to hold onto our positive expectations in general. But, Stochastic provided a negative crossover due to the failure of stability above 1.0365, which could trigger heavy fluctuations and maybe downside corrections.
The trading range for today is among the major support at 1.0205 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 | 1.0255 | 1.0205 | 1.0185 |
| Resistance | 1.0365 | 1.0400 | 1.0475 | 1.0570 | 1.0620 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair with 4-hour closing above 1.0365, and take profit in stages at (1.0400 and 1.0570) and stop loss with 4-hour closing below 1.0275 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