Weekly Report 09/04 – 13/04/ 2012
The pair is still hovering around 50% Fibonacci retracement of the entire upside correctional rally from 1.2625 zones to the significant high around 1.3485 as seen on the provided daily chart. Classically, we will continue relying on the breakout that occurred last Wednesday below the uptrend line in addition to the negativity of candlesticks formation to suggest more downside actions during this week. A break below 1.3025-1.3005 will accelerate and confirm the move while coming above 1.3200 zones will slow down the southern journey.
The trading range for this week is among key support at 1.2740 and key resistance at 1.3375.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3005 | 1.2940 | 1.2890 | 1.2830 | 1.2740 |
| Resistance | 1.3080 | 1.3140 | 1.3230 | 1.3320 | 1.3375 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3100 targeting 1.2825 and stop loss above 1.3260 might be appropriate. | ||||
Great British Pound (GBP)
Weekly Report 09/04 – 13/04/ 2012
On Friday, the pair has mildly corrected the aggressive downside rally seen during the past week after touching SMA 50 -colored in red- as seen on the provided daily chart. Stochastic may cause more fluctuation but we can see a confirmed sign on Parabolic SAR indicator since it covers the bearish wave that started around 1.6060 zones as well. A break below the pivotal support of 1.5820 will confirm the bearish scenario suggested for this week.
The trading range for this week is among key support at 1.5515 and key resistance at 1.6165.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5820 | 1.5780 | 1.5680 | 1.5585 | 1.5555 |
| Resistance | 1.5925 | 1.6000 | 1.6075 | 1.6125 | 1.6165 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5900 targeting 1.5630 and stop loss above 1.6080 might be appropriate. | ||||
Japanese Yen (JPY)
Weekly Report 09/04 – 13/04/ 2012
The pair is currently re-testing the initial support line of our previous suggested flag pattern as seen on the provided daily graph. In the interim, Stochastic and RSI 14 are approaching oversold territory suggesting a potential rebound but due to the sensitivity of the current levels, we prefer staying aside until the pair proves the awaited upside rebound as hitting the support of the classical pattern will damage this classical continuation picture. Coming back above 82.25 will confirm the bullish scenario while clearing 81.00 will change the short term direction to the downside.
The trading range for this week is among key support at 79.55 and key resistance now at 83.70.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.00 | 80.75 | 80.20 | 80.00 | 79.55 |
| Resistance | 81.80 | 82.20 | 82.50 | 83.20 | 83.70 |
| 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. | ||||
Swiss Franc (CHF)
Weekly Report 09/04 – 13/04/ 2012
The pair continued its upside tendency affected by our previous discussed Elliott sequence where we believe that the grand third wave is still in progress. But, the internal count shows that a potential mild downside correction could be witnessed before resuming the upside rally which will be valid so long as the pivotal support around 0.8995 holds. Finally, the combination of (SMA 50 and SMA 100) supports the bullish predictions.
The trading range for this week is among key support at 0.8885 and key resistance at 0.9500.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9175 | 0.9105 | 0.9080 | 0.9030 | 0.8985 |
| Resistance | 0.9260 | 0.9310 | 0.9355 | 0.9400 | 0.9470 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9150 targeting 0.9380 and stop loss below 0.9000 might be appropriate. | ||||
Canadian Dollar (CAD)
Weekly Report 09/04 – 13/04/ 2012
The pair continued consolidating above the key support levels of 0.9895 as seen on the provided daily chart. SMA 50 was taken as well on Friday; thus, we hold onto our bullish expectations based on the major falling wedge pattern and stability above the previous broken upper line of this wedge. A break above 1.0000 will weaken the psychological level of 1.0045.
The trading range for the week is expected among the key support at 0.9800 resistance at 1.0250.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9940 | 0.9900 | 0.9860 | 0.9840 | 0.9800 |
| Resistance | 1.0000 | 1.0045 | 1.0080 | 1.0125 | 1.0200 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9930 targeting 1.0045 and stop loss below 0.9850 might be appropriate. | ||||
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