Morning Report
The pair moved steadily to the downside where it found some kind of support around 1.3270 zones. Despite retracing slightly from this support, the negativity on Stochastic becomes clearer with the negative divergence formed yesterday. In result, there is room down towards the lower line of Keltner channel but not before clearing the support around yesterday's low followed by 1.3240 zones. Areas of 1.3415 should be the risk limit for intraday traders.
The trading range for today is among key support at 1.3140 and key resistance at 1.3500.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3295 | 1.3230 | 1.3200 | 1.3180 | 1.3140 |
| Resistance | 1.3350 | 1.3380 | 1.3415 | 1.3455 | 1.3500 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3270 targeting 1.3060 and stop loss above 1.3415 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
The pair has slipped violently confirming our suggested bearishness discussed in the previous report where it found support around SMA 200. Having a deeper look at the daily closing, we can see it was negative below 1.5890 zones. In the interim, Stochastic has overlapped negatively forming a possible negative divergence. Thereby, the bearish scenario remains favored as far as the psychological level of 1.6000 remains intact.
The trading range for today is among key support at 1.5730 and key resistance at 1.6125.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5890 | 1.5820 | 1.5780 | 1.5730 | 1.5680 |
| Resistance | 1.5925 | 1.5975 | 1.5995 | 1.6025 | 1.6075 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5890 targeting 1.5700 and stop loss above 1.6000 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The bearish tendency on RSI 14 becomes clearer influenced by yesterday's decline, while Vortex started to reflect weakness as seen on the provided daily chart. Those technical signs from momentum and trend indicators may assist the pair to move lower over intraday basis. The support zones around 81.50 are currently targeted to take momentum indicators towards oversold areas. On the upside, the significant high of 84.15 should be the ceiling for intraday traders.
The trading range for today is among key support at 81.50 and key resistance now at 84.15.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 82.50 | 82.25 | 82.00 | 81.90 | 81.50 |
| Resistance | 82.90 | 83.20 | 83.50 | 83.70 | 84.15 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 82.90 targeting 81.50 and stop loss above 84.00 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
Yesterday's Doji candlestick pattern may turn into a reversal pattern due to the positivity on Stochastic as seen on the provided daily graph. Actually, the lower line of Keltner channel has been capable of preventing the pair from collapse towards 61.8% Fibonacci of the entire upside wave from 0.8565 to 0.9590. Meanwhile, a potential positive divergence was formed successfully and it may help traders to take the pivotal resistance around 0.9080. A break above 0.9080 will accelerate and confirm the bullish scenario suggested for today's trading.
The trading range for today is among key support at 0.8850 and key resistance at 0.9260.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9030 | 0.9015 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9080 | 0.9105 | 0.9145 | 0.9175 | 0.9200 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9030 targeting 0.9200 and stop loss below 0.8955 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair’s rebound yesterday was halted at 1.0000, where the pair is attempting to the downside again this morning; meanwhile, momentum indicators are gradually losing the bullish momentum. It seems like the recent break of the falling wedge pattern was a result of the current ranging-market; and thus we may continue to trade among this range between 1.0050 and 0.9850, where only a breach above 1.0050-1.0070 area shall confirm a sustained bullish move.
The trading range for the week is expected among the key support at 0.9850 resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9950 | 0.9900 | 0.9870 | 0.9850 | 0.9770 |
| Resistance | 0.9990 | 1.0020 | 1.0050 | 1.0070 | 1.0120 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.0025 targeting 0.9950 and 0.9860. stop loss above 1.0070. | ||||
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