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EUR/USD
The pair maintained the bearish bias on Friday, to end the week below the latest major swing low printed in June at 1.2287, by breaking below this level the pair has completed a bearish technical pattern while trading within the steady downside trend and below the 50-days SMA. Thus, the overall trend continues to be bearish and the recent price action suggest further bearishness eying the next potential support area around 1.2150.
The trading range for the week is among key support at 1.2150 and key resistance at 1.2440.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2250 1.2220 1.2175 1.2140 1.2100
Resistance 1.2290 1.2330 1.2365 1.2405 1.2450
Recommendation Based on the charts and explanations above, we recommend selling the pair around 1.2340 targeting 1.2250 and 1.2150. Stop loss above 1.2440
GBP/USD
The pair has broken the ascending trend line for the recent bullish correction, hinting the correction could be complete and price is to resume the bearish wave towards the bottom of this major range bound shown on the chart near 1.5250 level. However, we may see a slight rebound affected by1.5480 support level, which should be broken soon to confirm the bearish scenario.
The trading range for today is among key support at 1.5265 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 1.5480 1.5450 1.5400 1.5360 1.5310
Resistance 1.5500 1.5550 1.5600 1.5645 1.5700
Recommendation Based on the charts and explanations above, we recommend selling the pair around 1.5550 targeting 1.5480 and 1.5400. Stop loss above 1.5625.
USD/JPY
The pair has shown signs of recovery recently, where price managed to print higher highs after breaking above the descending trend line that was covering the latest bearish wave, meanwhile, the pair retreated to settle back above the 200 and 50-days simple moving averages, accompanied with acceleration in the bullish momentum. Thus we continue to expect bullishness within the upcoming sessions.
The trading range for this week is expected among key support at 78.50 and key resistance now at 82.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 79.40 79.10 78.65 78.50 78.00
Resistance 80.10 80.60 81.00 81.25 81.80
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 79.60 targeting 80.60 and 81.40 and stop loss below 78.50 might be appropriate.
USD/CHF
According to our previous report, the pair moved to the upside to trade now near the previous top at 0.9770, and stability above 0.9680 might help extend the upside move to test areas around 0.9820 and 0.9865. Breaching the latter and stability above it might extend the upside move toward 0.9990 areas. Momentum indicators are trading in overbought areas and that might cause heavy volatility and possible downside corrections.
The trading range for this week is among key support at 0.9520 and key resistance at 1.0070.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remains intact.
Support 0.9750 0.9700 0.9680 0.9635 0.9600
Resistance 0.9780 0.9820 0.9865 0.9900 0.9990
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9770 targeting 0.9825, 0.9865 then 0.9990 and stop loss below 0.9680 might be appropriate this week
USD/CAD
The pair managed to rebound to the upside from areas around 1.0125 support and we can find it stabile below 1.0200 areas shown above; the continuation of the upside move requires first stability above 1.0125 and then stability above 1.0200. The Linear Regression Indicators are biased positively and that can support the extension of the upside move eying the test of the main resistance for the descending channel shown on the chart.
The trading range for this week is among key support at 0.9870 and key resistance at 1.0365.
The short term trend is expected to the downside with daily closing below 1.0520 targeting areas of 0.9870.
Support 1.0160 1.0120 1.0100 1.0045 1.0000
Resistance 1.0200 1.0265 1.0290 1.0310 1.0365
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0160 targeting 1.0265 then 1.0310 and stop loss with four-hour closing below 1.0100 might be appropriate this week
AUD/USD
After reaching areas near 1.0370 the pair declined once again with the start of the week and trading near the main ascending support and the Linear Regression Indicator 55 shown above. Stochastic entered oversold areas and we might see the effect of the ascending channel shown above; the pair now needs to confirm the upside move by stability above 1.0225 as the breach of 1.0135 areas will extend the downside move before any upside attempt.
The trading range for this week is expected among the key support at 0.9825 and resistance at 1.0480.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0240.
Support 1.0150 1.0135 1.0095 1.0025 1.0000
Resistance 1.0225 1.0255 1.0310 1.0370 1.0415
Recommendation Based on the charts and explanations above, our opinion is buying the pair with four-hour closing above 1.0225 targeting 1.0280, 1.0310, then 1.0370 and stop loss below 1.0125 might be appropriate this week
NZD/USD
The failure to stabilize above 0.7990 is very negative, and as we can see on the chart the pair managed to breach the main support for the ascending channel that organized the bullish wave from 0.7454 to 0.8077. Breaching the support makes us expect an extension of the downside move which depends mainly on stability below 0.8080.
The trading range for this week is expected among the key support at 0.7765 and resistance at 0.8220.
The short term trend is to the downside targeting 0.7365 with steady daily closing below 0.8100.
Support 0.7930 0.7885 0.7850 0.7800 0.7765
Resistance 0.7985 0.8035 0.8080 0.8135 0.8220
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.7985 targeting 0.7930, 0.7885 then 0.7765 and stop loss with four-hour closing above 0.8080 might be appropriate this week
The pair maintained the bearish bias on Friday, to end the week below the latest major swing low printed in June at 1.2287, by breaking below this level the pair has completed a bearish technical pattern while trading within the steady downside trend and below the 50-days SMA. Thus, the overall trend continues to be bearish and the recent price action suggest further bearishness eying the next potential support area around 1.2150.
The trading range for the week is among key support at 1.2150 and key resistance at 1.2440.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2250 1.2220 1.2175 1.2140 1.2100
Resistance 1.2290 1.2330 1.2365 1.2405 1.2450
Recommendation Based on the charts and explanations above, we recommend selling the pair around 1.2340 targeting 1.2250 and 1.2150. Stop loss above 1.2440
GBP/USD
The pair has broken the ascending trend line for the recent bullish correction, hinting the correction could be complete and price is to resume the bearish wave towards the bottom of this major range bound shown on the chart near 1.5250 level. However, we may see a slight rebound affected by1.5480 support level, which should be broken soon to confirm the bearish scenario.
The trading range for today is among key support at 1.5265 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 1.5480 1.5450 1.5400 1.5360 1.5310
Resistance 1.5500 1.5550 1.5600 1.5645 1.5700
Recommendation Based on the charts and explanations above, we recommend selling the pair around 1.5550 targeting 1.5480 and 1.5400. Stop loss above 1.5625.
USD/JPY
The pair has shown signs of recovery recently, where price managed to print higher highs after breaking above the descending trend line that was covering the latest bearish wave, meanwhile, the pair retreated to settle back above the 200 and 50-days simple moving averages, accompanied with acceleration in the bullish momentum. Thus we continue to expect bullishness within the upcoming sessions.
The trading range for this week is expected among key support at 78.50 and key resistance now at 82.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 79.40 79.10 78.65 78.50 78.00
Resistance 80.10 80.60 81.00 81.25 81.80
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 79.60 targeting 80.60 and 81.40 and stop loss below 78.50 might be appropriate.
USD/CHF
According to our previous report, the pair moved to the upside to trade now near the previous top at 0.9770, and stability above 0.9680 might help extend the upside move to test areas around 0.9820 and 0.9865. Breaching the latter and stability above it might extend the upside move toward 0.9990 areas. Momentum indicators are trading in overbought areas and that might cause heavy volatility and possible downside corrections.
The trading range for this week is among key support at 0.9520 and key resistance at 1.0070.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remains intact.
Support 0.9750 0.9700 0.9680 0.9635 0.9600
Resistance 0.9780 0.9820 0.9865 0.9900 0.9990
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9770 targeting 0.9825, 0.9865 then 0.9990 and stop loss below 0.9680 might be appropriate this week
USD/CAD
The pair managed to rebound to the upside from areas around 1.0125 support and we can find it stabile below 1.0200 areas shown above; the continuation of the upside move requires first stability above 1.0125 and then stability above 1.0200. The Linear Regression Indicators are biased positively and that can support the extension of the upside move eying the test of the main resistance for the descending channel shown on the chart.
The trading range for this week is among key support at 0.9870 and key resistance at 1.0365.
The short term trend is expected to the downside with daily closing below 1.0520 targeting areas of 0.9870.
Support 1.0160 1.0120 1.0100 1.0045 1.0000
Resistance 1.0200 1.0265 1.0290 1.0310 1.0365
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0160 targeting 1.0265 then 1.0310 and stop loss with four-hour closing below 1.0100 might be appropriate this week
AUD/USD
After reaching areas near 1.0370 the pair declined once again with the start of the week and trading near the main ascending support and the Linear Regression Indicator 55 shown above. Stochastic entered oversold areas and we might see the effect of the ascending channel shown above; the pair now needs to confirm the upside move by stability above 1.0225 as the breach of 1.0135 areas will extend the downside move before any upside attempt.
The trading range for this week is expected among the key support at 0.9825 and resistance at 1.0480.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0240.
Support 1.0150 1.0135 1.0095 1.0025 1.0000
Resistance 1.0225 1.0255 1.0310 1.0370 1.0415
Recommendation Based on the charts and explanations above, our opinion is buying the pair with four-hour closing above 1.0225 targeting 1.0280, 1.0310, then 1.0370 and stop loss below 1.0125 might be appropriate this week
NZD/USD
The failure to stabilize above 0.7990 is very negative, and as we can see on the chart the pair managed to breach the main support for the ascending channel that organized the bullish wave from 0.7454 to 0.8077. Breaching the support makes us expect an extension of the downside move which depends mainly on stability below 0.8080.
The trading range for this week is expected among the key support at 0.7765 and resistance at 0.8220.
The short term trend is to the downside targeting 0.7365 with steady daily closing below 0.8100.
Support 0.7930 0.7885 0.7850 0.7800 0.7765
Resistance 0.7985 0.8035 0.8080 0.8135 0.8220
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.7985 targeting 0.7930, 0.7885 then 0.7765 and stop loss with four-hour closing above 0.8080 might be appropriate this week
