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 has moved bearishly once again under the negative pressure of SMA 50 as we discussed earlier. Actually, the negative signs become clearer while the pair is approaching very critical areas as it retests the previous broken resistance line of the descending channel. Hence, entering the bearish channel and penetrating 1.2280 may threaten the head and shoulders pattern but due to the sensitivity of the current price zones, we should be patient and stand aside for the rest of the day.
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 1.2280 1.2255 1.2220 1.2170 1.2135
Resistance 1.2360 1.2400 1.2440 1.2460 1.2500
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 been trading within a very tight range today after touching 38.2% Fibonacci retracement level. Hence, the neutrality remains favored over intraday basis; noting that a break below 1.5580 will weaken 1.5510 later and will make the pair re-test the lower edge of our caught range.
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 1.5600 1.5580 1.5555 1.5510 1.5460
Resistance 1.5680 1.5700 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 is trading within a tight range since morning but succeeded in touching our suggested entry point at 78.30. We are still protected by 76.4% Fibonacci and the bullishness remains in favor.
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 Our morning expectations remain valid.
USD/CHF
The upside move puts our expectations at risk as the pair is hovering above the neckline for the Head & Shoulders pattern. At the same time, trading remains below the first target of the bearish butterfly pattern at 0.9775 and accordingly we hold onto our morning expectations but now returning below 0.9720 is essential for our expectations to prevail.
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 0.9720 0.9655 0.9610 0.9575 0.9550
Resistance 0.9775 0.9800 0.9835 0.9850 0.9880
Recommendation Our morning expectations remain valid
USD/CAD
The pair is still trading below the main support of the descending channel that was previously breached and turned into resistance. Accordingly, we hold onto our morning expectations. Stochastic is trading in oversold areas which argue for the need to hold below the Linear Regression Indicators 34 and 55 to offset the pressure from Stochastic. In general, stability below 0.9975 keeps the negative scenario likely.
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 0.9970 1.0000 1.0045 1.0095 1.0125
Recommendation Our morning expectations remain valid
AUD/USD
The downside move seen remains limited above the Linear Regression Indicators and that prevents the overbought signals on momentum indicators from affecting the pair. We prefer trading to hold above 1.0585 to support the continuation of the upside move.
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 1.0560 1.0510 1.0475 1.0440 1.0400
Resistance 1.0585 1.0615 1.0655 1.0710 1.0765
Recommendation Our morning expectations remain valid
NZD/USD
The pair found difficulty in maintaining the upside bias and we have a negative sign on MACD. Classically, stability above 0.8080 makes us hold onto our positive outlook taking into consideration that returning above 0.8135 is required to support our expectations especially as the Linear Regression Indicators are negative.
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 0.8100 0.8080 0.8040 0.8015 0.7985
Resistance 0.8135 0.8185 0.8200 0.8255 0.8320
Recommendation Our morning expectations remain valid
The pair has moved bearishly once again under the negative pressure of SMA 50 as we discussed earlier. Actually, the negative signs become clearer while the pair is approaching very critical areas as it retests the previous broken resistance line of the descending channel. Hence, entering the bearish channel and penetrating 1.2280 may threaten the head and shoulders pattern but due to the sensitivity of the current price zones, we should be patient and stand aside for the rest of the day.
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 1.2280 1.2255 1.2220 1.2170 1.2135
Resistance 1.2360 1.2400 1.2440 1.2460 1.2500
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 been trading within a very tight range today after touching 38.2% Fibonacci retracement level. Hence, the neutrality remains favored over intraday basis; noting that a break below 1.5580 will weaken 1.5510 later and will make the pair re-test the lower edge of our caught range.
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 1.5600 1.5580 1.5555 1.5510 1.5460
Resistance 1.5680 1.5700 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 is trading within a tight range since morning but succeeded in touching our suggested entry point at 78.30. We are still protected by 76.4% Fibonacci and the bullishness remains in favor.
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 Our morning expectations remain valid.
USD/CHF
The upside move puts our expectations at risk as the pair is hovering above the neckline for the Head & Shoulders pattern. At the same time, trading remains below the first target of the bearish butterfly pattern at 0.9775 and accordingly we hold onto our morning expectations but now returning below 0.9720 is essential for our expectations to prevail.
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 0.9720 0.9655 0.9610 0.9575 0.9550
Resistance 0.9775 0.9800 0.9835 0.9850 0.9880
Recommendation Our morning expectations remain valid
USD/CAD
The pair is still trading below the main support of the descending channel that was previously breached and turned into resistance. Accordingly, we hold onto our morning expectations. Stochastic is trading in oversold areas which argue for the need to hold below the Linear Regression Indicators 34 and 55 to offset the pressure from Stochastic. In general, stability below 0.9975 keeps the negative scenario likely.
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 0.9970 1.0000 1.0045 1.0095 1.0125
Recommendation Our morning expectations remain valid
AUD/USD
The downside move seen remains limited above the Linear Regression Indicators and that prevents the overbought signals on momentum indicators from affecting the pair. We prefer trading to hold above 1.0585 to support the continuation of the upside move.
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 1.0560 1.0510 1.0475 1.0440 1.0400
Resistance 1.0585 1.0615 1.0655 1.0710 1.0765
Recommendation Our morning expectations remain valid
NZD/USD
The pair found difficulty in maintaining the upside bias and we have a negative sign on MACD. Classically, stability above 0.8080 makes us hold onto our positive outlook taking into consideration that returning above 0.8135 is required to support our expectations especially as the Linear Regression Indicators are negative.
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 0.8100 0.8080 0.8040 0.8015 0.7985
Resistance 0.8135 0.8185 0.8200 0.8255 0.8320
Recommendation Our morning expectations remain valid
