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EUR/USD
EURUSD pair has showed us one of the most impressive false breakouts yesterday as it surpassed the resistance line of the major short term descending channel and then collapsed forming a very long upper shadow which started at 1.2400 zones as seen on the provided graph. Looking at the ceiling for yesterday’s actions, we can notice how SMA 50 succeeded in proving its solidity. Hence, the bearishness remains favored over intraday basis supported by the negativity of technical indicators. Ultimately, the key support areas of 1.2120 should be eroded to ease the path towards our main technical objective over intraday basis at 1.2000.
The trading range for today is among key support at 1.1935 and key resistance at 1.2425.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2150 1.2120 1.2080 1.2040 1.1975
Resistance 1.2200 1.2220 1.2295 1.2330 1.2360
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2220 targeting 1.2000 and stop loss above 1.2375 might be appropriate.
GBP/USD
The pair has slipped violently after re-testing 38.2% Fibonacci retracement of the entire downside wave from 1.6300 to 1.5265 as seen on the provided daily chart. Actually, the long upper shadow formed obviously on the graph is the major technical factor that reflects the strength of the bearish pressure . Moreover, momentum and trend indicators remain negative and thus, we hold onto our bearish predictions over intraday basis. Of note, a break below 1.5390 level will assist the pair to pierce all supports between this level and 1.5000 psychological level over upcoming sessions.
The trading range for today is among key support at 1.5230 and key resistance at 1.5700.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5460 1.5420 1.5390 1.5310 1.5265
Resistance 1.5555 1.5585 1.5630 1.5680 1.5700
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.5555 targeting 1.5310 and stop loss above 1.5730 might be appropriate.
USD/JPY
The pair continued to build momentum above 76.4% Fibonacci retracement of the entire incline from 76.00 to 84.15 as seen on the provided daily chart. However, the trading range is very tight suggesting potential price explosion and we believe that the explosion will be a bullish one. Finally, bulls should be protected by 77.30 support.
The trading range for today is among key support at 77.00 and key resistance now at 79.55.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Previous Report
Weekly Report
Support 77.95 77.60 77.30 77.00 76.80
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 above 78.20 targeting 79.55 and stop loss below 77.60 might be appropriate.
USD/CHF
The pair reached the first target yesterday and approached the second of the bearish harmonic Butterfly Pattern shown above, after that the pair rebounded sharply to stabilize today above 0.9855. The main ascending channel support that engulfed the harmonic pattern triggered the upside reversal and the pair is now trading at critical areas below the top D of the pattern at 0.9971 and above the 23.6% correction of CD leg at 0.9855. We will remain neutral for now and wait for confirmations for the next move.
The trading range for today is among key support at 0.9570 and key resistance at 0.9950.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9855 0.9835 0.9800 0.9775 0.9750
Resistance 0.9880 0.9900 0.9950 0.9995 1.0030
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
USD/CAD
The pair managed to hold above 1.0045 accompanied with stability above 1.0000 all week. The positive possibility remains valid especially as the pair returned to stabilize above the Linear Regression Indicators. We expected a slight downside movement earlier based on stability below 1.0045 and since the pair return above this level the bullish move is now valid as far as the pair is above the psychological 1.0000 areas.
The trading range for today is among key support at 0.9870 and key resistance at 1.0125.
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 0.9900
Resistance 1.0095 1.0125 1.0150 1.0180 1.0200
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0045 targeting 1.0095 then 1.0150 and stop loss with four-hour closing below 1.0000 might be appropriate
AUD/USD
The pair reached the second weekly target which is the first target yesterday and then returned to the downside; this level resides at 1.0585 and is a very important direction barrier. On the other hand, the downside move remained limited above the Linear Regression Indicator 55 and above 1.0440 and yesterday’s closing was above 1.0475. Therefore, we prefer to remain neutral today as areas of 1.0585 holds from above and the 1.0440 holds from below and we need clearer direction signals over intraday basis.
The trading range for today is expected among the key support at 1.0330 and resistance at 1.0615.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0475 1.0440 1.0400 1.0380 1.0330
Resistance 1.0510 1.0560 1.0585 1.0615 1.0655
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
NZD/USD
Despite failing to hold above yesterday, we can see the pair settled with daily closing above 0.8100 and managed to hold above 0.8135 today and accordingly the short term trend is now to the upside. Over intraday basis, the pair settled above 0.8000 followed by stability above 0.8080 which is positive and that might extend the upside move toward 0.8250 which is 78.6% correction shown above.
The trading range for today is expected among the key support at 0.7930 and resistance at 0.8265.
The short term trend is to the upside targeting 0.8400 with steady daily closing below 0.7930.
Support 0.8100 0.8080 0.8040 0.8015 0.7985
Resistance 0.8160 0.8195 0.8220 0.8250 0.8265
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8100 targeting 0.8160 then 0.8250 and stop loss with four-hour closing below 0.8000 might be appropriate
EURUSD pair has showed us one of the most impressive false breakouts yesterday as it surpassed the resistance line of the major short term descending channel and then collapsed forming a very long upper shadow which started at 1.2400 zones as seen on the provided graph. Looking at the ceiling for yesterday’s actions, we can notice how SMA 50 succeeded in proving its solidity. Hence, the bearishness remains favored over intraday basis supported by the negativity of technical indicators. Ultimately, the key support areas of 1.2120 should be eroded to ease the path towards our main technical objective over intraday basis at 1.2000.
The trading range for today is among key support at 1.1935 and key resistance at 1.2425.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2150 1.2120 1.2080 1.2040 1.1975
Resistance 1.2200 1.2220 1.2295 1.2330 1.2360
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2220 targeting 1.2000 and stop loss above 1.2375 might be appropriate.
GBP/USD
The pair has slipped violently after re-testing 38.2% Fibonacci retracement of the entire downside wave from 1.6300 to 1.5265 as seen on the provided daily chart. Actually, the long upper shadow formed obviously on the graph is the major technical factor that reflects the strength of the bearish pressure . Moreover, momentum and trend indicators remain negative and thus, we hold onto our bearish predictions over intraday basis. Of note, a break below 1.5390 level will assist the pair to pierce all supports between this level and 1.5000 psychological level over upcoming sessions.
The trading range for today is among key support at 1.5230 and key resistance at 1.5700.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5460 1.5420 1.5390 1.5310 1.5265
Resistance 1.5555 1.5585 1.5630 1.5680 1.5700
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.5555 targeting 1.5310 and stop loss above 1.5730 might be appropriate.
USD/JPY
The pair continued to build momentum above 76.4% Fibonacci retracement of the entire incline from 76.00 to 84.15 as seen on the provided daily chart. However, the trading range is very tight suggesting potential price explosion and we believe that the explosion will be a bullish one. Finally, bulls should be protected by 77.30 support.
The trading range for today is among key support at 77.00 and key resistance now at 79.55.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Previous Report
Weekly Report
Support 77.95 77.60 77.30 77.00 76.80
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 above 78.20 targeting 79.55 and stop loss below 77.60 might be appropriate.
USD/CHF
The pair reached the first target yesterday and approached the second of the bearish harmonic Butterfly Pattern shown above, after that the pair rebounded sharply to stabilize today above 0.9855. The main ascending channel support that engulfed the harmonic pattern triggered the upside reversal and the pair is now trading at critical areas below the top D of the pattern at 0.9971 and above the 23.6% correction of CD leg at 0.9855. We will remain neutral for now and wait for confirmations for the next move.
The trading range for today is among key support at 0.9570 and key resistance at 0.9950.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9855 0.9835 0.9800 0.9775 0.9750
Resistance 0.9880 0.9900 0.9950 0.9995 1.0030
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
USD/CAD
The pair managed to hold above 1.0045 accompanied with stability above 1.0000 all week. The positive possibility remains valid especially as the pair returned to stabilize above the Linear Regression Indicators. We expected a slight downside movement earlier based on stability below 1.0045 and since the pair return above this level the bullish move is now valid as far as the pair is above the psychological 1.0000 areas.
The trading range for today is among key support at 0.9870 and key resistance at 1.0125.
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 0.9900
Resistance 1.0095 1.0125 1.0150 1.0180 1.0200
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0045 targeting 1.0095 then 1.0150 and stop loss with four-hour closing below 1.0000 might be appropriate
AUD/USD
The pair reached the second weekly target which is the first target yesterday and then returned to the downside; this level resides at 1.0585 and is a very important direction barrier. On the other hand, the downside move remained limited above the Linear Regression Indicator 55 and above 1.0440 and yesterday’s closing was above 1.0475. Therefore, we prefer to remain neutral today as areas of 1.0585 holds from above and the 1.0440 holds from below and we need clearer direction signals over intraday basis.
The trading range for today is expected among the key support at 1.0330 and resistance at 1.0615.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0475 1.0440 1.0400 1.0380 1.0330
Resistance 1.0510 1.0560 1.0585 1.0615 1.0655
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
NZD/USD
Despite failing to hold above yesterday, we can see the pair settled with daily closing above 0.8100 and managed to hold above 0.8135 today and accordingly the short term trend is now to the upside. Over intraday basis, the pair settled above 0.8000 followed by stability above 0.8080 which is positive and that might extend the upside move toward 0.8250 which is 78.6% correction shown above.
The trading range for today is expected among the key support at 0.7930 and resistance at 0.8265.
The short term trend is to the upside targeting 0.8400 with steady daily closing below 0.7930.
Support 0.8100 0.8080 0.8040 0.8015 0.7985
Resistance 0.8160 0.8195 0.8220 0.8250 0.8265
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8100 targeting 0.8160 then 0.8250 and stop loss with four-hour closing below 0.8000 might be appropriate
