Morning Report
The pair has declined aggressively achieving a confirmed daily closing below SMA 50-colored in red- as seen on the provided daily chart. The bearish momentum remains strong according to the candlesticks structure which is similar to bearish stick sandwich pattern. Meanwhile, Stochastic continues offering bearish sign suggesting that the intraday key support level of 1.3005 will be taken sooner. To conclude, our outlook remains bearish and a break below 1.3005 will accelerate the awaited declines.
The trading range for today is among key support at 1.2840 and key resistance at 1.3250.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3025 | 1.3005 | 1.2975 | 1.2930 | 1.2860 |
| Resistance | 1.3110 | 1.3140 | 1.3180 | 1.3200 | 1.3230 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3095 targeting 1.2880 and stop loss above 1.3250 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
Yesterday's recovery was limited as well with the negative closing below SMA 50-red- where the daily candlestick has drawn a long upper shadow as seen on the provided daily chart. Having said so, we believe that the bearish momentum remains strong enough to send Cable to the downside over intraday basis. Some kind of fluctuation might be witnessed due to the oversold sign appearing on Stochastic. A break below 1.5650 will accelerate declines; whilst taking 1.5880 will give us a rational technical reason for pause.
The trading range for today is among key support at 1.5460 and key resistance at 1.5880.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5630 | 1.5615 | 1.5585 | 1.5555 | 1.5515 |
| Resistance | 1.5730 | 1.5750 | 1.5780 | 1.5820 | 1.5880 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5730 targeting 1.5515 and stop loss above 1.5880 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair has soared approaching our yesterday's detected technical objective around 83.50 as seen on the provided daily chart. Actually, it continued ignoring the overbought signs on momentum indicators since the bigger time frames continued beating those signs as we discussed several times earlier and we recommend reviewing the weekly report for more details. Now, the door is opened for achieving further bullishness towards the high recorded in April, 2011 at 85.50 while short and fast downside correctional actions might be seen during this upside journey.
The trading range for today is among key support at 82.00 and key resistance now at 85.00.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 82.70 | 82.50 | 82.20 | 82.00 | 81.80 |
| Resistance | 83.50 | 84.00 | 84.30 | 84.50 | 85.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 83.00 targeting 85.00 and stop loss below 81.75 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
In line with our yesterday's scenario, the pair has inclined sharply clearing 0.9200 level where 38.2% Fibonacci retracement of the entire upside rally from 0.8565 to the significant high of 0.9590 exists. Moreover, the daily closing was achieved successfully above SMA 100 since February, 16 as seen on our provided chart. Momentum indicators continue moving higher suggesting that bulls will dominate the movements over intraday basis. A breakout above 0.9310 will accelerate and confirm the bullishness.
The trading range for today is among key support at 0.9030 and key resistance at 0.9445.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9210 | 0.9175 | 0.9145 | 0.9105 | 0.9080 |
| Resistance | 0.9260 | 0.9310 | 0.9365 | 0.9400 | 0.9445 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9210 targeting 0.9400 and stop loss below 0.9075 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair is hovering around 0.9890 level, today it rebounded slightly by the start of the session trading above 0.9900. Stochastic is attempting to crossover positively while RSI remain neutral below 50. Thus, we haven’t witness any major price action since weeks, but in general we hold onto our bullish expectations awaiting a directional breakout.
The trading range for the week is expected among the key support at 0.9850 and the key resistance at 1.0080.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9890 | 0.9870 | 0.9850 | 0.9800 | 0.9770 |
| Resistance | 0.9940 | 0.9990 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9870 targeting 1.0000 and 1.0080. Stop loss below 0.9825. | ||||
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