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EUR/USD
Back to the weekly classical studies, we can see how the pair continued to move bearishly within the descending channel after clearing the neckline of our caught classical head and shoulders pattern. In the interim, momentum and trend indicators continue to offer negative signs reinforcing our constructive bearish overview. Focus should be now on the monthly pivotal point of 1.2150 as a break of which will ease the path towards the significant low around 1.1865.
The trading range for this week is among key support at 1.1865 and key resistance at 1.2550.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2200 1.2150 1.2080 1.2000 1.1935
Resistance 1.2300 1.2360 1.2460 1.2500 1.2550
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2275 targeting 1.2000 and stop loss above 1.2445 might be appropriate this week
GBP/USD
On Friday, the pair has retraced aggressively stabilizing above 1.5510 -23.6% Fibonacci retracement of the entire downside rally from 1.6300 to 1.5265 zones- as seen on the provided daily graph. But, the initial resistance around1.5585 has stopped the aforesaid recovery as well. Now, we can see a contradiction between Stochastic -momentum indicator- and the collection of moving averages; whilst trading is trapped within the recently established bearish channel. Hence, we will remain neutral until we get more confirmations about the upcoming move. Of note, coming back below 1.5510 will threaten the previous week’s recorded low at 1.5390 once again.
The trading range for this week is among key support at 1.5230 and key resistance at 1.5880.
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 1.5310 1.5265 1.5230
Resistance 1.5600 1.5680 1.5730 1.5780 1.5820
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 this week.
USD/JPY
The pair has managed to stabilize below the pivotal point of 79.55 after breaching the support line -colored in green- as seen on the provided daily graph. Meanwhile, RSI 14 also has stabilized below the value of 50.00 presenting negative momentum. Thereby, we see chances for resuming the bearishness mainly targeting the wide support areas between 78.20 and 77.95. On the upside, only a break above 80.10 will give us a rational reason for concern.
The trading range for this week is among key support at 77.90 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 79.00 78.80 78.50 78.20 77.95
Resistance 79.55 79.80 80.00 80.10 80.30
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 79.25 targeting 78.20 and stop loss above 80.10 might be appropriate this week.
USD/CHF
Our expectations for a downside move were realized affected by the resistance level previously mentioned at 0.9870; it followed after the pair respected the weekly outlook and reached the target. This week, trading below this level will support further downside correction . The correction expected is temporary before returning to the general upside move. The Linear Regression Indicators are starting to turn negative and MACD and RSI are also biased negatively supporting the downside correction expectations.
The trading range for this week is among key support at 0.9620 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 0.9775 0.9750 0.9715 0.9670 0.9620
Resistance 0.9835 0.9870 0.9900 0.9960 1.0030
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9835 targeting 0.9775, 0.9715 then 0.9680 and stop loss with four-hour closing above 0.9900 might be appropriate this week
USD/CAD
After mixed and volatile trading least week, the pair returned to the downside as expected over intraday basis and reached the awaited target at 1.0125 which is the 50% correction level shown above. We consider this level the defining level for the coming move, stability above it will help the pair attempt to the upside again towards 1.0200 where stability above it will further support the positivity. Breaching 1.0100 areas will fail the upside move.
The trading range for this week is among key support at 0.9935 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 1.0125 1.0100 1.0045 1.0000 0.9970
Resistance 1.0160 1.0180 1.0200 1.0290 1.0310
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0125 targeting 1.0200, 1.0265 then 1.0310 and stop loss with four-hour closing below 1.0100 might be appropriate this week
AUD/USD
The continued attempts at stabilizing above 1.0225 have failed, and we can see the pair with the start of the week trading close to those levels after it couldn’t hold above. In fact, the general upside wave did not end, but over intraday basis, we need to see some downside correction before resuming the general upside move . The Linear Regression Indicators support the general upside move while Stochastic supports the downside correction.
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 1.0185 1.0155 1.0135 1.0095 1.0025
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 around 1.0155 targeting 1.0200, 1.0280 then 1.0310 and stop loss below 1.0095 might be appropriate
NZD/USD
We have some conflicting signals from the pair, where the breach of the descending channel shown above was seen through a price gap, while we can also see the failure to hold above 0.8000 psychological areas and the previous top at 0.8077. The Linear Regression Indicators are now biased for positivity conflicting with the negativity on Stochastic. Therefore, our weekly outlook for now is neutral awaiting more confirmations.
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 0.8000 0.8035 0.8080 0.8135
Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmations
Back to the weekly classical studies, we can see how the pair continued to move bearishly within the descending channel after clearing the neckline of our caught classical head and shoulders pattern. In the interim, momentum and trend indicators continue to offer negative signs reinforcing our constructive bearish overview. Focus should be now on the monthly pivotal point of 1.2150 as a break of which will ease the path towards the significant low around 1.1865.
The trading range for this week is among key support at 1.1865 and key resistance at 1.2550.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2200 1.2150 1.2080 1.2000 1.1935
Resistance 1.2300 1.2360 1.2460 1.2500 1.2550
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2275 targeting 1.2000 and stop loss above 1.2445 might be appropriate this week
GBP/USD
On Friday, the pair has retraced aggressively stabilizing above 1.5510 -23.6% Fibonacci retracement of the entire downside rally from 1.6300 to 1.5265 zones- as seen on the provided daily graph. But, the initial resistance around1.5585 has stopped the aforesaid recovery as well. Now, we can see a contradiction between Stochastic -momentum indicator- and the collection of moving averages; whilst trading is trapped within the recently established bearish channel. Hence, we will remain neutral until we get more confirmations about the upcoming move. Of note, coming back below 1.5510 will threaten the previous week’s recorded low at 1.5390 once again.
The trading range for this week is among key support at 1.5230 and key resistance at 1.5880.
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 1.5310 1.5265 1.5230
Resistance 1.5600 1.5680 1.5730 1.5780 1.5820
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 this week.
USD/JPY
The pair has managed to stabilize below the pivotal point of 79.55 after breaching the support line -colored in green- as seen on the provided daily graph. Meanwhile, RSI 14 also has stabilized below the value of 50.00 presenting negative momentum. Thereby, we see chances for resuming the bearishness mainly targeting the wide support areas between 78.20 and 77.95. On the upside, only a break above 80.10 will give us a rational reason for concern.
The trading range for this week is among key support at 77.90 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 79.00 78.80 78.50 78.20 77.95
Resistance 79.55 79.80 80.00 80.10 80.30
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 79.25 targeting 78.20 and stop loss above 80.10 might be appropriate this week.
USD/CHF
Our expectations for a downside move were realized affected by the resistance level previously mentioned at 0.9870; it followed after the pair respected the weekly outlook and reached the target. This week, trading below this level will support further downside correction . The correction expected is temporary before returning to the general upside move. The Linear Regression Indicators are starting to turn negative and MACD and RSI are also biased negatively supporting the downside correction expectations.
The trading range for this week is among key support at 0.9620 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 0.9775 0.9750 0.9715 0.9670 0.9620
Resistance 0.9835 0.9870 0.9900 0.9960 1.0030
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9835 targeting 0.9775, 0.9715 then 0.9680 and stop loss with four-hour closing above 0.9900 might be appropriate this week
USD/CAD
After mixed and volatile trading least week, the pair returned to the downside as expected over intraday basis and reached the awaited target at 1.0125 which is the 50% correction level shown above. We consider this level the defining level for the coming move, stability above it will help the pair attempt to the upside again towards 1.0200 where stability above it will further support the positivity. Breaching 1.0100 areas will fail the upside move.
The trading range for this week is among key support at 0.9935 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 1.0125 1.0100 1.0045 1.0000 0.9970
Resistance 1.0160 1.0180 1.0200 1.0290 1.0310
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0125 targeting 1.0200, 1.0265 then 1.0310 and stop loss with four-hour closing below 1.0100 might be appropriate this week
AUD/USD
The continued attempts at stabilizing above 1.0225 have failed, and we can see the pair with the start of the week trading close to those levels after it couldn’t hold above. In fact, the general upside wave did not end, but over intraday basis, we need to see some downside correction before resuming the general upside move . The Linear Regression Indicators support the general upside move while Stochastic supports the downside correction.
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 1.0185 1.0155 1.0135 1.0095 1.0025
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 around 1.0155 targeting 1.0200, 1.0280 then 1.0310 and stop loss below 1.0095 might be appropriate
NZD/USD
We have some conflicting signals from the pair, where the breach of the descending channel shown above was seen through a price gap, while we can also see the failure to hold above 0.8000 psychological areas and the previous top at 0.8077. The Linear Regression Indicators are now biased for positivity conflicting with the negativity on Stochastic. Therefore, our weekly outlook for now is neutral awaiting more confirmations.
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 0.8000 0.8035 0.8080 0.8135
Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmations
