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EUR/USD
The corrective actions that started ahead of the previous week’s closing continued yesterday after re-testing the pivotal support zones around 1.2160. Actually, the daily studies prove that the pair has already found a solid support around the aforementioned zones while the Fibonacci rhythmic connecting the movements shows that a bullish harmonic butterfly pattern might have been formed.
The scientific technical objective of this harmonic formation resides at 1.2370 where 38.2% of the CD leg exists and we can see how it is not that far from the current levels. Thus, risk versus reward ratio is too high today due to the negativity appearing on the bigger time frames and that is why we will stay aside.
The trading range for today is among key support at 1.2040 and key resistance at 1.2500.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2220 1.2170 1.2150 1.2100 1.2080
Resistance 1.2330 1.2360 1.2400 1.2425 1.2460
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.
GBP/USD
The pair has moved steadily upwards after being provided by the momentum it needs at 23.6% Fibonacci of the entire downside wave from 1.6300 to 1.5265 as seen on the provided daily chart. A stable move above 1.5660 will accelerate inclines towards 50% level supported by the bullish sign on Stochastic. On the downside, 1.5510 should protect bulls.
The trading range for today is among key support at 1.5420 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 1.5630 1.5600 1.5555 1.5510 1.5460
Resistance 1.5680 1.5730 1.5780 1.5820 1.5880
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 1.5630 targeting 1.5780 and stop loss below 1.5510 might be appropriate.
USD/JPY
In line with yesterday’s discussed bearish scenario, the pair has moved to the downside achieving a convenient daily closing below 61.8% Fibonacci level of the above seen upside wave. Meanwhile, RSI 14 stabilized below the value of 50.00 suggesting additional bearish actions over intraday basis. Eyes are now on the key support level of 78.20 followed by 77.95 but the risk limit for bears resides at 80.10 zones.
The trading range for today is among key support at 77.60 and key resistance now at 80.30.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 78.80 78.50 78.20 77.95 77.60
Resistance 79.25 79.55 79.80 80.00 80.10
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
The pair declined violently and reached our first weekly target, and currently trading under the effect of the bearish Butterfly Pattern. Areas of 0.9865 acted as a strong resistance as we expected to limit the upside move. Now, the pair is trading below the 23.6% correction of CD leg of the harmonic pattern and that shows the possibility for the pair to reach the first target of the pattern at 0.9715. Stochastic is trading in oversold areas and might cause heavy fluctuations but trading below 0.9873 will keep the downside move valid.
The trading range for today is among key support at 0.9600 and key resistance at 0.9960.
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 0.9715 0.9700 0.9680 0.9635
Resistance 0.9775 0.9800 0.9815 0.9835 0.9865
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9775 targeting 0.9715 then 0.9680 and stop loss with four-hour closing above 0.9835 might be appropriate
USD/CAD
The pair is trading sideways affected by 1.0125 areas despite stability below the Linear Regression Indicator 34. The mentioned level is protecting the pair from the negativity on the Linear Regression Indicators and stability above it supports the likelihood for a new upside attempts, while breaching 1.0125 might push the pair to the downside.
The trading range for today is among key support at 0.9935 and key resistance at 1.0295.
The short term trend is expected to the downside with daily closing below 1.0520 targeting areas of 0.9870.
Support 1.0125 1.0095 1.0045 1.0000 0.9970
Resistance 1.0150 1.0180 1.0200 1.0240 1.0290
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0125 targeting 1.0180 then 1.0200 and stop loss with the breach of 1.0095 might be appropriate
AUD/USD
The pair settled for a slightly downside correction after areas of 1.0155 were replaced with 1.0200 and rushed to the upside sharply. The pair is attempting to confirm the return to the ascending channel as shown on the chart and it breached the previous top at 1.0281 which supports the likelihood to move toward 1.0328 and maybe the more critical resistance at 1.0370 where then we need to be cautious and observe the pair closes which we will mention why later. We believe that the pair will extend the upside move as long as it hold above 1.0200 areas today.
The trading range for today is expected among the key support at 1.0025 and resistance at 1.0480.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0285 1.0225 1.0200 1.0180 1.0155
Resistance 1.0310 1.0330 1.0370 1.0420 1.0480
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0285 targeting 1.0330 then 1.0370 and stop loss below 1.0225 might be appropriate
NZD/USD
The upside move helped form a technical pattern that can support the pair ignore trading below 0.8077 and Stochastic approaching oversold areas. The pattern is an Inverted Head & Shoulders pattern with the neckline around 0.7985, stability above this level will push the pair to test 0.8077 areas which if breached will extend the upside move . Stability above 0.7930 is required for our positive expectations to remain valid.
The trading range for today is expected among the key support at 0.7840 and resistance at 0.8160.
The short term trend is to the downside targeting 0.7365 with steady daily closing below 0.8100.
Support 0.7985 0.7930 0.7900 0.7885 0.7840
Resistance 0.8015 0.8040 0.8080 0.8135 0.8160
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 0.7985 targeting 0.8040 then 0.8080 and stop loss below 0.7930 might be appropriate
The corrective actions that started ahead of the previous week’s closing continued yesterday after re-testing the pivotal support zones around 1.2160. Actually, the daily studies prove that the pair has already found a solid support around the aforementioned zones while the Fibonacci rhythmic connecting the movements shows that a bullish harmonic butterfly pattern might have been formed.
The scientific technical objective of this harmonic formation resides at 1.2370 where 38.2% of the CD leg exists and we can see how it is not that far from the current levels. Thus, risk versus reward ratio is too high today due to the negativity appearing on the bigger time frames and that is why we will stay aside.
The trading range for today is among key support at 1.2040 and key resistance at 1.2500.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2220 1.2170 1.2150 1.2100 1.2080
Resistance 1.2330 1.2360 1.2400 1.2425 1.2460
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.
GBP/USD
The pair has moved steadily upwards after being provided by the momentum it needs at 23.6% Fibonacci of the entire downside wave from 1.6300 to 1.5265 as seen on the provided daily chart. A stable move above 1.5660 will accelerate inclines towards 50% level supported by the bullish sign on Stochastic. On the downside, 1.5510 should protect bulls.
The trading range for today is among key support at 1.5420 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 1.5630 1.5600 1.5555 1.5510 1.5460
Resistance 1.5680 1.5730 1.5780 1.5820 1.5880
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 1.5630 targeting 1.5780 and stop loss below 1.5510 might be appropriate.
USD/JPY
In line with yesterday’s discussed bearish scenario, the pair has moved to the downside achieving a convenient daily closing below 61.8% Fibonacci level of the above seen upside wave. Meanwhile, RSI 14 stabilized below the value of 50.00 suggesting additional bearish actions over intraday basis. Eyes are now on the key support level of 78.20 followed by 77.95 but the risk limit for bears resides at 80.10 zones.
The trading range for today is among key support at 77.60 and key resistance now at 80.30.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 78.80 78.50 78.20 77.95 77.60
Resistance 79.25 79.55 79.80 80.00 80.10
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
The pair declined violently and reached our first weekly target, and currently trading under the effect of the bearish Butterfly Pattern. Areas of 0.9865 acted as a strong resistance as we expected to limit the upside move. Now, the pair is trading below the 23.6% correction of CD leg of the harmonic pattern and that shows the possibility for the pair to reach the first target of the pattern at 0.9715. Stochastic is trading in oversold areas and might cause heavy fluctuations but trading below 0.9873 will keep the downside move valid.
The trading range for today is among key support at 0.9600 and key resistance at 0.9960.
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 0.9715 0.9700 0.9680 0.9635
Resistance 0.9775 0.9800 0.9815 0.9835 0.9865
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9775 targeting 0.9715 then 0.9680 and stop loss with four-hour closing above 0.9835 might be appropriate
USD/CAD
The pair is trading sideways affected by 1.0125 areas despite stability below the Linear Regression Indicator 34. The mentioned level is protecting the pair from the negativity on the Linear Regression Indicators and stability above it supports the likelihood for a new upside attempts, while breaching 1.0125 might push the pair to the downside.
The trading range for today is among key support at 0.9935 and key resistance at 1.0295.
The short term trend is expected to the downside with daily closing below 1.0520 targeting areas of 0.9870.
Support 1.0125 1.0095 1.0045 1.0000 0.9970
Resistance 1.0150 1.0180 1.0200 1.0240 1.0290
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0125 targeting 1.0180 then 1.0200 and stop loss with the breach of 1.0095 might be appropriate
AUD/USD
The pair settled for a slightly downside correction after areas of 1.0155 were replaced with 1.0200 and rushed to the upside sharply. The pair is attempting to confirm the return to the ascending channel as shown on the chart and it breached the previous top at 1.0281 which supports the likelihood to move toward 1.0328 and maybe the more critical resistance at 1.0370 where then we need to be cautious and observe the pair closes which we will mention why later. We believe that the pair will extend the upside move as long as it hold above 1.0200 areas today.
The trading range for today is expected among the key support at 1.0025 and resistance at 1.0480.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0285 1.0225 1.0200 1.0180 1.0155
Resistance 1.0310 1.0330 1.0370 1.0420 1.0480
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0285 targeting 1.0330 then 1.0370 and stop loss below 1.0225 might be appropriate
NZD/USD
The upside move helped form a technical pattern that can support the pair ignore trading below 0.8077 and Stochastic approaching oversold areas. The pattern is an Inverted Head & Shoulders pattern with the neckline around 0.7985, stability above this level will push the pair to test 0.8077 areas which if breached will extend the upside move . Stability above 0.7930 is required for our positive expectations to remain valid.
The trading range for today is expected among the key support at 0.7840 and resistance at 0.8160.
The short term trend is to the downside targeting 0.7365 with steady daily closing below 0.8100.
Support 0.7985 0.7930 0.7900 0.7885 0.7840
Resistance 0.8015 0.8040 0.8080 0.8135 0.8160
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 0.7985 targeting 0.8040 then 0.8080 and stop loss below 0.7930 might be appropriate
