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EUR/USD
The pair has rolled over during the past week after touching 1.2440 zones as seen on the provided daily graph. Actually, the EUR/USD pair is presently trading within very critical territories as SMA 20 continues to offer some kind of support above the previous broken downtrend line of the bearish channel. But, technical indicators remain negative; particularly, Stochastic. Hence, we will be neutral due to the contrarian between the above mentioned technical factors. Coming above 1.2400-1.2440 areas will assist traders to confirm the head and shoulders bottom pattern.
The trading range for this week is among key support at 1.2040 and key resistance at 1.2750.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2255 1.2200 1.2130 1.2080 1.2040
Resistance 1.2315 1.2360 1.2400 1.2425 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 this week
GBP/USD
The pair has moved mildly to the upside where it succeeded in achieving a daily closing above SMA 50 last Friday. But trading is still seen within the sideways range with a ceiling of the range which is too near to the current trading level. Henceforth, risk versus reward ratio becomes very high for bulls. Finally, Stochastic is on the way to enter overbought zones and we will continue to stay aside until the pair beats the sideways zone.
The trading range for this week is among key support at 1.5390 and key resistance at 1.5905.
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 1.5580 1.5510 1.5460 1.5420
Resistance 1.5740 1.5780 1.5820 1.5880 1.5905
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 this week.
USD/JPY
The USD/JPY pair continued to fluctuate between 76.4% and 61.8% Fibonacci retracement levels during the past week but having a deeper look at the graph proves that the support offered by 76.4% is still strong until now. We will not make sure that the pair will jump unless it takes 78.50.
Note:
On the downside, breaching 77.90 will weaken the bullish scenario.
The trading range for this week is among key support at 77.00 and key resistance now at 80.00.
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 75.80
Resistance 78.50 78.80 80.00 80.50 80.75
Recommendation Based on the charts and explanations above our opinion is, buying the pair above 78.30 targeting 79.90 and stop loss below 77.60 might be appropriate.
USD/CHF
The upside moves last week remained limited and did not confirm stability above 0.9775 despite trading above it. This shows the continued effect of the bearish Butterfly Harmonic Pattern. At the same time, the pair is trading above the neckline for a proposed Head and Shoulders pattern and that shows the importance of returning below 0.9720 to revive its effect. In general, we expect a downside move is likely this week but requires the breach of 0.9720to carry the pair out of the ascending channel once more.
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 0.9720 0.9700 0.9655 0.9600 0.9570
Resistance 0.9775 0.9835 0.9870 0.9900 0.9950
Recommendation Based on the charts and explanations above, our opinion is selling the pair with the breach of 0.9720 targeting 0.9570, 0.9520 then 0.9460 and stop loss with a daily closing above 0.9835 might be appropriate this week
USD/CAD
The pair is still trading negatively and that is affected by stability below 78.6% correction at 0.9935 and stability below the Linear Regression Indicators. The pair is approaching 88.6% correction around 0.9875 which is the first target set in our previous reports. Currently, the pair is approaching the 88.6% correction mentioned and the risk to reward ratio is inappropriate and according our weekly outlook remains neutral although we do not rule out further bearish movement . We will follow the pair closely in coming reports especially as the failure to breach 0.9875 will trigger an upside correctional wave due to the oversold signs on Stochastic.
The trading range for this week is among key support at 0.9715 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 0.9870 0.9825 0.9800 0.9750 0.9715
Resistance 0.9935 0.9970 1.0000 1.0045 1.0095
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
AUD/USD
A sideways trading range is seen for the pair below 1.0615 and above 1.0500 and that weakens the expectations for further upside movement without the breach and stability above the last top. At the same time, we should not forget that any trading above 1.0475 and 1.0440 keeps the upside potential valid this week supported by the positivity on the Linear Regression Indicators. In result, we will wait for a slight downside move to lower the risk and then suggest a new upside move that will be confirmed with stability above 1.0615.
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 1.0500 1.0475 1.0440 1.0370
Resistance 1.0585 1.0615 1.0655 1.0710 1.0855
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0475 targeting 1.0615 then 1.0710 and stop loss below 1.0370 might be appropriate this week
NZD/USD
Despite the negative bias on the Linear Regression Indicators and also the negative crossover on Stochastic, the pair remains stable above 0.8080 and that keeps the influence of the bullish continuation pattern. Stability above the mentioned 0.8080 area supports the return of the bullish move but to support the bullish outlook we need to see the pair return to stabilize above 0.8135. Breaching areas of 0.8040 can strongly weaken the suggested upside wave.
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 0.8100 0.8080 0.8040 0.8000 0.7985
Resistance 0.8135 0.8160 0.8220 0.8255 0.8355
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 0.8100 targeting 0.8220, 0.8255 then 0.8355 and stop loss with four-hour closing below 0.8000 might be appropriate this week
The pair has rolled over during the past week after touching 1.2440 zones as seen on the provided daily graph. Actually, the EUR/USD pair is presently trading within very critical territories as SMA 20 continues to offer some kind of support above the previous broken downtrend line of the bearish channel. But, technical indicators remain negative; particularly, Stochastic. Hence, we will be neutral due to the contrarian between the above mentioned technical factors. Coming above 1.2400-1.2440 areas will assist traders to confirm the head and shoulders bottom pattern.
The trading range for this week is among key support at 1.2040 and key resistance at 1.2750.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2255 1.2200 1.2130 1.2080 1.2040
Resistance 1.2315 1.2360 1.2400 1.2425 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 this week
GBP/USD
The pair has moved mildly to the upside where it succeeded in achieving a daily closing above SMA 50 last Friday. But trading is still seen within the sideways range with a ceiling of the range which is too near to the current trading level. Henceforth, risk versus reward ratio becomes very high for bulls. Finally, Stochastic is on the way to enter overbought zones and we will continue to stay aside until the pair beats the sideways zone.
The trading range for this week is among key support at 1.5390 and key resistance at 1.5905.
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 1.5580 1.5510 1.5460 1.5420
Resistance 1.5740 1.5780 1.5820 1.5880 1.5905
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 this week.
USD/JPY
The USD/JPY pair continued to fluctuate between 76.4% and 61.8% Fibonacci retracement levels during the past week but having a deeper look at the graph proves that the support offered by 76.4% is still strong until now. We will not make sure that the pair will jump unless it takes 78.50.
Note:
On the downside, breaching 77.90 will weaken the bullish scenario.
The trading range for this week is among key support at 77.00 and key resistance now at 80.00.
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 75.80
Resistance 78.50 78.80 80.00 80.50 80.75
Recommendation Based on the charts and explanations above our opinion is, buying the pair above 78.30 targeting 79.90 and stop loss below 77.60 might be appropriate.
USD/CHF
The upside moves last week remained limited and did not confirm stability above 0.9775 despite trading above it. This shows the continued effect of the bearish Butterfly Harmonic Pattern. At the same time, the pair is trading above the neckline for a proposed Head and Shoulders pattern and that shows the importance of returning below 0.9720 to revive its effect. In general, we expect a downside move is likely this week but requires the breach of 0.9720to carry the pair out of the ascending channel once more.
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 0.9720 0.9700 0.9655 0.9600 0.9570
Resistance 0.9775 0.9835 0.9870 0.9900 0.9950
Recommendation Based on the charts and explanations above, our opinion is selling the pair with the breach of 0.9720 targeting 0.9570, 0.9520 then 0.9460 and stop loss with a daily closing above 0.9835 might be appropriate this week
USD/CAD
The pair is still trading negatively and that is affected by stability below 78.6% correction at 0.9935 and stability below the Linear Regression Indicators. The pair is approaching 88.6% correction around 0.9875 which is the first target set in our previous reports. Currently, the pair is approaching the 88.6% correction mentioned and the risk to reward ratio is inappropriate and according our weekly outlook remains neutral although we do not rule out further bearish movement . We will follow the pair closely in coming reports especially as the failure to breach 0.9875 will trigger an upside correctional wave due to the oversold signs on Stochastic.
The trading range for this week is among key support at 0.9715 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 0.9870 0.9825 0.9800 0.9750 0.9715
Resistance 0.9935 0.9970 1.0000 1.0045 1.0095
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
AUD/USD
A sideways trading range is seen for the pair below 1.0615 and above 1.0500 and that weakens the expectations for further upside movement without the breach and stability above the last top. At the same time, we should not forget that any trading above 1.0475 and 1.0440 keeps the upside potential valid this week supported by the positivity on the Linear Regression Indicators. In result, we will wait for a slight downside move to lower the risk and then suggest a new upside move that will be confirmed with stability above 1.0615.
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 1.0500 1.0475 1.0440 1.0370
Resistance 1.0585 1.0615 1.0655 1.0710 1.0855
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0475 targeting 1.0615 then 1.0710 and stop loss below 1.0370 might be appropriate this week
NZD/USD
Despite the negative bias on the Linear Regression Indicators and also the negative crossover on Stochastic, the pair remains stable above 0.8080 and that keeps the influence of the bullish continuation pattern. Stability above the mentioned 0.8080 area supports the return of the bullish move but to support the bullish outlook we need to see the pair return to stabilize above 0.8135. Breaching areas of 0.8040 can strongly weaken the suggested upside wave.
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 0.8100 0.8080 0.8040 0.8000 0.7985
Resistance 0.8135 0.8160 0.8220 0.8255 0.8355
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 0.8100 targeting 0.8220, 0.8255 then 0.8355 and stop loss with four-hour closing below 0.8000 might be appropriate this week
