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EUR/USD
The pair continued to consolidate affected by the bullish harmonic pattern discussed this morning but since the scientific technical objective of this pattern is close to the current trading levels, our advice is to avoid trading for the rest of the day. For intraday traders, the price behaviors around 1.2370 should be watched out carefully if the pair succeeds in touching it; a break of which will assist the EURO to resume the recovery that started on previous Friday.
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 continued to struggle around SMA 50 as seen on the provided daily chart but we can notice that the bullish sign on Stochastic remains intact. Thereby, we hold onto our bullish scenario for the rest of the day; noting that a break above 1.5680 will confirm and accelerate the bullish direction towards 1.5780.
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 Our morning expectations remain valid.
USD/JPY
The pair has been trapped within a very narrow range since morning attempting to stabilize below 79.00 levels as seen on the provided chart. Meanwhile, RSI 14 continued to stabilize below the value of 50.00 suggesting further losses over intraday basis. Also, we will continue to depend on yesterday`s negative closing to propose a quick visit to the wide support zones between 78.20 and 77.95.
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
Despite the upside attempts, areas of 0.9775 is preventing the pair from moving higher. The Linear Regression Indicators are negative and confirms that the bearish Butterfly Pattern continues to affect the pair and pushing it to the downside. The scenario provided in the previous report remains valid as far as stability is below 0.9865 and preferably below 0.9835 over intraday basis.
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 0.9800 0.9835 0.9870 0.9900 0.9960
Recommendation Our morning expectations remain valid
USD/CAD
Areas of 1.0125 continue to prove their influence on the pair’s movement. Trading above this level pushed Stochastic to offer a positive crossover once again and carried the pair above the Linear Regression Indicator 34. This might push the pair into a new upside wave and will gain momentum with stability above 1.0200. Steady trading above 1.0095 is required to preserve the intraday bullish bias.
The trading range for today is among key support at 0.9935 and key resistance at 1.0290.
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 1.0065 1.0000 0.9970
Resistance 1.0180 1.0200 1.0240 1.0290 1.0310
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 is correcting to the downside, but still affected by stability above the main ascending support and above the critical 1.0225 areas. Stability above this level and the positivity on the Linear Regression Indicators makes us expect the upside bias to remain valid while keeping in mind that the breach of 1.0225 weakens the suggested scenario.
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 1.0260 1.0225 1.0200 1.0180 1.0155
Resistance 1.0310 1.0330 1.0370 1.0420 1.0480
Recommendation Our morning expectations remain valid
NZD/USD
The sharp downside move pushed the pair back below the neckline areas of the suggested Inverted Head and Shoulders pattern. We can see that the pair is still stable above the ascending support shown above and the Linear Regression Indicators Remain positive. Therefore, we hold onto our morning expectations while noting that the breach of 0.7930 will negate our positive outlook and push the pair to the downside once again.
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 0.7970 0.7930 0.7900 0.7885 0.7840
Resistance 0.8015 0.8040 0.8080 0.8100 0.8135
Recommendation Our morning expectations remain valid
The pair continued to consolidate affected by the bullish harmonic pattern discussed this morning but since the scientific technical objective of this pattern is close to the current trading levels, our advice is to avoid trading for the rest of the day. For intraday traders, the price behaviors around 1.2370 should be watched out carefully if the pair succeeds in touching it; a break of which will assist the EURO to resume the recovery that started on previous Friday.
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 continued to struggle around SMA 50 as seen on the provided daily chart but we can notice that the bullish sign on Stochastic remains intact. Thereby, we hold onto our bullish scenario for the rest of the day; noting that a break above 1.5680 will confirm and accelerate the bullish direction towards 1.5780.
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 Our morning expectations remain valid.
USD/JPY
The pair has been trapped within a very narrow range since morning attempting to stabilize below 79.00 levels as seen on the provided chart. Meanwhile, RSI 14 continued to stabilize below the value of 50.00 suggesting further losses over intraday basis. Also, we will continue to depend on yesterday`s negative closing to propose a quick visit to the wide support zones between 78.20 and 77.95.
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
Despite the upside attempts, areas of 0.9775 is preventing the pair from moving higher. The Linear Regression Indicators are negative and confirms that the bearish Butterfly Pattern continues to affect the pair and pushing it to the downside. The scenario provided in the previous report remains valid as far as stability is below 0.9865 and preferably below 0.9835 over intraday basis.
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 0.9800 0.9835 0.9870 0.9900 0.9960
Recommendation Our morning expectations remain valid
USD/CAD
Areas of 1.0125 continue to prove their influence on the pair’s movement. Trading above this level pushed Stochastic to offer a positive crossover once again and carried the pair above the Linear Regression Indicator 34. This might push the pair into a new upside wave and will gain momentum with stability above 1.0200. Steady trading above 1.0095 is required to preserve the intraday bullish bias.
The trading range for today is among key support at 0.9935 and key resistance at 1.0290.
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 1.0065 1.0000 0.9970
Resistance 1.0180 1.0200 1.0240 1.0290 1.0310
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 is correcting to the downside, but still affected by stability above the main ascending support and above the critical 1.0225 areas. Stability above this level and the positivity on the Linear Regression Indicators makes us expect the upside bias to remain valid while keeping in mind that the breach of 1.0225 weakens the suggested scenario.
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 1.0260 1.0225 1.0200 1.0180 1.0155
Resistance 1.0310 1.0330 1.0370 1.0420 1.0480
Recommendation Our morning expectations remain valid
NZD/USD
The sharp downside move pushed the pair back below the neckline areas of the suggested Inverted Head and Shoulders pattern. We can see that the pair is still stable above the ascending support shown above and the Linear Regression Indicators Remain positive. Therefore, we hold onto our morning expectations while noting that the breach of 0.7930 will negate our positive outlook and push the pair to the downside once again.
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 0.7970 0.7930 0.7900 0.7885 0.7840
Resistance 0.8015 0.8040 0.8080 0.8100 0.8135
Recommendation Our morning expectations remain valid
