Morning Report
The pair inclined in attempts to confirm the breakout of the main descending channel and consolidation above the exponential moving averages 20 and 50 again. Stochastic is within overbought areas, but RSI is currently biased to the upside, approaching overbought areas. Consolidation above the level of 1.2830 suggests an upside move today, but stability above 1.2875 is required to confirm that suggested move. A breach of 1.2795 and consolidation below it could negate our bullish scenario.
The trading range for today is among the major support at 1.2665 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 | 1.2830 | 1.2795 | 1.2765 | 1.2720 | 1.2665 |
| Resistance | 1.2875 | 1.2900 | 1.2955 | 1.3045 | 1.3085 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.2830, and take profit in stages at (1.2955 and 1.3045) and stop loss with 4-hour closing below 1.2795 might be appropriate today | ||||
Great British Pound (GBP)
Morning Report
The market has drawn a daily candlestick of indecision yesterday as seen on our provided daily graph. But, we can see how the pair is moving freely below the previous broken support line-turned into resistance- of the detected descending triangle pattern at 1.5420. This support might be retested before resuming the downside rally under the negative pressure of moving averages and below 236.6% Fibonacci of the bearish wave from 1.6615 to the significant low at 1.5270. Thereby, the bearishness may dominate the movements over intraday basis while a break of 1.5270 will encourage intraday bears.
The trading range for today is among key support at 1.5075 and key resistance at 1.5555.
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 | 1.5270 | 1.5210 | 1.5180 | 1.5125 | 1.5075 |
| Resistance | 1.5630 | 1.5420 | 1.5460 | 1.5515 | 1.5555 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5390 targeting 1.5125 and stop loss above 1.5570 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
Despite yesterday's bearish tendency but we can't suggest a bearish wave today since the contrarian between momentum indicator and trend indicator is still seen on the provided daily chart. Areas of 77.10 are presently acting as ceiling; whilst 76.50 should be the protection for bulls. To recap, we hold onto our neutral stance until the pair breaches through one of the above mentioned levels.
The trading range for today is among key support at 75.80 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 | 76.60 | 76.40 | 76.10 | 76.00 | 75.80 |
| Resistance | 76.95 | 77.10 | 77.55 | 77.90 | 78.30 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high today. | ||||
Swiss Franc (CHF)
Morning Report
The pair declined sharply, to currently trading in areas around 61.8% Fibonacci correction as shown above on the chart, where these levels around 0.9400-15 represent critical barriers. We recognize a bearish double top pattern, but at the same time the bullish technical structure shown above in red is still valid. Therefore, due to the technical conflict seen we remain neutral today, awaiting more confirmations.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9660.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
| Support | 0.9415 | 0.9400 | 0.9365 | 0.9300 | 0.9290 |
| Resistance | 0.9480 | 0.9520 | 0.9575 | 0.9590 | 0.9600 |
| Recommendation | Based on the charts and explanations above we remain neutral, awaiting more confirmations | ||||
Canadian Dollar (CAD)
Morning Report
The pair is currently stable in areas around 38.2% Fibonacci correction as shown above at 1.0185, accompanied with stability below the exponential moving averages 20 and 50 and also below the previously breached ascending main support. All these factors together drive us to hold onto our bearish outlook today, where consolidation below 1.0205 and 1.0185 could send the pair towards 1.0070, which if breached, a bearish technical structure should be completed and therefore the pair could extend the downside movement.
The trading range for today is among the major support at 1.0000 and the major resistance at 1.0305.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New york Candlesticks**
| Support | 1.0140 | 1.0100 | 1.0070 | 1.0025 | 1.0000 |
| Resistance | 1.0205 | 1.0255 | 1.0275 | 1.0305 | 1.0365 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.0185, and take profit in stages at (1.0070 and 0.9970) and stop loss with 4-hour closing above 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