Morning Report
The pair is currently trading above the main resistance line of the downside movement, but also below the resistance level of 1.2875. Stochastic provides a negative crossover within overbought areas, but the exponential moving averages 20 and 50 attempt to provide a positive crossover. Due to the technical conflict seen, we remain neutral in our morning report, awaiting more confirmations.
The trading range for today is among the major support at 1.2665 and the major resistance at 1.3005.
The short-term trend is to the downside with steady daily closing below 1.3145 targeting 1.2220.
**New York Candlesticks**
| Support | 1.2840 | 1.2795 | 1.2720 | 1.2665 | 1.2620 |
| Resistance | 1.2875 | 1.2900 | 1.2955 | 1.3005 | 1.3045 |
| Recommendation | Based on the chart and explanations above, we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Morning Report
It seems that that today could be the day of the awaited retest for the previous broken support of our caught classical cont8inuation pattern-descending triangle- since Cable is currently retesting its support right now. Additionally, the four-hour chart shows that Stochastic is on its way to overlap negatively as seen on the secondary image. Henceforth, we believe that the bearishness may start sooner once Stochastic overlaps. The pivotal support around 1.5370-1.5360 should be cleared to confirm the intraday bearishness; whilst 1.5555 should act as a ceiling for sellers today.
The trading range for today is among key support at 1.5230 and key resistance at 1.5630.
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 | 1.5370 | 1.5335 | 1.5270 | 1.5230 | 1.5180 |
| Resistance | 1.5460 | 1.5515 | 1.5555 | 1.5630 | 1.5680 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5370 targeting 1.5125 and stop loss above 1.5555 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
Once more, the solid support around 76.4% Fibonacci retracement of the wave from 75.50 to 79.50 succeeded in providing the pair with a very solid support. This support has assisted Stochastic to crossover positively but the negative pressure continued appearing on Vortex indicator. Thereby, the neutral stance remains unchanged over intraday basis as we need to confirm the bullish momentum appearing on Stochastic via clearing the initial resistance zones of 77.10. On the other side, breaching 75.50 will damage the positivity appearing on momentum indicator.
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 | 77.30 | 77.55 | 77.90 |
| 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
We recognize a bearish technical structure on the chart, which could be a double top pattern. But, the pair is stable in areas around the ascending main support level shown above in red, while Stochastic is positive, which could reduce the effectiveness of the double top pattern. Consolidation below 0.9400-05 supports the possibility of the downside movement, but at the same time, the pair should confirm the breach of the ascending main support, especially when Stochastic is positive. Therefore, we remain neutral today awaiting more confirmations regarding the pair's next move.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9575.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
| Support | 0.9365 | 0.9330 | 0.9300 | 0.9260 | 0.9235 |
| Resistance | 0.9405 | 0.9430 | 0.9480 | 0.9520 | 0.9575 |
| Recommendation | Based on the charts and explanations above we remain neutral, awaiting more confirmations | ||||
Canadian Dollar (CAD)
Morning Report
Stability below the suggested (B) point of the Butterfly harmonic pattern suggests completing the formation of the CD leg, which also suggests a downside movement today. Stochastic is currently within overbought areas and attempts to rebound, but we will remain negative as long as 1.0205 remains intact over intraday basis and as long as the level of 1.0275 remains intact in general.
The trading range for today is among the major support at 0.9970 and the major resistance at 1.0275.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0100 | 1.0070 | 1.0025 | 1.0000 | 0.9970 |
| Resistance | 1.0140 | 1.0185 | 1.0205 | 1.0255 | 1.0275 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.0140, and take profit in stages at (1.0070 and 1.0010) and stop loss with 4-hour closing above 1.0205 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