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EUR/USD
The pair has inclined aggressively yesterday touching our proposed risk limit around 1.2300 zones. The daily closing shows that the pair couldn’t penetrate the resistance areas -previous broken support- at 1.2300 and also couldn’t stabilize above SMA 20. Hence, risk versus reward ratio becomes too high since the resistance line of the main descending channel is very close to the current trading level and thus, we should stand aside today as more fluctuation could be seen ahead of the weekly closing.
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 1.2500
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
t seems that we have depreciated the strength of the pivotal support cones of 1.5460 as it pushed the British Pound versus Greenback violently upwards yesterday. We can see that the upper edge of the sideways range at 1.5740 is not the only technical obstacle in route to 1.5905 (61.8% Fib. of the wave from 1.6300 to 1.5265) as 1.5780 is very strong resistance; noting that bulls will face SMA 200 and SMA 100 respectively. Of course, we will not neglect yesterday’s bullish candlestick structure but we should be patient since risk versus reward ratio is very high today and therefore, we will stand aside.
The trading range for today is among key support at 1.5470 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 1.5630 1.5585 1.5555 1.5510 1.5470
Resistance 1.5730 1.5780 1.5820 1.5880 1.5905
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/JPY
The pair continues to move within the same trading range since the opening of this week hovering above 61.8% Fibonacci retracement of the entire upside wave from 76.00 to 84.15 as seen on the provided daily chart. Meanwhile, RSI 14 approaches oversold areas and thus, we remain neutral over intraday basis; noting that the trading range is very tight. Finally, the edges for intraday traders are 77.95 and 78.50 as a break of one of them will clear the upcoming trend.
The trading range for today is among key support at 77.30 and key resistance now at 79.25.
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 76.80 76.50
Resistance 78.50 78.80 79.00 79.25 79.55
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 pair rushed to the downside steeply to reached the second target of the bearish Butterfly Pattern. Momentum indicators are currently trading in oversold areas which might cause heavy volatility and we can see the pair attempting to breach the first target at 38.2% correction around 0.9775 where stability below it will extend the move towards the extended targets at 61.8% correction of CD leg of the pattern at 0.9655. Stability below 0.9850 will help extend the bearish move.
The trading range for today is among key support at 0.9655 and key resistance at 0.9940.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9750 0.9715 0.9700 0.9655 0.9610
Resistance 0.9775 0.9800 0.9855 0.9880 0.9900
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9775 targeting 0.9715 then 0.9655 and stop loss with four-hour closing above 0.9855 might be appropriate
USD/CAD
The sharp downside move in the last two days delayed but did not confirm the failure of near end of the downside correction that started from the top at 1.0446. On the chart above we can see the pair approaching 61.8% correction at 1.0045 which is a critical barrier that the pair might test today. The risk-to-reward ratio is too high today and accordingly we prefer to remain aside for now.
The trading range for today is among key support at 0.9935 and key resistance at 1.0200.
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 remain neutral for now awaiting more confirmations for the next move
AUD/USD
Despite triggering the stop loss for our weekly recommendation, yet the following reports were mainly positively biased with steady four-hour closing above 1.0200. This week we did not see a closing below this level which pushed the pair above 1.0370-80 where stability above it will extend the bullishness towards 1.0480 then 1.0530. The upside move might extend to test 1.0585 supported by the ascending channel. The Linear Regression Indicators are positive and support our expectations yet momentum indicators might cause heavy fluctuations due to trading in overbought areas.
The trading range for today is expected among the key support at 1.0300 and resistance at 1.0615.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0400 1.0380 1.0330 1.0300 1.0285
Resistance 1.0445 1.0480 1.0530 1.0585 1.0615
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0400 targeting 1.0480, 1.0530 then 1.0585 and stop loss with four-hour closing below 1.0300 might be appropriate
NZD/USD
Reviewing all the reports this week, we can see that the pair managed to reach our technical targets at 0.7885 and 0.7840 before it returned and failed the expectations for the continuation of the downside move. Stability above 0.7930 returned the intraday positive bias and we might see the extension of the upside move and the Linear Regression Indicators and MACD support it. Momentum indicators are trading in overbought areas which might cause heavy volatility and a slight downside correction. Therefore, we remain neutral today due to the inappropriate risk-to-reward ratio and wait for more confirmation signals.
The trading range for today is expected among the key support at 0.7865 and resistance at 0.8200.
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 0.7885 0.7865
Resistance 0.8040 0.8080 0.8135 0.8160 0.8200
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
The pair has inclined aggressively yesterday touching our proposed risk limit around 1.2300 zones. The daily closing shows that the pair couldn’t penetrate the resistance areas -previous broken support- at 1.2300 and also couldn’t stabilize above SMA 20. Hence, risk versus reward ratio becomes too high since the resistance line of the main descending channel is very close to the current trading level and thus, we should stand aside today as more fluctuation could be seen ahead of the weekly closing.
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 1.2500
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
t seems that we have depreciated the strength of the pivotal support cones of 1.5460 as it pushed the British Pound versus Greenback violently upwards yesterday. We can see that the upper edge of the sideways range at 1.5740 is not the only technical obstacle in route to 1.5905 (61.8% Fib. of the wave from 1.6300 to 1.5265) as 1.5780 is very strong resistance; noting that bulls will face SMA 200 and SMA 100 respectively. Of course, we will not neglect yesterday’s bullish candlestick structure but we should be patient since risk versus reward ratio is very high today and therefore, we will stand aside.
The trading range for today is among key support at 1.5470 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 1.5630 1.5585 1.5555 1.5510 1.5470
Resistance 1.5730 1.5780 1.5820 1.5880 1.5905
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/JPY
The pair continues to move within the same trading range since the opening of this week hovering above 61.8% Fibonacci retracement of the entire upside wave from 76.00 to 84.15 as seen on the provided daily chart. Meanwhile, RSI 14 approaches oversold areas and thus, we remain neutral over intraday basis; noting that the trading range is very tight. Finally, the edges for intraday traders are 77.95 and 78.50 as a break of one of them will clear the upcoming trend.
The trading range for today is among key support at 77.30 and key resistance now at 79.25.
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 76.80 76.50
Resistance 78.50 78.80 79.00 79.25 79.55
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 pair rushed to the downside steeply to reached the second target of the bearish Butterfly Pattern. Momentum indicators are currently trading in oversold areas which might cause heavy volatility and we can see the pair attempting to breach the first target at 38.2% correction around 0.9775 where stability below it will extend the move towards the extended targets at 61.8% correction of CD leg of the pattern at 0.9655. Stability below 0.9850 will help extend the bearish move.
The trading range for today is among key support at 0.9655 and key resistance at 0.9940.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9750 0.9715 0.9700 0.9655 0.9610
Resistance 0.9775 0.9800 0.9855 0.9880 0.9900
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9775 targeting 0.9715 then 0.9655 and stop loss with four-hour closing above 0.9855 might be appropriate
USD/CAD
The sharp downside move in the last two days delayed but did not confirm the failure of near end of the downside correction that started from the top at 1.0446. On the chart above we can see the pair approaching 61.8% correction at 1.0045 which is a critical barrier that the pair might test today. The risk-to-reward ratio is too high today and accordingly we prefer to remain aside for now.
The trading range for today is among key support at 0.9935 and key resistance at 1.0200.
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 remain neutral for now awaiting more confirmations for the next move
AUD/USD
Despite triggering the stop loss for our weekly recommendation, yet the following reports were mainly positively biased with steady four-hour closing above 1.0200. This week we did not see a closing below this level which pushed the pair above 1.0370-80 where stability above it will extend the bullishness towards 1.0480 then 1.0530. The upside move might extend to test 1.0585 supported by the ascending channel. The Linear Regression Indicators are positive and support our expectations yet momentum indicators might cause heavy fluctuations due to trading in overbought areas.
The trading range for today is expected among the key support at 1.0300 and resistance at 1.0615.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0400 1.0380 1.0330 1.0300 1.0285
Resistance 1.0445 1.0480 1.0530 1.0585 1.0615
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0400 targeting 1.0480, 1.0530 then 1.0585 and stop loss with four-hour closing below 1.0300 might be appropriate
NZD/USD
Reviewing all the reports this week, we can see that the pair managed to reach our technical targets at 0.7885 and 0.7840 before it returned and failed the expectations for the continuation of the downside move. Stability above 0.7930 returned the intraday positive bias and we might see the extension of the upside move and the Linear Regression Indicators and MACD support it. Momentum indicators are trading in overbought areas which might cause heavy volatility and a slight downside correction. Therefore, we remain neutral today due to the inappropriate risk-to-reward ratio and wait for more confirmation signals.
The trading range for today is expected among the key support at 0.7865 and resistance at 0.8200.
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 0.7885 0.7865
Resistance 0.8040 0.8080 0.8135 0.8160 0.8200
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
