Morning Report
The pair has retraced from 50% Fibonacci of the entire upside wave from 1.2625 to the significant peak of 1.3485 but the closing was achieved negatively below SMA 100 and 38.2% level as seen on the provided daily chart. We hold onto our bearish predictions over intraday basis supported by the weakness on Stochastic and the solid resistance line of Pitchfork channel. A break below 1.3080 is needed to confirm and accelerate the move.
The trading range for today is among key support at 1.2930 and key resistance at 1.3290.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 areas remain intact.
| Support | 1.3080 | 1.3055 | 1.3025 | 1.3005 | 1.2975 |
| Resistance | 1.3140 | 1.3180 | 1.3200 | 1.3250 | 1.3290 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3080 targeting 1.2975 and stop loss above 1.3235 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
The pair has moved steadily upwards breaching through the upper line of the recently established descending channel as seen on the provided daily chart. The positive closing above the psychological level of 1.6000 and the bullishness on Stochastic and Parabolic SAR indicators are reasons that encourage us to suggest further gains towards the high recorded in October, 2011 at 1.6165. On the downside, coming back below 1.5890 will negate and clear the path towards 1.5730 zones.
The trading range for today is among key support at 1.5840 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 areas remain intact.
| Support | 1.6000 | 1.5975 | 1.5950 | 1.5925 | 1.5890 |
| Resistance | 1.6060 | 1.6075 | 1.6100 | 1.6125 | 1.6165 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 1.6000 targeting 1.6165 and stop loss below 1.5895 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair has achieved consecutive positive closings above 38.2% Fibonacci of the entire upside wave from 75.50 zones to the short term peak of 84.15 as seen on the provided four-hour chart. RSI 14 reflects increasing upside momentum and thus, the suggested Elliott sequence remains valid and should bring more buying interests. A breakout above 82.10 zones will be a very positive indication and will actuate bulls to retest the aforesaid top once more.
The trading range for today is among key support at 80.00 and key resistance now at 83.20.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.25 | 81.00 | 80.75 | 80.50 | 80.20 |
| Resistance | 81.50 | 81.80 | 82.00 | 82.20 | 82.50 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.20 targeting 83.20 and stop loss below 79.80 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The bounce from the key resistance level of 0.9200 was limited above the support line from the suggested bottom of the internal second wave as seen on the main four-hour graph. Additionally, the daily closing was also achieved above Ribbons lines -EMA 10 to 80- as seen on the secondary image. Thereby, the bullishness based on the above seen Elliott sequence remains intact over intraday basis but we need another breakout above 0.9175 zones to confirm today’s proposed upside wave. Of note, coming below 0.9120 areas will force us to reconsider the internal count but will not damage the entire IM -impulsive- structure.
The trading range for today is among key support at 0.9000 and key resistance at 0.9335.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 areas remain intact.
| Support | 0.9145 | 0.9125 | 0.9105 | 0.9080 | 0.9030 |
| Resistance | 0.9180 | 0.9200 | 0.9230 | 0.9260 | 0.9310 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 0.9180 targeting 0.9400 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair retests the breached support which turns into resistance now around 0.9900-0.9930. Stability below this area could push the pair further to the downside, as it may be heading to form a possible harmonic pattern that completes at 0.9840 or 0.9785. Steady trading below 1.000 is required for the negative expectations to remain valid.
The trading range for today is expected among the key support at 0.9730 and resistance at 1.0030.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9900.
| Support | 0.9900 | 0.9865 | 0.9840 | 0.9815 | 0.9785 |
| Resistance | 0.9930 | 0.9960 | 1.0000 | 1.0030 | 1.0070 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 0.9930 , and take profit in stages at (0.9840 and 0.9785) and stop loss above 1.0000 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