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EUR/USD
The pair has formed a candlestick of indecision around SMA50 as seen on the provided daily chart. Actually, it continued to halt between 1.2430 and 1.2440 which represent the neckline of the potential head and shoulders bottom pattern as we explained in our weekly report. Thus, we believe that the pair will not preserve the bullish momentum it gained on past Friday unless it clears the neckline zones. Stochastic remains positive and it may assist the pair to surpass the aforesaid critical levels.
The trading range for today is among key support at 1.2170 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 1.2360 1.2315 1.2280 1.2255 1.2220
Resistance 1.2425 1.2460 1.2500 1.2525 1.2550
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.
GBP/USD
The pair has bounced off 38.2% Fibonacci retracement of the entire downside wave from 1.6300 to 1.5265 once again to close below SMA 50. The candlestick structure reflects the conflict between bulls and bears within the trading range. In the interim, we can’t catch any clear sign on technical indicators over various time frames. Consequently, we continue to stand aside over intraday basis. Of note, we will witness a price explosion in the near future with a break of one of the above seen two edges.
The trading range for today is among key support at 1.5360 and key resistance at 1.5820.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5555 1.5510 1.5490 1.5460 1.5420
Resistance 1.5630 1.5680 1.5730 1.5780 1.5820
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.
USD/JPY
The USD/JPY pair has bottomed twice at 78.15 over hourly interval and that may assist the pair to move higher today. The bullish scenario discussed in the weekly report remains active with stability above 76.4% Fibonacci level of the wave from 76.00 to 84.15 as seen on the provided daily chart. Assessing indicators, MACD traditional remains in a good positive case; whilst RSI 14 struggles to penetrate the value of 50.00.
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 77.30 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 around 78.30 targeting 79.90 and stop loss below 77.60 might be appropriate.
USD/CHF
The pair remains stable below the neckline of the proposed Head & Shoulders pattern and also below 50% correction of CD leg of the bearish butterfly pattern and below the main ascending support shown above. We hold onto our negative outlook as we see the likelihood for the pair to test 0.9655 areas once again, which if breached will extend the downside move.
The trading range for today is among key support at 0.9460 and key resistance at 0.9850.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9655 0.9610 0.9575 0.9550 0.9520
Resistance 0.9700 0.9720 0.9775 0.9800 0.9835
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9700 targeting 0.9655 then 0.9570 and stop loss with four-hour closing above 0.9775 might be appropriate.
USD/CAD
The pair is trading within a tight range among the Linear Regression Indicator 34 and 55 and Stochastic is biased to the upside; meanwhile, RSI offers weak signals and stable below 50 points. Therefore, we will remain neutral today until we have more confirmation signals.
The trading range for today is among key support at 0.9825 and key resistance at 1.0150.
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 0.9825
Resistance 1.0010 1.0045 1.0095 1.0125 1.0150
Recommendation Based on the charts and explanations above, we remain neutral for the week awaiting more confirmations for the next move.
AUD/USD
The pair is attempting to breach 1.0585 and over four-hour basis we can see the Linear Regression Indicators trading positively and organizing the pair’s move. We believe that stability above 1.0510 can keep the upside move after finishing the sideways correctional bullish continuation pattern shown above. To confirm the upside move we need to see stability above 1.0585 mentioned.
The trading range for today is expected among the key support at 1.0440 and resistance at 1.0710.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0560 1.0530 1.0510 1.0475 1.0440
Resistance 1.0585 1.0615 1.0655 1.0710 1.0765
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 1.0560 targeting 1.0610, 1.0655 and 1.0710 stop loss with four-hour closing below 1.0475 might be appropriate.
NZD/USD
Over four-hour basis, we can see the pair taking a break to unload the overbought signals on momentum indicators. Trading above the ascending trend line above will keep the upside momentum for the pair . Areas of 0.8255 is the first target as far as 0.8080 remain intact and breaching the first target might extend the upside move toward 0.8355.
The trading range for today is expected among the key support at 0.8015 and resistance at 0.8400.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8200 0.8170 0.8135 0.8100 0.8080
Resistance 0.8220 0.8255 0.8265 0.8320 0.8355
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 0.8200 targeting 0.8255 then 0.8355 and stop loss with four-hour closing below 0.8135 might be appropriate.
The pair has formed a candlestick of indecision around SMA50 as seen on the provided daily chart. Actually, it continued to halt between 1.2430 and 1.2440 which represent the neckline of the potential head and shoulders bottom pattern as we explained in our weekly report. Thus, we believe that the pair will not preserve the bullish momentum it gained on past Friday unless it clears the neckline zones. Stochastic remains positive and it may assist the pair to surpass the aforesaid critical levels.
The trading range for today is among key support at 1.2170 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 1.2360 1.2315 1.2280 1.2255 1.2220
Resistance 1.2425 1.2460 1.2500 1.2525 1.2550
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.
GBP/USD
The pair has bounced off 38.2% Fibonacci retracement of the entire downside wave from 1.6300 to 1.5265 once again to close below SMA 50. The candlestick structure reflects the conflict between bulls and bears within the trading range. In the interim, we can’t catch any clear sign on technical indicators over various time frames. Consequently, we continue to stand aside over intraday basis. Of note, we will witness a price explosion in the near future with a break of one of the above seen two edges.
The trading range for today is among key support at 1.5360 and key resistance at 1.5820.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5555 1.5510 1.5490 1.5460 1.5420
Resistance 1.5630 1.5680 1.5730 1.5780 1.5820
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.
USD/JPY
The USD/JPY pair has bottomed twice at 78.15 over hourly interval and that may assist the pair to move higher today. The bullish scenario discussed in the weekly report remains active with stability above 76.4% Fibonacci level of the wave from 76.00 to 84.15 as seen on the provided daily chart. Assessing indicators, MACD traditional remains in a good positive case; whilst RSI 14 struggles to penetrate the value of 50.00.
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 77.30 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 around 78.30 targeting 79.90 and stop loss below 77.60 might be appropriate.
USD/CHF
The pair remains stable below the neckline of the proposed Head & Shoulders pattern and also below 50% correction of CD leg of the bearish butterfly pattern and below the main ascending support shown above. We hold onto our negative outlook as we see the likelihood for the pair to test 0.9655 areas once again, which if breached will extend the downside move.
The trading range for today is among key support at 0.9460 and key resistance at 0.9850.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9655 0.9610 0.9575 0.9550 0.9520
Resistance 0.9700 0.9720 0.9775 0.9800 0.9835
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9700 targeting 0.9655 then 0.9570 and stop loss with four-hour closing above 0.9775 might be appropriate.
USD/CAD
The pair is trading within a tight range among the Linear Regression Indicator 34 and 55 and Stochastic is biased to the upside; meanwhile, RSI offers weak signals and stable below 50 points. Therefore, we will remain neutral today until we have more confirmation signals.
The trading range for today is among key support at 0.9825 and key resistance at 1.0150.
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 0.9825
Resistance 1.0010 1.0045 1.0095 1.0125 1.0150
Recommendation Based on the charts and explanations above, we remain neutral for the week awaiting more confirmations for the next move.
AUD/USD
The pair is attempting to breach 1.0585 and over four-hour basis we can see the Linear Regression Indicators trading positively and organizing the pair’s move. We believe that stability above 1.0510 can keep the upside move after finishing the sideways correctional bullish continuation pattern shown above. To confirm the upside move we need to see stability above 1.0585 mentioned.
The trading range for today is expected among the key support at 1.0440 and resistance at 1.0710.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0560 1.0530 1.0510 1.0475 1.0440
Resistance 1.0585 1.0615 1.0655 1.0710 1.0765
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 1.0560 targeting 1.0610, 1.0655 and 1.0710 stop loss with four-hour closing below 1.0475 might be appropriate.
NZD/USD
Over four-hour basis, we can see the pair taking a break to unload the overbought signals on momentum indicators. Trading above the ascending trend line above will keep the upside momentum for the pair . Areas of 0.8255 is the first target as far as 0.8080 remain intact and breaching the first target might extend the upside move toward 0.8355.
The trading range for today is expected among the key support at 0.8015 and resistance at 0.8400.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8200 0.8170 0.8135 0.8100 0.8080
Resistance 0.8220 0.8255 0.8265 0.8320 0.8355
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 0.8200 targeting 0.8255 then 0.8355 and stop loss with four-hour closing below 0.8135 might be appropriate.
