ICN.com Launch Technical Portal
All new trading strategies, market analysis, and extensive market coverage! We would love to hear your feedback!
EUR/USD
In line with our bearish outlook, the pair has slipped violently after approaching our detected entry point. The four-hour candlestick shows how the bearish pressure remains very strong; particularly after clearing the pivotal support around 1.2440 -turned into resistance- as seen on the secondary image. A break below 1.2400 will activate a new selling wave
.
The trading range for today is among key support at 1.2255 and key resistance at 1.2630.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2400 1.2360 1.2310 1.2285 1.2255
Resistance 1.2445 1.2460 1.2500 1.2520 1.2550
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2440 targeting 1.2255 and stop loss above 1.2580 might be appropriate.
GBP/USD
The pair has plummeted during the previous session after breaching the key support -turned into resistance- at 1.5585 with a four-hour closing below it. Now, Cable is on its way to clear the intraday floor at 1.5510 as seen on the provided daily chart. In the interim, Stochastic remains negative; thus, we keep our morning anticipations intact for the rest of the day.
The trading range for today is among key support at 1.5360 and key resistance at 1.5780.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5510 1.5460 1.5420 1.5360 1.5310
Resistance 1.5585 1.5630 1.5680 1.5700 1.5730
Recommendation Our morning expectations remain valid.
USD/JPY
Despite attempting to breach the uptrend line decisively but RSI 14 remains positive. Thereby, the contrarian between the price behaviors and the positivity on momentum indicators is the main reason that forces us to remain neutral for the rest of the day. A break above 79.60-79.80 will re-activate the classical bullish scenario.Of note , a break below 78.60 will damage the bullish classical pattern discussed earlier.
The trading range for today is among key support at 78.20 and key resistance now at 80.75.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 79.25 79.00 78.80 78.50 78.20
Resistance 79.55 79.80 80.10 80.30 80.50
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.
USD/CHF
The pair rushed to the upside steeply and confirmed trading above 0.9600 which we previously based our positive expectations on. We remained neutral this morning as the pair was attempting to breach this level, but as stability returns above 0.9600 and according to the Linear Regression Indicators we see the possibility for forming a harmonic Crab Pattern that completes in areas around 0.9800. Therefore, we return to the positive outlook as far as stability is above 0.9570 that confirmed its strength.
The trading range for today is among key support at 0.9405 and key resistance at 0.9800.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remains intact.
Support 0.9650 0.9600 0.9575 0.9520 0.9490
Resistance 0.9680 0.9700 0.9750 0.9780 0.9800
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9650 targeting 0.9700 then 0.9800 and stop loss with four-hour closing below 0.9575 might be appropriate.
USD/CAD
The pair moved to the upside and failed the Head and Shoulders pattern; we can see Stochastic currently offering a positive crossover and RSI stable above 50. The pair seemingly entered a sideways trading range between 1.0290 and 1.0230 without breaching any of the levels; the intraday trend remains unclear despite the upside bias seen. Therefore, we will remain neutral for now awaiting more confirmations for the coming move.
The trading range for today is among key support at 1.0100 and key resistance at 1.0375.
The short term trend is expected to the downside with daily closing below 1.0520 targeting areas of 0.9870.
Support 1.0250 1.0230 1.0200 1.0180 1.0150
Resistance 1.0290 1.0310 1.0350 1.0375 1.0420
Recommendation Based on the charts and explanations above, we remain neutral for the rest of the session and cancel our morning expectations with the first downside correction.
AUD/USD
Once again the pair is offering a bearish tendency with trading below 1.0070 which might revive the downside possibility especially as Stochastic is currently biased to the downside. Till now, we can see the pair trading above the Linear Regression Indicators and accordingly we will remain neutral awaiting more confirmations.
The trading range for today is expected among the key support at 0.9920 and resistance at 1.0310.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0240.
Support 1.0025 1.0000 0.9980 0.9920 0.9900
Resistance 1.0070 1.0100 1.0130 1.0180 1.0220
Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmations.
NZD/USD
The downside move is still limited above 0.7885 and the technical conflict is still seen; at this time Stochastic is still biased negatively and RSI is attempting to beach 50 level to the downside. Therefore, we will remain neutral for now awaiting more confirmations.
The trading range for today is expected among the key support at 0.7800 and resistance at 0.8135.
The short term trend is to the downside targeting 0.7365 with steady daily closing below 0.8100.
Support 0.7905 0.7885 0.7840 0.7800 0.7785
Resistance 0.7950 0.7990 0.8015 0.8040 0.8135
Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmations.
In line with our bearish outlook, the pair has slipped violently after approaching our detected entry point. The four-hour candlestick shows how the bearish pressure remains very strong; particularly after clearing the pivotal support around 1.2440 -turned into resistance- as seen on the secondary image. A break below 1.2400 will activate a new selling wave
.
The trading range for today is among key support at 1.2255 and key resistance at 1.2630.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2400 1.2360 1.2310 1.2285 1.2255
Resistance 1.2445 1.2460 1.2500 1.2520 1.2550
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2440 targeting 1.2255 and stop loss above 1.2580 might be appropriate.
GBP/USD
The pair has plummeted during the previous session after breaching the key support -turned into resistance- at 1.5585 with a four-hour closing below it. Now, Cable is on its way to clear the intraday floor at 1.5510 as seen on the provided daily chart. In the interim, Stochastic remains negative; thus, we keep our morning anticipations intact for the rest of the day.
The trading range for today is among key support at 1.5360 and key resistance at 1.5780.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5510 1.5460 1.5420 1.5360 1.5310
Resistance 1.5585 1.5630 1.5680 1.5700 1.5730
Recommendation Our morning expectations remain valid.
USD/JPY
Despite attempting to breach the uptrend line decisively but RSI 14 remains positive. Thereby, the contrarian between the price behaviors and the positivity on momentum indicators is the main reason that forces us to remain neutral for the rest of the day. A break above 79.60-79.80 will re-activate the classical bullish scenario.Of note , a break below 78.60 will damage the bullish classical pattern discussed earlier.
The trading range for today is among key support at 78.20 and key resistance now at 80.75.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 79.25 79.00 78.80 78.50 78.20
Resistance 79.55 79.80 80.10 80.30 80.50
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.
USD/CHF
The pair rushed to the upside steeply and confirmed trading above 0.9600 which we previously based our positive expectations on. We remained neutral this morning as the pair was attempting to breach this level, but as stability returns above 0.9600 and according to the Linear Regression Indicators we see the possibility for forming a harmonic Crab Pattern that completes in areas around 0.9800. Therefore, we return to the positive outlook as far as stability is above 0.9570 that confirmed its strength.
The trading range for today is among key support at 0.9405 and key resistance at 0.9800.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remains intact.
Support 0.9650 0.9600 0.9575 0.9520 0.9490
Resistance 0.9680 0.9700 0.9750 0.9780 0.9800
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9650 targeting 0.9700 then 0.9800 and stop loss with four-hour closing below 0.9575 might be appropriate.
USD/CAD
The pair moved to the upside and failed the Head and Shoulders pattern; we can see Stochastic currently offering a positive crossover and RSI stable above 50. The pair seemingly entered a sideways trading range between 1.0290 and 1.0230 without breaching any of the levels; the intraday trend remains unclear despite the upside bias seen. Therefore, we will remain neutral for now awaiting more confirmations for the coming move.
The trading range for today is among key support at 1.0100 and key resistance at 1.0375.
The short term trend is expected to the downside with daily closing below 1.0520 targeting areas of 0.9870.
Support 1.0250 1.0230 1.0200 1.0180 1.0150
Resistance 1.0290 1.0310 1.0350 1.0375 1.0420
Recommendation Based on the charts and explanations above, we remain neutral for the rest of the session and cancel our morning expectations with the first downside correction.
AUD/USD
Once again the pair is offering a bearish tendency with trading below 1.0070 which might revive the downside possibility especially as Stochastic is currently biased to the downside. Till now, we can see the pair trading above the Linear Regression Indicators and accordingly we will remain neutral awaiting more confirmations.
The trading range for today is expected among the key support at 0.9920 and resistance at 1.0310.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0240.
Support 1.0025 1.0000 0.9980 0.9920 0.9900
Resistance 1.0070 1.0100 1.0130 1.0180 1.0220
Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmations.
NZD/USD
The downside move is still limited above 0.7885 and the technical conflict is still seen; at this time Stochastic is still biased negatively and RSI is attempting to beach 50 level to the downside. Therefore, we will remain neutral for now awaiting more confirmations.
The trading range for today is expected among the key support at 0.7800 and resistance at 0.8135.
The short term trend is to the downside targeting 0.7365 with steady daily closing below 0.8100.
Support 0.7905 0.7885 0.7840 0.7800 0.7785
Resistance 0.7950 0.7990 0.8015 0.8040 0.8135
Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmations.
