ICN.com Launch Technical Portal
All new trading strategies, market analysis, and extensive market coverage! We would love to hear your feedback!
EUR/USD
The pair continued to consolidate just below SMA 50 as seen on the provided daily chart. Meanwhile, Stochastic has entered the overbought territories giving a sell signal but we don’t want to forget that we already have a potential head and shoulders bottom pattern with a neckline at 1.2440 and a break of which will trigger a strong bullish actions. The contrarian between the aforesaid technical factors forces us to stand aside over intraday basis; noting that the interim support resides at 1.2320 and it should be watched out very carefully.
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 1.2315 1.2280 1.2255 1.2220 1.2170
Resistance 1.2400 1.2440 1.2460 1.2500 1.2525
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.
GBP/USD
The pair has moved mildly to the upside where it succeeded in achieving a daily closing above SMA 50 as seen on the provided graph. But, having a deeper look at the closing will show how it was achieved below 38.2% Fibonacci level of the wave from 1.6300 to 1.5265. Moreover, the ceiling of the sideways range becomes too close and thus, risk versus reward ratio becomes very high for intraday bulls. Finally, Stochastic is positive but MACD is neutral and we also will be neutral until the pair beats the sideways zone.
The trading range for today is among key support at 1.5460 and key resistance at 1.5880.
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 1.5600 1.5580 1.5555 1.5510
Resistance 1.5700 1.5730 1.5780 1.5820 1.5880
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
Yesterday the pair has been traded very narrowly above 76.4% Fibonacci level of the entire incline from 76.00 to 84.15 as seen on the provided daily chart. However, MACD continued to offer a bullish sign while RSI 14 is struggling to penetrate the value of 50.00. Anyway, we keep our bullish expectations intact over intraday basis as far as 77.60 holds as a break of which will give us a rational technical reason for concern.
The trading range for today is among key support at 77.30 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 77.00
Resistance 78.80 79.00 79.25 79.55 79.80
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
We can see thin trading below 50% correction shown above, and also below the breached main ascending support. The pair is also stable below the neckline of a Head & Shoulders patterns and therefore the bearish harmonic Butterfly Pattern continues to pressure the pair negatively and we might see new downside attempts.
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 0.9720 0.9775 0.9800 0.9835 0.9880
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9720 targeting 0.9655 then 0.9570 and stop loss with four-hour closing above 0.9775 might be appropriate
USD/CAD
The pair breached the main support for the downside wave and also 78.6% correction at 0.9935. This might extend the downside wave toward 88.6% correction at 0.9870 and maybe further toward the previous trough at 0.9800. Trading below 0.9935 keeps the intraday downside move likely while taking into consideration that the oversold signs on Stochastic might cause heavy volatility.
The trading range for today is among key support at 0.9800 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 0.9900 0.9870 0.9825 0.9800 0.9750
Resistance 0.9935 0.9970 1.0000 1.0045 1.0095
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9935 targeting 0.0.9870 then 0.9825 and stop loss with four-hour closing above 0.9975 might be appropriate
AUD/USD
A bullish candle helped breach 1.0585 and the pair is now attempting to stabilize above the Linear Regression Indicator 34 and 55 and that supports the likelihood for the upside move to extend in the coming period; steady trading above the mentioned level might push the pair to test 88.6% correction at 1.0710. Steady trading above 1.0510 is required for the intraday positive outlook and stability above 1.0440 is required for the general positive outlook.
The trading range for today is expected among the key support at 1.0400 and resistance at 1.0865.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0585 1.0560 1.0510 1.0475 1.0440
Resistance 1.0615 1.0655 1.0710 1.0765 1.0865
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.0585 targeting 1.0610, 1.0655 then 1.0710 and stop loss with four-hour closing below 1.0475 might be appropriate
NZD/USD
The downside correction yesterday was limited to areas above 0.8100 and that keeps the upside bias for the pair intact. The Linear Regression Indicators are negative and require returning above 0.8185 to cancel the pressure. Overall, trading above 0.8080 for today supports the extension of the upside move.
The trading range for today is expected among the key support at 0.8015 and resistance at 0.8355.
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 0.8015
Resistance 0.8185 0.8200 0.8255 0.8320 0.8355
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8135 targeting 0.8200 then 0.8255 and stop loss with four-hour closing below 0.8040 might be appropriate
The pair continued to consolidate just below SMA 50 as seen on the provided daily chart. Meanwhile, Stochastic has entered the overbought territories giving a sell signal but we don’t want to forget that we already have a potential head and shoulders bottom pattern with a neckline at 1.2440 and a break of which will trigger a strong bullish actions. The contrarian between the aforesaid technical factors forces us to stand aside over intraday basis; noting that the interim support resides at 1.2320 and it should be watched out very carefully.
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 1.2315 1.2280 1.2255 1.2220 1.2170
Resistance 1.2400 1.2440 1.2460 1.2500 1.2525
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.
GBP/USD
The pair has moved mildly to the upside where it succeeded in achieving a daily closing above SMA 50 as seen on the provided graph. But, having a deeper look at the closing will show how it was achieved below 38.2% Fibonacci level of the wave from 1.6300 to 1.5265. Moreover, the ceiling of the sideways range becomes too close and thus, risk versus reward ratio becomes very high for intraday bulls. Finally, Stochastic is positive but MACD is neutral and we also will be neutral until the pair beats the sideways zone.
The trading range for today is among key support at 1.5460 and key resistance at 1.5880.
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 1.5600 1.5580 1.5555 1.5510
Resistance 1.5700 1.5730 1.5780 1.5820 1.5880
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
Yesterday the pair has been traded very narrowly above 76.4% Fibonacci level of the entire incline from 76.00 to 84.15 as seen on the provided daily chart. However, MACD continued to offer a bullish sign while RSI 14 is struggling to penetrate the value of 50.00. Anyway, we keep our bullish expectations intact over intraday basis as far as 77.60 holds as a break of which will give us a rational technical reason for concern.
The trading range for today is among key support at 77.30 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 77.00
Resistance 78.80 79.00 79.25 79.55 79.80
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
We can see thin trading below 50% correction shown above, and also below the breached main ascending support. The pair is also stable below the neckline of a Head & Shoulders patterns and therefore the bearish harmonic Butterfly Pattern continues to pressure the pair negatively and we might see new downside attempts.
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 0.9720 0.9775 0.9800 0.9835 0.9880
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9720 targeting 0.9655 then 0.9570 and stop loss with four-hour closing above 0.9775 might be appropriate
USD/CAD
The pair breached the main support for the downside wave and also 78.6% correction at 0.9935. This might extend the downside wave toward 88.6% correction at 0.9870 and maybe further toward the previous trough at 0.9800. Trading below 0.9935 keeps the intraday downside move likely while taking into consideration that the oversold signs on Stochastic might cause heavy volatility.
The trading range for today is among key support at 0.9800 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 0.9900 0.9870 0.9825 0.9800 0.9750
Resistance 0.9935 0.9970 1.0000 1.0045 1.0095
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9935 targeting 0.0.9870 then 0.9825 and stop loss with four-hour closing above 0.9975 might be appropriate
AUD/USD
A bullish candle helped breach 1.0585 and the pair is now attempting to stabilize above the Linear Regression Indicator 34 and 55 and that supports the likelihood for the upside move to extend in the coming period; steady trading above the mentioned level might push the pair to test 88.6% correction at 1.0710. Steady trading above 1.0510 is required for the intraday positive outlook and stability above 1.0440 is required for the general positive outlook.
The trading range for today is expected among the key support at 1.0400 and resistance at 1.0865.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0585 1.0560 1.0510 1.0475 1.0440
Resistance 1.0615 1.0655 1.0710 1.0765 1.0865
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.0585 targeting 1.0610, 1.0655 then 1.0710 and stop loss with four-hour closing below 1.0475 might be appropriate
NZD/USD
The downside correction yesterday was limited to areas above 0.8100 and that keeps the upside bias for the pair intact. The Linear Regression Indicators are negative and require returning above 0.8185 to cancel the pressure. Overall, trading above 0.8080 for today supports the extension of the upside move.
The trading range for today is expected among the key support at 0.8015 and resistance at 0.8355.
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 0.8015
Resistance 0.8185 0.8200 0.8255 0.8320 0.8355
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8135 targeting 0.8200 then 0.8255 and stop loss with four-hour closing below 0.8040 might be appropriate
