EURUSD
The pair continued trading on the sideway as we witness a hard time in achieving the breach of 1.3030 and 1.3065, but at the same time we see that the pair has still stabilized in trading within the bullish channel as well as SMA 20 and 50 that support the bullish trend continuing to form new support levels. Trading above key support for the ascending channel at 1.2915 will maintain chances of the bullish trend continuing to test levels around 1.3115 then 1.3280. Stochastic is showing a positive crossover that is trying through it to trade above 50 points, insuring our expectations.
The trading range for today is among the key support at 1.2885 and the key resistance at 1.3280.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Support 1.2990 1.2965 1.2915 1.2885 1.2835
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Resistance 1.3030 1.3065 1.3115 1.3165 1.3220
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Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.2990 targeting 1.3280 and stop loss below 1.2885, might be appropriate.
GBPUSD
The pair continues the bullish trend within the bullish channel shown above, as the pair is closely nearing key resistance for the main ascending channel, accompanied by overbought signs through the RSI. These expectations support the bearish candlestick formations that have appeared on the daily chart near the 50% correction; the bearish trend correction that has started on August 5,2009 and ends on May19, 2010 appearing in the image above. The bearish correction is expected to occur today that will cause the pair’s trading to fail above 1.5700.
The trading range for today is among the key support at 1.5460 and the key resistance at 1.5805.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Support 1.5610 1.5580 1.5540 1.5495 1.5460
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Resistance 1.5670 1.5700 1.5745 1.5785 1.5805
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Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.5630 targeting 1.5460 and stop loss above 1.5700, might be appropriate.
USDJPY
The pair descended in line with yesterday’s expectations, but we see that it was not able to achieve any target from the harmonic formation targets shown in the image above; therefore, we think that stability above 86.25 will be able to take the pair within a bullish wave reaching towards the first target for the harmonic technical pattern, which is taking the form of an AB=CD pattern as the target is 38.2% correction from the CD leg, suggested from the chart above.
The trading range for today is among the key support at 86.25 and the key resistance at 88.80.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Support 87.00 86.80 86.25 85.95 85.35
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Resistance 87.95 88.45 88.80 89.60 90.20
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Recommendation Based on the charts and explanations above our opinion is buying the pair around 87.00 targeting 88.80 and stop loss below 86.25, might be appropriate.
USDCHF
Through the image above, a typical harmonic pattern has appeared that has taken the form of the AB=CD pattern that has achieved the first target for it at 38.2% correction from the CD leg at 1.0570, but the pair has still stabilized below this level; therefore, retesting the second target represented in the 61.8% correction at 1.0525. While achieving the second target, the pair would have breached the key support’s neckline for the bullish direction which therefore shows the bearish trend continuing to retest the bottom at point B. Consequent to these facts; we expect trading to be below 1.0625 to maintain chances of a bearish trend intact throughout trading today.
The trading range for today is among the key support at 1.0430 and the key resistance at 1.0670.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
Support 1.0525 1.0495 1.0450 1.0390 1.0365
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Resistance 1.0585 1.0625 1.0670 1.0700 1.0750
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Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0585 targeting 1.0460 and stop loss above 1.0640, might be appropriate.
USDCAD
The harmonic formation suggested that the pair that we have currently relied because its targets are the least within the suggested harmonic pattern, and due to that initially a reverse point is expected PRZ at 1.0195; representing the 88.6% correction from the XA leg as well as 127% from the BC leg. The stochastic supports expectations for today, whereas the harmonic pattern remains intact as long as trading remains below 1.0575; while causing trading for the pair to weaken above 1.0460. From here, we can expect a bearish direction that could affect the pair’s trading today.
The trading range for today is among the key support at 1.0110 and the key resistance at 1.0520.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
Support 1.0340 1.0280 1.0195 1.0135 1.0110
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Resistance 1.0380 1.0460 1.0495 1.0520 1.0575
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Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0380 targeting 1.0195 and stop loss above 1.0495, might be appropriate.
