Technical Major Currencies Midday Report

EUR/USD
EUR
In line with the morning scenario, the pair started to show bearish tendencies and is currently attempting to breach 1.2935 regions as seen on the chart. It seems that the bearish signs on MACD and Vortex will beat the positivity on Stochastic and thus, we remain bearish over upcoming hours mainly targeting 1.2825 areas.

The trading range for today is among key support at 1.2750 and key resistance at 1.3110.

The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.

Support 1.2915 1.2880 1.2845 1.2825 1.2750
Resistance 1.2955 1.2975 1.3000 1.3020 1.3055
Recommendation Based on the charts and explanations above our opinion is, selling the pair below 1.2935 targeting 1.2750 and stop loss above 1.3080 might be appropriate.

GBP/USD
GBP
One more technical obstacle could be added to the solidity of 1.6180 -88.6% Fib. of CD leg- as Stochastic crawls towards the overbought territories. Thus, we are forced to stand aside until the pair proves the strength of the bullish recovery started at SMA 50. A break back below 1.6000 will bring the bearishness back into focus.

The trading range for today is among key support at 1.5910 and key resistance at 1.6310.

The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.

Support 1.6125 1.6100 1.6075 1.6050 1.6025
Resistance 1.6165 1.6180 1.6200 1.6225 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.

USD/JPY
JPY
The pair is presently hovering around 50% Fibonacci as seen on the provided daily chart and a break above 80.35 will bring aggressive buying interest. Since moving averages continued to carry the movements, we keep our bullish scenario intact for the rest of the day.

The trading range for today is among key support at 78.50 and key resistance now at 81.05.

The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.

Support 79.80 79.55 79.25 79.15 79.00
Resistance 80.35 80.50 80.75 81.05 81.50
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 79.80 targeting 81.50 and stop loss below 78.75 might be appropriate.

USD/CHF
CHF
The pair is attempting to move to the downside to trade below 0.9325 and stability below it will support new attempts to stabilize below the neckline of the suggested Head & Shoulders pattern. We cannot confirm the pattern unless the pair stabilizes below 0.9280; nevertheless, Stochastic is offering overbought signs and RSI breached 50 to the downside and accordingly we hold onto our expectations.

The trading range for today is among key support at 0.9145 and key resistance at 0.9505.

The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.

Support 0.9305 0.9280 0.9260 0.9235 0.9200
Resistance 0.9325 0.9360 0.9395 0.9430 0.9460
Recommendation Our expectations remain valid

USD /CAD
CAD
The thin narrow trading today remains limited below 1.0040 and that supports the possibility for the pair to complete the bearish Butterfly Pattern. Stochastic offers overbought signs supporting the bearishness and a new downside correctional wave affected by the suggested pattern.

The trading range for today is among the key support at 0.9800 and key resistance at 1.0135.

The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.

Support 0.9950 0.9910 0.9875 0.9840 0.9825
Resistance 1.0010 1.0040 1.0095 1.0100 1.0135
Recommendation Our expectations remain valid

AUD/USD
AUD
We favor the positive bias for the pair, yet that doesn’t negate the needed stability above 1.0385 over four-hour basis to exit the sideways trading range between 50% and 382% correction. In general, stability above 1.0385 will extend the upside move targeting 61.8% correction at 1.0440.

The trading range for today is expected among the key support at 1.0165 and resistance at 1.0465.

The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.

Support 1.0330 1.0300 1.0260 1.0220 1.0200
Resistance 1.0385 1.0440 1.0500 1.0560 1.0595
Recommendation Based on the charts and explanations above, our opinion is buying the pair with four-hour closing above 1.0385 targeting 1.0440, 1.0465 then 1.0505 and stop loss with four-hour closing below 1.0330 might be appropriate

NZD/USD
NZD
The pair is attempting to confirm the breach of the main resistance for the technical formation that is similar to a Symmetrical Triangle. Stability above the main resistance for the pattern might push the pair to test the critical intraday resistance at 0.8255. The breach of the mentioned level might trigger a stronger upside wave that might carry the pair toward 0.8355 resistance.

The trading range for today is expected among the key support at 0.8100 and resistance at 0.8355.

The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.


Support 0.8200 0.8185 0.8135 0.8100 0.8080
Resistance 0.8255 0.8310 0.8355 0.8415 0.8470
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8200 targeting 0.8255, 0.8310, then 0.8355 and stop loss with four-hour closing below 0.8135 might be appropriate
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