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EUR/USD
The pair has moved between the proposed neckline of the classical pattern and the previous broken upper line of the downside channel. As we discussed earlier, more bullishness could be seen during the upcoming sessions but not before clearing 1.2440 while taking 1.2130 will damage the head and shoulders pattern.
The trading range for today is among key support at 1.2170 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 1.2315 1.2280 1.2255 1.2220 1.2200
Resistance 1.2360 1.2400 1.2425 1.2460 1.2500
Recommendation Based on the charts and explanations above our opinion is, buying the pair above 1.2440 targeting 1.2700 and stop loss below 1.2250 might be appropriate this week.
GBP/USD
The pair has moved strongly to the downside following Friday’s aggressive bullish move and these price behaviors reflect the technical hesitation hinted in the weekly report. In general, the sideways range continues to dominate the price actions while momentum indicators contradict with trend indicators. Hence, we hold onto our neutrality for the rest of the day.
The trading range for today is among key support at 1.5360 and key resistance at 1.5780.
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 1.5490 1.5460 1.5420 1.5390
Resistance 1.5585 1.5630 1.5680 1.5730 1.5780
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 for this week.
USD/JPY
The USD/JPY pair has been trading very narrowly since morning but it is currently hovering around our detected entry point at 78.30 as seen on the provided graph. The solidity of 77.95 support in addition to the bullishness on MACD traditional may bring further upside actions. On the downside, breaching 77.60 will give us a rational reason for concern.
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.
Support 78.20 77.95 77.60 77.30 7700
Resistance 78.50 78.80 79.00 79.25 79.55
Recommendation Our weekly expectations remain valid.
USD/CHF
The pair failed to hold above the neckline of the Head & Shoulders pattern supported by stability above the first target of the bearish butterfly pattern. Therefore, we hold onto our weekly expectations as they are.
The trading range for this week is among key support at 0.9460 and key resistance at 0.9995.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9670 0.9620 0.9600 0.9570 0.9520
Resistance 0.9720 0.9775 0.9835 0.9870 0.9900
Recommendation Our weekly expectations remain valid.
USD/CAD
The pair is trading around parity and between the Linear Regression Indicators 34 and 55. The pair is also trading in a narrow range below 61.8% correction and above the main support of the descending channel that makes the direction unclear and the upside or downside movement requires a breakout of the range. Accordingly we will remain neutral for the rest of the day today
.
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 0.9970 0.9935 0.9900 0.9870 0.9800
Resistance 1.0045 1.0095 1.0125 1.0160 1.0180
Recommendation Based on the charts and explanations above, we remain neutral for the week awaiting more confirmations for the next move.
AUD/USD
Areas of 1.0585 proved its importance, yet despite that, the Linear Regression Indicators remain positive and the pair is trading above it ignoring the overbought signs on RSI. Stability above 1.0440 will keep the general positive trend valid this week and stability above 1.0475 increases the likelihood to breach 1.0585.
The trading range for this week is expected among the key support at 1.0310 and resistance at 1.0855.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710
Support 1.0530 1.0475 1.0440 1.0370 1.0310
Resistance 1.0585 1.0615 1.0655 1.0710 1.0855
Recommendation Our weekly expectations remain valid.
NZD/USD
A slight downside correction doesn’t alter the positivity as stability above 0.8135 is considered positive. Trading above this level keeps our expectations valid and the Linear Regression Indicators carry the pair from below supporting our expectations.
The trading range for this week is expected among the key support at 0.7930 and resistance at 0.8470.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8135 0.8100 0.8080 0.8040 0.7985
Resistance 0.8220 0.8255 0.8300 0.8355 0.8410
Recommendation Our weekly expectations remain valid.
The pair has moved between the proposed neckline of the classical pattern and the previous broken upper line of the downside channel. As we discussed earlier, more bullishness could be seen during the upcoming sessions but not before clearing 1.2440 while taking 1.2130 will damage the head and shoulders pattern.
The trading range for today is among key support at 1.2170 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 1.2315 1.2280 1.2255 1.2220 1.2200
Resistance 1.2360 1.2400 1.2425 1.2460 1.2500
Recommendation Based on the charts and explanations above our opinion is, buying the pair above 1.2440 targeting 1.2700 and stop loss below 1.2250 might be appropriate this week.
GBP/USD
The pair has moved strongly to the downside following Friday’s aggressive bullish move and these price behaviors reflect the technical hesitation hinted in the weekly report. In general, the sideways range continues to dominate the price actions while momentum indicators contradict with trend indicators. Hence, we hold onto our neutrality for the rest of the day.
The trading range for today is among key support at 1.5360 and key resistance at 1.5780.
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 1.5490 1.5460 1.5420 1.5390
Resistance 1.5585 1.5630 1.5680 1.5730 1.5780
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 for this week.
USD/JPY
The USD/JPY pair has been trading very narrowly since morning but it is currently hovering around our detected entry point at 78.30 as seen on the provided graph. The solidity of 77.95 support in addition to the bullishness on MACD traditional may bring further upside actions. On the downside, breaching 77.60 will give us a rational reason for concern.
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.
Support 78.20 77.95 77.60 77.30 7700
Resistance 78.50 78.80 79.00 79.25 79.55
Recommendation Our weekly expectations remain valid.
USD/CHF
The pair failed to hold above the neckline of the Head & Shoulders pattern supported by stability above the first target of the bearish butterfly pattern. Therefore, we hold onto our weekly expectations as they are.
The trading range for this week is among key support at 0.9460 and key resistance at 0.9995.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9670 0.9620 0.9600 0.9570 0.9520
Resistance 0.9720 0.9775 0.9835 0.9870 0.9900
Recommendation Our weekly expectations remain valid.
USD/CAD
The pair is trading around parity and between the Linear Regression Indicators 34 and 55. The pair is also trading in a narrow range below 61.8% correction and above the main support of the descending channel that makes the direction unclear and the upside or downside movement requires a breakout of the range. Accordingly we will remain neutral for the rest of the day today
.
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 0.9970 0.9935 0.9900 0.9870 0.9800
Resistance 1.0045 1.0095 1.0125 1.0160 1.0180
Recommendation Based on the charts and explanations above, we remain neutral for the week awaiting more confirmations for the next move.
AUD/USD
Areas of 1.0585 proved its importance, yet despite that, the Linear Regression Indicators remain positive and the pair is trading above it ignoring the overbought signs on RSI. Stability above 1.0440 will keep the general positive trend valid this week and stability above 1.0475 increases the likelihood to breach 1.0585.
The trading range for this week is expected among the key support at 1.0310 and resistance at 1.0855.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710
Support 1.0530 1.0475 1.0440 1.0370 1.0310
Resistance 1.0585 1.0615 1.0655 1.0710 1.0855
Recommendation Our weekly expectations remain valid.
NZD/USD
A slight downside correction doesn’t alter the positivity as stability above 0.8135 is considered positive. Trading above this level keeps our expectations valid and the Linear Regression Indicators carry the pair from below supporting our expectations.
The trading range for this week is expected among the key support at 0.7930 and resistance at 0.8470.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8135 0.8100 0.8080 0.8040 0.7985
Resistance 0.8220 0.8255 0.8300 0.8355 0.8410
Recommendation Our weekly expectations remain valid.
