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EUR/USD
The pair has showed signs of exhaustion despite yesterday’s sharp bounce from 1.2190. But, we will not follow bears unless it takes the initial support zones of 1.2170 to make sure that the bearishness discussed in the weekly report is strong enough to send the pair lower. Meanwhile, the bullish harmonic pattern over daily basis is another technical reason that forces us to stay aside for the rest of the day.
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 1.2290 1.2330 1.2360 1.2400 1.2425
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
Despite achieving mild downside actions during the previous session but the pair remains stable above the key support level around 23.6% Fibonacci of the above seen wave. Hence, we hold onto our bullish scenario for the rest of the day; noting that a sustained breakout below 1.5510 will bring the negative picture back into focus.
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 1.5600 1.5585 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
Nothing changed; the pair continues to consolidate below 61.8% Fibonacci level while RSI 14 remains negative. Hence, our bearish outlook is still intact for the rest of the day. Ultimately, the risk level resides at 80.10.
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 is biased to the upside in choppy trading and the Linear Regression Indicators remain negative and MACD trades below zero, and accordingly the return to the downside remains valid . At the same time, the pair needs to return below 0.9775 to confirm the downside move of the bearish Butterfly Pattern. The breach of 0.9880 is enough to negate the intraday bearishness.
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 0.9775 0.9750 0.9715 0.9700 0.9680
Resistance 0.9835 0.9870 0.9900 0.9960 0.9995
Recommendation Our morning expectations remain valid
USD/CAD
Trading is biased to the upside affected by 1.0125 support which we based our upside expectations on. The extent of the upside move depends on the ability to breach 1.0180 and then stabilizing above 1.0200. In general, we hold onto our morning expectations supported by Stochastic.
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 1.0045 1.0000 0.9970
Resistance 1.0150 1.0180 1.0200 1.0240 1.0290
Recommendation Our morning expectations remain valid
AUD/USD
The heavy fluctuations and downside bias stopped at the main ascending support and the Linear Regression Indicator 34 which support the attempts now to move higher. At the same time, Stochastic is trading in overbought areas and offered a negative crossover and accordingly we prefer to remain neutral for now. We do not exclude the possibility for the extension of the upside wave to test 1.0370 which is a critical intraday barrier as mentioned in previous reports.
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, we recommend staying aside awaiting further confirmations
NZD/USD
The downside move did not find a bottom till now and the pair is approaching 0.7930 areas, stability below this level will fail the upside move and trigger a new downside wave. Till now, we do not have any confirmations for the breach and the Linear Regression Indicators remains positive, therefore, we will remain neutral for the rest of the day.
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 0.7930 0.7900 0.7885 0.7840 0.7800
Resistance 0.7985 0.8015 0.8040 0.8080 0.8135
Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmations
The pair has showed signs of exhaustion despite yesterday’s sharp bounce from 1.2190. But, we will not follow bears unless it takes the initial support zones of 1.2170 to make sure that the bearishness discussed in the weekly report is strong enough to send the pair lower. Meanwhile, the bullish harmonic pattern over daily basis is another technical reason that forces us to stay aside for the rest of the day.
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 1.2290 1.2330 1.2360 1.2400 1.2425
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
Despite achieving mild downside actions during the previous session but the pair remains stable above the key support level around 23.6% Fibonacci of the above seen wave. Hence, we hold onto our bullish scenario for the rest of the day; noting that a sustained breakout below 1.5510 will bring the negative picture back into focus.
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 1.5600 1.5585 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
Nothing changed; the pair continues to consolidate below 61.8% Fibonacci level while RSI 14 remains negative. Hence, our bearish outlook is still intact for the rest of the day. Ultimately, the risk level resides at 80.10.
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 is biased to the upside in choppy trading and the Linear Regression Indicators remain negative and MACD trades below zero, and accordingly the return to the downside remains valid . At the same time, the pair needs to return below 0.9775 to confirm the downside move of the bearish Butterfly Pattern. The breach of 0.9880 is enough to negate the intraday bearishness.
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 0.9775 0.9750 0.9715 0.9700 0.9680
Resistance 0.9835 0.9870 0.9900 0.9960 0.9995
Recommendation Our morning expectations remain valid
USD/CAD
Trading is biased to the upside affected by 1.0125 support which we based our upside expectations on. The extent of the upside move depends on the ability to breach 1.0180 and then stabilizing above 1.0200. In general, we hold onto our morning expectations supported by Stochastic.
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 1.0045 1.0000 0.9970
Resistance 1.0150 1.0180 1.0200 1.0240 1.0290
Recommendation Our morning expectations remain valid
AUD/USD
The heavy fluctuations and downside bias stopped at the main ascending support and the Linear Regression Indicator 34 which support the attempts now to move higher. At the same time, Stochastic is trading in overbought areas and offered a negative crossover and accordingly we prefer to remain neutral for now. We do not exclude the possibility for the extension of the upside wave to test 1.0370 which is a critical intraday barrier as mentioned in previous reports.
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, we recommend staying aside awaiting further confirmations
NZD/USD
The downside move did not find a bottom till now and the pair is approaching 0.7930 areas, stability below this level will fail the upside move and trigger a new downside wave. Till now, we do not have any confirmations for the breach and the Linear Regression Indicators remains positive, therefore, we will remain neutral for the rest of the day.
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 0.7930 0.7900 0.7885 0.7840 0.7800
Resistance 0.7985 0.8015 0.8040 0.8080 0.8135
Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmations
