Morning Report
The pair has declined re-testing the middle line of Keltner channel which acted as a good support as seen on the provided daily graph. Stochastic continued attempting to fix the bearish sign appearing on it but we will continue depending on the solidity of the wide resistance areas between 1.3380 and 1.3435 to suggest possible bearish wave over intraday basis. A break below yesterday's recorded low at 1.3280 will trigger panic sell-off actions.
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 | 1.3320 | 1.3280 | 1.3250 | 1.3230 | 1.3200 |
| 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 1.3280 targeting 1.3080 and stop loss above 1.3435 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
A candlestick of indecision was formed yesterday despite closing above the key resistance areas of 1.5995 -turned into support- as seen on the provided daily chart. In the interim, RSI 14 continued diverging with the price actions over four-hour interval while Stochastic over daily studies shows that Cable is losing the upside momentum. The contrarian between a positive closing and the weakness appearing on the chart is a rational technical reason that forces us to remain on the side lines over intraday basis.
The trading range for today is among key support at 1.5820 and key resistance at 1.6215.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.6025 | 1.6000 | 1.5975 | 1.5925 | 1.5890 |
| Resistance | 1.6075 | 1.6100 | 1.6125 | 1.6165 | 1.6215 |
| 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)
Morning Report
The sharp decline seen since the opening of the week has taken the pair towards the pivotal support zones of 81.50 during the Asian session as seen on the above chart. The fast rebound from the aforesaid support argues us to suggest a huge upside recovery over intraday basis depending on the previous explained flag pattern. A break above 82.30-82.50 zones will fix the negative sign on Vortex indicator but a break below the risk limit suggested in our weekly report at 81.00 will negate the expectations and give us a reason for pause.
The trading range for today is among key support at 80.50 and key resistance now at 83.50.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.80 | 81.50 | 81.25 | 81.00 | 80.75 |
| Resistance | 82.30 | 82.50 | 82.70 | 83.00 | 83.20 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.85 targeting 83.20 and stop loss below 81.00 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair has moved sharply upwards but SMA 50 -red- has meet the key resistance level around 0.9080 forcing the pair to move lower once again towards 76.4% Fibonacci retracement of the IM wave from 0.8925 zones to 0.9335 areas. The positive divergence on RSI 14 may assist the pair to re-attack the aforementioned resistance again and a break above it will confirm the suggested Elliott count. Our Elliott sequence will be invalidated if the pair comes below 0.8925 levels.
The trading range for today is among key support at 0.8850 and key resistance at 0.9200.
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 | 0.8985 | 0.8965 | 0.8925 | 0.8900 |
| 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 0.9000 targeting 0.9175 and stop loss below 0.8925 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair fell sharply yesterday to reach areas near the main support of the recent range bound and the pennant formation; meanwhile, Stochastic and RSI continue fluctuating with no clear directional bias. The overall range bound remains intact, thus we look for another short term upside rebound as the pair is currently retesting the breached resistance of the falling wedge pattern.
The trading range for the day is expected among the key support at 0.9840 resistance at 1.0050.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9870 | 0.9850 | 0.9800 | 0.9770 | 0.9750 |
| Resistance | 0.9900 | 0.9950 | 0.9990 | 1.0020 | 1.0050 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9860 targeting 0.9925 and 1.0025. 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