ICN.com Launch Technical Portal
All new trading strategies, market analysis, and extensive market coverage! We would love to hear your feedback!
EUR/USD
The pair continues to consolidate below 38.2% Fibonacci retracement of the CD leg of the harmonic butterfly pattern as seen on the provided daily chart. Stochastic is on the way to enter overbought territories and thus, we should stay aside for the rest of the day since risk versus rewards ratio remains high. A break below 1.2190 will bring the bigger bearish picture back into focus.
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 1.2270 1.2220 1.2170 1.2150 1.2100
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
In line with our bullish scenario, the pair continued to move higher during the previous session as seen on the provided daily chart. The path becomes clear towards 50% Fibonacci level of the downside wave seen on the figure but Stochastic may cause some fluctuations. A break above 1.5700 will confirm and accelerate the move.
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 1.5780 1.5780 1.5820 1.5880 1.5925
Recommendation Our morning expectations remain valid.
USD/JPY
The pair continues to approach our previous detected technical objective at 78.20 as seen on the provided chart. RSI 14 is on the way towards oversold territories offering a sign of potential recovery. Hence, the neutrality remains favored for the rest of the day.
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 78.20 77.95 77.60 77.25 77.00
Resistance 78.80 79.00 79.25 79.80 80.00
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/CHF
The upside attempts were halted below the Linear Regression Indicator 55 and that confirms the continued effect of the bearish Butterfly Pattern shown above. Stability below 0.9780 is another reason to hold onto our morning expectations.
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 0.9780 0.9800 0.9815 0.9870 0.9900
Recommendation Our morning expectations remain valid
USD/CAD
The pair continues the downside movement and seen approaching the main support for the downside wave shown above. At the same time, Stochastic is trading in oversold areas which limit the negativity; although we need to note that the breach of 1.0045 will extend the downside move. We prefer to stay aside for the rest of the session awaiting more confirmations for the next move.
The trading range for today is among key support at 0.9870 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 1.0045 1.0000 0.9970 0.9935 0.9870
Resistance 1.0095 1.0125 1.0150 1.0180 1.0200
Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmations
AUD/USD
The pair moved sharply higher as we expected due to stability above 61.8% correction shown above at 1.0365. Continued trading above this level might extend the upside move targeting 78.6% correction around 1.0585. Stability above 1.0330 is required for the intraday bullish overview to remain valid.
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 1.0365 1.0330 1.0285 1.0225 1.0200
Resistance 1.0440 1.0480 1.0530 1.0585 1.0615
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0365 targeting 1.430 then 1.0530 and stop loss with four-hour closing below 1.0285 might be appropriate
NZD/USD
The pair is moving higher and attempting to retest areas close to 0.8080 resistance. The breach of this resistance might push the pair clearly higher supported as well by the Inverted Head & Shoulders Pattern. The Linear Regression Indicators and positive and support our expectations and offsets the effect of the overbought signs on momentum indicators. We hold onto our morning bullish expectations for the rest of the session.
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 0.8015 0.7985 0.7930 0.7900 0.7885
Resistance 0.8080 0.8135 0.8160 0.8200 0.8220
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8015 targeting 0.8080 then 0.8160 and stop loss below 0.7930 might be appropriate
The pair continues to consolidate below 38.2% Fibonacci retracement of the CD leg of the harmonic butterfly pattern as seen on the provided daily chart. Stochastic is on the way to enter overbought territories and thus, we should stay aside for the rest of the day since risk versus rewards ratio remains high. A break below 1.2190 will bring the bigger bearish picture back into focus.
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 1.2270 1.2220 1.2170 1.2150 1.2100
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
In line with our bullish scenario, the pair continued to move higher during the previous session as seen on the provided daily chart. The path becomes clear towards 50% Fibonacci level of the downside wave seen on the figure but Stochastic may cause some fluctuations. A break above 1.5700 will confirm and accelerate the move.
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 1.5780 1.5780 1.5820 1.5880 1.5925
Recommendation Our morning expectations remain valid.
USD/JPY
The pair continues to approach our previous detected technical objective at 78.20 as seen on the provided chart. RSI 14 is on the way towards oversold territories offering a sign of potential recovery. Hence, the neutrality remains favored for the rest of the day.
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 78.20 77.95 77.60 77.25 77.00
Resistance 78.80 79.00 79.25 79.80 80.00
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/CHF
The upside attempts were halted below the Linear Regression Indicator 55 and that confirms the continued effect of the bearish Butterfly Pattern shown above. Stability below 0.9780 is another reason to hold onto our morning expectations.
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 0.9780 0.9800 0.9815 0.9870 0.9900
Recommendation Our morning expectations remain valid
USD/CAD
The pair continues the downside movement and seen approaching the main support for the downside wave shown above. At the same time, Stochastic is trading in oversold areas which limit the negativity; although we need to note that the breach of 1.0045 will extend the downside move. We prefer to stay aside for the rest of the session awaiting more confirmations for the next move.
The trading range for today is among key support at 0.9870 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 1.0045 1.0000 0.9970 0.9935 0.9870
Resistance 1.0095 1.0125 1.0150 1.0180 1.0200
Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmations
AUD/USD
The pair moved sharply higher as we expected due to stability above 61.8% correction shown above at 1.0365. Continued trading above this level might extend the upside move targeting 78.6% correction around 1.0585. Stability above 1.0330 is required for the intraday bullish overview to remain valid.
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 1.0365 1.0330 1.0285 1.0225 1.0200
Resistance 1.0440 1.0480 1.0530 1.0585 1.0615
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0365 targeting 1.430 then 1.0530 and stop loss with four-hour closing below 1.0285 might be appropriate
NZD/USD
The pair is moving higher and attempting to retest areas close to 0.8080 resistance. The breach of this resistance might push the pair clearly higher supported as well by the Inverted Head & Shoulders Pattern. The Linear Regression Indicators and positive and support our expectations and offsets the effect of the overbought signs on momentum indicators. We hold onto our morning bullish expectations for the rest of the session.
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 0.8015 0.7985 0.7930 0.7900 0.7885
Resistance 0.8080 0.8135 0.8160 0.8200 0.8220
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8015 targeting 0.8080 then 0.8160 and stop loss below 0.7930 might be appropriate
