Weekly Report 16/04 – 20/04/ 2012
In line with our previous report, the pair has plummeted on Friday after finishing the re-test of the previous broken support line from below as seen on the provided daily graph. Moreover, the closing was below SMA 50 and SMA 100 suggesting that additional downside actions might be witnessed during this week. The Secondary image shows the bearish candlestick structure and the closing below Ribbons Lines -EMA 10 to 80- which support the bearish overview. Ultimately, clearing the psychological level of 1.3000 will foreshadow aggressive drops.
The trading range for this week is among key support at 1.2680 and key resistance at 1.3320.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.2975 | 1.2930 | 1.2890 | 1.2860 | 1.2780 |
| Resistance | 1.3055 | 1.3110 | 1.3180 | 1.3200 | 1.3250 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3055 targeting 1.2825 and stop loss above 1.3230 might be appropriate. | ||||
Great British Pound (GBP)
Weekly Report 16/04 – 20/04/ 2012
The negatively influenced by approaching the key resistance level of 1.5995 and by the negative sign on Parabolic SAR moved the pair sharply to the downside forming a bearish engulfing candlestick pattern as seen on the provided chart. Additionally, Stochastic has overlapped bearishly solidifying the technical prospective of achieving further drops during this week. A break below the initial support of 1.5785-1.5780 will accelerate and confirm the scenario.
The trading range for this week is among key support at 1.5515 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 | 1.5780 | 1.5680 | 1.5630 | 1.5585 | 1.5515 |
| Resistance | 1.5880 | 1.5925 | 1.6000 | 1.6075 | 1.6125 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5840 targeting 1.5600 and stop loss above 1.6025 might be appropriate. | ||||
Japanese Yen (JPY)
Weekly Report 16/04 – 20/04/ 2012
The pair remains trapped within a very tight range as seen on the provided daily chart. Stochastic and RSI 14 are on their way to show positive signs that may cause an upside recovery but trading below 81.50 resistance and the negativity on Vortex indicator -trend indicator- are rational technical factors that force us to stay aside. The potential support for short term bulls resides around the psychological level of 80.00.
The trading range for this week is among key support at 79.55 and key resistance now at 82.70.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.50 | 80.20 | 80.00 | 79.80 | 79.55 |
| Resistance | 81.00 | 81.50 | 81.80 | 82.20 | 82.50 |
| 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 16/04 – 20/04/ 2012
In accordance with our previous suggested Elliott sequence, the pair has soared clearing the initial resistance level of 0.9175 -turned into support- as seen on the provided four-hour graph. Now, we may witness potential downside recovery for the violent upside movements seen on Friday which classified as an internal correctional wave before resuming the bullishness of the bigger third wave. A break above 0.9335 will encourage bulls to support their long positions over short term basis; whilst coming below 0.9080 will make us reconsider our suggested count.
The trading range for this week is among key support at 0.9030 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 | 0.9200 | 0.9175 | 0.9145 | 0.9080 | 0.9030 |
| 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 0.9200 targeting 0.9470 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Weekly Report 16/04 – 20/04/ 2012
The pair found strong support at the 78.6% Fibonacci level to rebound and retest the breached support at 1.0005, meanwhile Stochastic has entered overbought area. In general, stability below this breached support favors further downside pressure this week targeting mainly 0.9905 and 0.9800, taking into consideration that breaking 1.0005-1.0030 could reverse the short term outlook into bullish.
The trading range for this week is expected among the key support at 0.9780 and resistance at 1.0100.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9960 | 0.9900 | 0.9865 | 0.9845 | 0.9815 |
| Resistance | 1.0005 | 1.0030 | 1.0070 | 1.0100 | 1.0180 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair below 1.0005 , and take profit in stages at (0.9905 and 0.9865) and stop loss above 1.0050 might be appropriate | ||||
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