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EUR/USD
The pair has retraced violently after touching the resistance line of the major descending channel and this is a very negative indication. Furthermore, the daily closing was achieved once again below SMA 20 and SMA 50 but the positivity appearing on MACD traditional and Chaikin indicators prevents us from suggesting a downside wave. In result, we will stay aside until we get more confirmation during the upcoming sessions. Of note, a break below 1.2180 will bring downside rally resumption.
The trading range for this week is among key support at 1.2000 and key resistance at 1.2550.
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 1.2150 1.2080 1.2040 1.2000
Resistance 1.2330 1.2400 1.2460 1.2500 1.2550
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 is currently battling the upper edge of the sideways trading range at 1.5740 while SMA 200 is adding additional strength to this resistance. Moreover, SMA 100 played a big role pushing the pair to the downside and that could be an indication of reversing the upside recovery started around 1.5460. Accordingly, we prefer staying aside until an actionable setup presents itself over upcoming hours. Carefully note that a break above 1.5780 will trigger strong buying interests.
The trading range for this week is among key support at 1.5420 and key resistance at 1.6000.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5660 1.5585 1.5510 1.5460 1.5420
Resistance 1.5780 1.5820 1.5880 1.5905 1.5975
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
Ahead of the closing of the previous week, the USD/JPY pair succeeded in achieving a convenient daily closing above 78.20 zones as seen on the provided daily chart. We will depend on the solidity of the 76.4% Fibonacci retracement of the entire upside wave from 76.00 to 84.15 in addition to the aforesaid closing to propose potential upside wave during this week. Ultimately, a break above 79.00-79.25 zones will be a positive sign for bulls over short term basis.
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 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, buying the pair around 78.20 targeting 79.55 and stop loss below 77.40 might be appropriate this week.
USD/CHF
We have a bullish formation after the pair reached areas around 50% correction of the CD leg of the bearish Butterfly Pattern, and the pair moved slightly higher. This upside move is still limited below the first target of the pattern at 38.2% around 0.9780. According to the technical rules trading below this level keeps the downside potential valid and this week trading below 0.9870 will support the downside move.
The trading range for this week is among key support at 0.9570 and key resistance at 1.0070.
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 0.9670 0.9620 0.9570
Resistance 0.9780 0.9835 0.9870 0.9900 0.9950
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9835 targeting 0.9715, 0.9655 then 0.9570 and stop loss with daily closing above 0.9950 might be appropriate this week
USD/CAD
Trading with the beginning of the week is slightly above the main support for the descending channel, and despite stability below 61.8% correction, the classic movement for the pair is still biased to preserve trading within the price channels. Therefore, we might see an upside reversal attempt this week and the upside move will find further support with stability above 1.0045. A daily closing below the psychological 1.0000 areas will weaken our outlook.
The trading range for this week is among key support at 0.9800 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 1.0000 0.9970 0.9935 0.9870 0.9800
Resistance 1.0045 1.0095 1.0125 1.0160 1.0180
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 1.0045 targeting 1.0125 then 1.0200 and stop loss with four-hour closing below 0.9935 might be appropriate this week
AUD/USD
The pair is close to the previous recorded top at 1.0474. Stochastic is trading in overbought areas and attempting to crossover negatively while the Linear Regression Indicators are still positive and carrying the pair from below. Therefore, we might see heavy volatility due to the conflicting signals. Continued trading within the ascending channel shown above in blue and stability above 61.8% correction at 1.0370 are reasons that support us to expect the extension of the upside move this week. Only a breach and stability below 1.0220 can fail our positive expectations
.
The trading range for this week is expected among the key support at 1.0185 and resistance at 1.0585.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0415 1.0370 1.0310 1.0255 1.0220
Resistance 1.0480 1.0530 1.0585 1.0615 1.0710
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0380 targeting 1.0515 then 1.0585 and stop loss below 1.0255 might be appropriate this week
NZD/USD
The breach that was seen last week is still affecting the pair. The breach of the main resistance for the downside correctional move shown above is still supported by the positivity on the Linear Regression Indicators. The negativity on momentum indicators require the breach of 0.8135 and stability above it might extend the upside move. In general , we expect the upside move to continue with stability above 0.7930 and preferably above the psychological 0.8000 areas.
The trading range for this week is expected among the key support at 0.7885 and resistance at 0.8430.
The short term trend is to the downside targeting 0.7365 with steady daily closing below 0.8100.
Support 0.8080 0.8040 0.7985 0.7930 0.7885
Resistance 0.8135 0.8160 0.8220 0.8320 0.8430
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8040 targeting 0.8135 then 0.8220 and stop loss with four-hour closing below 0.7930 might be appropriate this week
The pair has retraced violently after touching the resistance line of the major descending channel and this is a very negative indication. Furthermore, the daily closing was achieved once again below SMA 20 and SMA 50 but the positivity appearing on MACD traditional and Chaikin indicators prevents us from suggesting a downside wave. In result, we will stay aside until we get more confirmation during the upcoming sessions. Of note, a break below 1.2180 will bring downside rally resumption.
The trading range for this week is among key support at 1.2000 and key resistance at 1.2550.
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 1.2150 1.2080 1.2040 1.2000
Resistance 1.2330 1.2400 1.2460 1.2500 1.2550
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 is currently battling the upper edge of the sideways trading range at 1.5740 while SMA 200 is adding additional strength to this resistance. Moreover, SMA 100 played a big role pushing the pair to the downside and that could be an indication of reversing the upside recovery started around 1.5460. Accordingly, we prefer staying aside until an actionable setup presents itself over upcoming hours. Carefully note that a break above 1.5780 will trigger strong buying interests.
The trading range for this week is among key support at 1.5420 and key resistance at 1.6000.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5660 1.5585 1.5510 1.5460 1.5420
Resistance 1.5780 1.5820 1.5880 1.5905 1.5975
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
Ahead of the closing of the previous week, the USD/JPY pair succeeded in achieving a convenient daily closing above 78.20 zones as seen on the provided daily chart. We will depend on the solidity of the 76.4% Fibonacci retracement of the entire upside wave from 76.00 to 84.15 in addition to the aforesaid closing to propose potential upside wave during this week. Ultimately, a break above 79.00-79.25 zones will be a positive sign for bulls over short term basis.
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 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, buying the pair around 78.20 targeting 79.55 and stop loss below 77.40 might be appropriate this week.
USD/CHF
We have a bullish formation after the pair reached areas around 50% correction of the CD leg of the bearish Butterfly Pattern, and the pair moved slightly higher. This upside move is still limited below the first target of the pattern at 38.2% around 0.9780. According to the technical rules trading below this level keeps the downside potential valid and this week trading below 0.9870 will support the downside move.
The trading range for this week is among key support at 0.9570 and key resistance at 1.0070.
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 0.9670 0.9620 0.9570
Resistance 0.9780 0.9835 0.9870 0.9900 0.9950
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9835 targeting 0.9715, 0.9655 then 0.9570 and stop loss with daily closing above 0.9950 might be appropriate this week
USD/CAD
Trading with the beginning of the week is slightly above the main support for the descending channel, and despite stability below 61.8% correction, the classic movement for the pair is still biased to preserve trading within the price channels. Therefore, we might see an upside reversal attempt this week and the upside move will find further support with stability above 1.0045. A daily closing below the psychological 1.0000 areas will weaken our outlook.
The trading range for this week is among key support at 0.9800 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 1.0000 0.9970 0.9935 0.9870 0.9800
Resistance 1.0045 1.0095 1.0125 1.0160 1.0180
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 1.0045 targeting 1.0125 then 1.0200 and stop loss with four-hour closing below 0.9935 might be appropriate this week
AUD/USD
The pair is close to the previous recorded top at 1.0474. Stochastic is trading in overbought areas and attempting to crossover negatively while the Linear Regression Indicators are still positive and carrying the pair from below. Therefore, we might see heavy volatility due to the conflicting signals. Continued trading within the ascending channel shown above in blue and stability above 61.8% correction at 1.0370 are reasons that support us to expect the extension of the upside move this week. Only a breach and stability below 1.0220 can fail our positive expectations
.
The trading range for this week is expected among the key support at 1.0185 and resistance at 1.0585.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0415 1.0370 1.0310 1.0255 1.0220
Resistance 1.0480 1.0530 1.0585 1.0615 1.0710
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0380 targeting 1.0515 then 1.0585 and stop loss below 1.0255 might be appropriate this week
NZD/USD
The breach that was seen last week is still affecting the pair. The breach of the main resistance for the downside correctional move shown above is still supported by the positivity on the Linear Regression Indicators. The negativity on momentum indicators require the breach of 0.8135 and stability above it might extend the upside move. In general , we expect the upside move to continue with stability above 0.7930 and preferably above the psychological 0.8000 areas.
The trading range for this week is expected among the key support at 0.7885 and resistance at 0.8430.
The short term trend is to the downside targeting 0.7365 with steady daily closing below 0.8100.
Support 0.8080 0.8040 0.7985 0.7930 0.7885
Resistance 0.8135 0.8160 0.8220 0.8320 0.8430
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8040 targeting 0.8135 then 0.8220 and stop loss with four-hour closing below 0.7930 might be appropriate this week
