Weekly Report 02/04 – 06/04/ 2012
The pair couldn’t take the wide resistance areas between 1.3380 and 1.3435 forming another long upper shadow for Friday's candlestick as seen on the provided daily chart. Meanwhile, Stochastic is still giving off a confirmed negative signal reflecting the strength of the aforesaid resistance areas; thus, the bearish picture may come back into focus during this week but not before clearing the pivotal support level at 1.3295.
The trading range for this week is among key support at 1.3025 and key resistance at 1.3680.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3320 | 1.3230 | 1.3180 | 1.3110 | 1.3070 |
| Resistance | 1.3390 | 1.3455 | 1.3500 | 1.3550 | 1.3610 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3295 targeting 1.3080 and stop loss above 1.3455 might be appropriate. | ||||
Great British Pound (GBP)
Weekly Report 02/04 – 06/04/ 2012
Friday's closing-quarterly closing- was achieved exactly at the initial resistance level of 1.5995 while Stochastic remains positive. In the interim, a complex of negative divergences has appeared obviously on the four-hour interval as seen on the subsidiary image. Therefore, we will stay aside at least during the morning session since Cable is hovering around very sensitive areas and couldn't prove breaching the psychological level of 1.6000.
The trading range for this week is among key support at 1.5630 and key resistance at 1.6250.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5925 | 1.5820 | 1.5780 | 1.5680 | 1.5630 |
| Resistance | 1.6025 | 1.6075 | 1.6125 | 1.6165 | 1.6250 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Japanese Yen (JPY)
Weekly Report 02/04 – 06/04/ 2012
Adopting a favorable reaction to the positive scenario suggested on past Friday, the pair has soared as well providing the daily chart with convenient positive signs on momentum and trend indicators as seen on the provided daily graph. The candlestick structure may help it to take the resistance line of the potential classical continuation pattern-Flag- suggesting further gains during this week. Our soft technical objective resides at 84.15 followed by the psychological level at 85.00; whilst the main technical target resides at the peak recorded in April, 2011 at 85.50.
The trading range for this week is among key support at 81.25 and key resistance now at 85.50.
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 | 81.90 | 81.25 |
| Resistance | 83.50 | 83.90 | 84.15 | 84.50 | 85.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 82.70 targeting 84.90 and stop loss below 81.00 might be appropriate. | ||||
Swiss Franc (CHF)
Weekly Report 02/04 – 06/04/ 2012
Our previous discussed zig zag (5-3-5) scenario of the reactionary waves started at 0.9335 is still in progress. Accordingly, this proposed count offers the probability of building a technical base to start the new IM-impulsive- wave. The risk versus reward ratio is very suitable to enter a long position with a stop loss at 0.8925 zones as moving below this level will invalidate our captured count; noting that RSI 14 is approaching the value of 30.00 reinforcing the bullish move suggested for this week.
The trading range for this week is among key support at 0.8780 and key resistance at 0.9300.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9000 | 0.8965 | 0.8925 | 0.8850 | 0.8780 |
| Resistance | 0.9080 | 0.9145 | 0.9175 | 0.9200 | 0.9300 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9000 targeting 0.9175 and stop loss below 0.8925 might be appropriate. | ||||
Canadian Dollar (CAD)
Weekly Report 02/04 – 06/04/ 2012
The consolidation period extended of another week; where last week ended within the same range bound among the probable pennant pattern. The recent breach of the falling wedge pattern was a mere continuation of the ranging stance. This morning, price is trading above the 50-days SMA, however we need a meaningful breach out of this range to look for a sustained directional move, thus we are neutral on the pair this week, awaiting further developments.
The trading range for the week is expected among the key support at 0.9840 resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9950 | 0.9920 | 0.9900 | 0.9870 | 0.9850 |
| Resistance | 0.9990 | 1.0020 | 1.0050 | 1.0080 | 1.0120 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting further confirmations | ||||
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