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EUR/USD
Adopting a favorable reaction to our previous week’s analysis, the pair has slipped within our detected descending channel as seen on the provided weekly chart. The classical head and shoulders pattern remains very efficient aiming to send the pair towards the medium term key support at 1.1865 which represents our soft technical objective. Momentum and trend indicators continue to reflect the strength of the bearish trend ; noting that, a break below 1.2000 psychological level will ease the path towards our target.
The trading range for this week is among key support at 1.1865 and key resistance at 1.2400.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2080 1.2040 1.2000 1.1935 1.1865
Resistance 1.2170 1.2220 1.2295 1.2330 1.2400
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2155 targeting 1.1865 and stop loss above 1.2330 might be appropriate this week
GBP/USD
On Friday, the pair has sharply plummeted from the upper edge of the recently established trading range. This aggressive decline has formed a bearish engulfing candlestick pattern that forced the pair to close below 38.2% Fibonacci level and below SMA 50 as seen on the provided daily chart. In the interim, Stochastic has offered a negative crossover within overbought territories suggesting further losses over upcoming sessions. Ultimately, a break below 1.5510 will confirm and accelerate the bearish scenario suggested for this week.
The trading range for this week is among key support at 1.5230 and key resistance at 1.5905.
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 1.5390 1.5310 1.5230
Resistance 1.5630 1.5730 1.5820 1.5880 1.5905
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.5600 targeting 1.5360 and stop loss above 1.5785 might be appropriate.
USD/JPY
In accordance with our previous week’s technical comments, the pair has moved to the downside reaching the suggested technical target of 78.20 as seen on the provided daily chart. Now, the pair is very close to 76.4% Fibonacci level of the entire upside wave from 76.00 to 84.15; whilst RSI 14 continues to approach oversold territories. Hence, the sensitivity of the current levels forces us to stay aside until we get more confirmations about the upcoming movements.
The trading range for this week is among key support at 76.50 and key resistance now at 80.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 77.95 77.60 77.25 77.00 76.80
Resistance 78.50 78.80 79.25 79.55 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
Remaining neutral in the last report was in place, where signs of weakness in the bearish move were seen and indeed the pair rushed again to the upside. On the provided chat, we can see that the pair over weekly basis might move towards 61.8% correction of the downside wave that started from 1.1731 and bottomed out at the historic low of 0.7067 and this correction resides at 0.9950. Momentum indicators are trading in overbought areas and the secondary image shows the opening gap with the start of the week and accordingly we expect a slight downside correction in the first days of the week at least.
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 1.0735 as far as areas of 0.9400 remains intact.
Support 0.9900 0.9870 0.9835 0.9800 0.9775
Resistance 0.9950 0.9995 1.0030 1.0070 1.0100
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9950 targeting 0.9870, 0.9835 then 0.9775 and stop loss with a daily closing 1.0030 might be appropriate this week
USD/CAD
The pair moved higher as expected and now we can see momentum indicators trading in overbought areas which might cause some downside correction. At the same time, the Linear Regression Indicators are positive and the pair is stable above 1.0125 areas and that keeps the upside bias intact for this week as far as stability is above 1.0067 areas.
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 1.0045 1.0000 0.9970 0.9935
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 downside move remains limited to areas above the main support of the ascending channel shown above. Trading above 1.0220 keeps the upside bias valid , yet to confirm the upside move we need trading to return to stabilize above 1.0370. Breaching 1.0220 areas and stability below it will make us reconsider our expectations.
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 1.0710.
Support 1.0310 1.0255 1.0220 1.0185 1.0135
Resistance 1.0370 1.0415 1.0480 1.0530 1.0585
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 1.0310 targeting 1.0370, 1.0480 then 1.0585 and stop loss below 1.0220 might be appropriate this week
NZD/USD
The pair failed to stabilize above 0.8077 and returned to decline once again, stability below this level might extend the downside move. The breach of 0.7930 might push the pair to test 0.7862 then 0.7840 which is the 38.2% correction. Momentum indicators are trading in oversold areas but the Linear Regression Indicators are negative and accordingly we might see heavy volatility and a slight upside correction, yet trading below 0.8077 keeps the possibility for the downside move to extend.
The trading range for this week is expected among the key support at 0.7670 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 0.7840 0.7800 0.7765
Resistance 0.7985 0.8035 0.8080 0.8135 0.8220
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.7985 targeting 0.7840 and 0.7765 and stop loss with four-hour closing above 0.8080 might be appropriate this week
Adopting a favorable reaction to our previous week’s analysis, the pair has slipped within our detected descending channel as seen on the provided weekly chart. The classical head and shoulders pattern remains very efficient aiming to send the pair towards the medium term key support at 1.1865 which represents our soft technical objective. Momentum and trend indicators continue to reflect the strength of the bearish trend ; noting that, a break below 1.2000 psychological level will ease the path towards our target.
The trading range for this week is among key support at 1.1865 and key resistance at 1.2400.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2080 1.2040 1.2000 1.1935 1.1865
Resistance 1.2170 1.2220 1.2295 1.2330 1.2400
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2155 targeting 1.1865 and stop loss above 1.2330 might be appropriate this week
GBP/USD
On Friday, the pair has sharply plummeted from the upper edge of the recently established trading range. This aggressive decline has formed a bearish engulfing candlestick pattern that forced the pair to close below 38.2% Fibonacci level and below SMA 50 as seen on the provided daily chart. In the interim, Stochastic has offered a negative crossover within overbought territories suggesting further losses over upcoming sessions. Ultimately, a break below 1.5510 will confirm and accelerate the bearish scenario suggested for this week.
The trading range for this week is among key support at 1.5230 and key resistance at 1.5905.
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 1.5390 1.5310 1.5230
Resistance 1.5630 1.5730 1.5820 1.5880 1.5905
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.5600 targeting 1.5360 and stop loss above 1.5785 might be appropriate.
USD/JPY
In accordance with our previous week’s technical comments, the pair has moved to the downside reaching the suggested technical target of 78.20 as seen on the provided daily chart. Now, the pair is very close to 76.4% Fibonacci level of the entire upside wave from 76.00 to 84.15; whilst RSI 14 continues to approach oversold territories. Hence, the sensitivity of the current levels forces us to stay aside until we get more confirmations about the upcoming movements.
The trading range for this week is among key support at 76.50 and key resistance now at 80.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 77.95 77.60 77.25 77.00 76.80
Resistance 78.50 78.80 79.25 79.55 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
Remaining neutral in the last report was in place, where signs of weakness in the bearish move were seen and indeed the pair rushed again to the upside. On the provided chat, we can see that the pair over weekly basis might move towards 61.8% correction of the downside wave that started from 1.1731 and bottomed out at the historic low of 0.7067 and this correction resides at 0.9950. Momentum indicators are trading in overbought areas and the secondary image shows the opening gap with the start of the week and accordingly we expect a slight downside correction in the first days of the week at least.
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 1.0735 as far as areas of 0.9400 remains intact.
Support 0.9900 0.9870 0.9835 0.9800 0.9775
Resistance 0.9950 0.9995 1.0030 1.0070 1.0100
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9950 targeting 0.9870, 0.9835 then 0.9775 and stop loss with a daily closing 1.0030 might be appropriate this week
USD/CAD
The pair moved higher as expected and now we can see momentum indicators trading in overbought areas which might cause some downside correction. At the same time, the Linear Regression Indicators are positive and the pair is stable above 1.0125 areas and that keeps the upside bias intact for this week as far as stability is above 1.0067 areas.
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 1.0045 1.0000 0.9970 0.9935
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 downside move remains limited to areas above the main support of the ascending channel shown above. Trading above 1.0220 keeps the upside bias valid , yet to confirm the upside move we need trading to return to stabilize above 1.0370. Breaching 1.0220 areas and stability below it will make us reconsider our expectations.
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 1.0710.
Support 1.0310 1.0255 1.0220 1.0185 1.0135
Resistance 1.0370 1.0415 1.0480 1.0530 1.0585
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 1.0310 targeting 1.0370, 1.0480 then 1.0585 and stop loss below 1.0220 might be appropriate this week
NZD/USD
The pair failed to stabilize above 0.8077 and returned to decline once again, stability below this level might extend the downside move. The breach of 0.7930 might push the pair to test 0.7862 then 0.7840 which is the 38.2% correction. Momentum indicators are trading in oversold areas but the Linear Regression Indicators are negative and accordingly we might see heavy volatility and a slight upside correction, yet trading below 0.8077 keeps the possibility for the downside move to extend.
The trading range for this week is expected among the key support at 0.7670 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 0.7840 0.7800 0.7765
Resistance 0.7985 0.8035 0.8080 0.8135 0.8220
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.7985 targeting 0.7840 and 0.7765 and stop loss with four-hour closing above 0.8080 might be appropriate this week
