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EUR/USD
The pair has been trading within a very tight range since morning after retesting the previous broken upper line of the major downside channel. Henceforth, we keep our neutrality intact for the rest of the day; noting that, entering the bearish channel and penetrating 1.2240 may threaten the head and shoulders pattern while taking 1.2400 will be a very positive indication.
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 1.2240 1.2200 1.2170 1.2130 1.2100
Resistance 1.2360 1.2400 1.2425 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
About 40 pips separated between the high and low recorded since the opening of the week while the pair is very close to the resistance of the sideways range as seen on the provided graph. Risk versus reward ratio remains very high and that is why we will stand aside for the rest of the day.
The trading range for today is among key support at 1.5490 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 1.5660 1.5630 1.5600 1.5585 1.5555
Resistance 1.5700 1.5730 1.5750 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 this week.
USD/JPY
The USD/JPY pair is trading within a tight range since the opening of this week and we are still protected by 76.4% Fibonacc to suggest potential upside move.
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 78.50 78.50 79.00 79.25 79.55
Recommendation Our weekly expectations remain valid.
USD/CHF
The pair failed in holding its positivity, and declined to areas around the neckline of a negative head and shoulders pattern. Therefore, we hold onto our weekly expectations supported by the bearish harmonic pattern.
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
Thin trading is seen and stable below 0.9935 and it is very likely to see the test of 0.9870-75 areas which is the 88.6% correction shown above. Nevertheless, momentum indicators are oversold and that prevents us from expecting a breach of the mentioned level and accordingly we remain neutral for the rest of the day.
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
The sideways trading is ongoing and the trading range is capped from the top by the 1.0585 resistance and from below by the minor 1.0530 support. Since trading is stable above 1.0475 we hold onto our weekly expectations.
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
Areas of 0.8080 prove their strength as this level carries the pair alongside the Linear Regression Indicator 34 that stopped declining. Since areas of 0.8080 are still holding, our positive intraday expectations remain valid for today and stability above 0.8040 keeps our positive weekly outlook intact.
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 Our weekly expectations remain valid
The pair has been trading within a very tight range since morning after retesting the previous broken upper line of the major downside channel. Henceforth, we keep our neutrality intact for the rest of the day; noting that, entering the bearish channel and penetrating 1.2240 may threaten the head and shoulders pattern while taking 1.2400 will be a very positive indication.
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 1.2240 1.2200 1.2170 1.2130 1.2100
Resistance 1.2360 1.2400 1.2425 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
About 40 pips separated between the high and low recorded since the opening of the week while the pair is very close to the resistance of the sideways range as seen on the provided graph. Risk versus reward ratio remains very high and that is why we will stand aside for the rest of the day.
The trading range for today is among key support at 1.5490 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 1.5660 1.5630 1.5600 1.5585 1.5555
Resistance 1.5700 1.5730 1.5750 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 this week.
USD/JPY
The USD/JPY pair is trading within a tight range since the opening of this week and we are still protected by 76.4% Fibonacc to suggest potential upside move.
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 78.50 78.50 79.00 79.25 79.55
Recommendation Our weekly expectations remain valid.
USD/CHF
The pair failed in holding its positivity, and declined to areas around the neckline of a negative head and shoulders pattern. Therefore, we hold onto our weekly expectations supported by the bearish harmonic pattern.
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
Thin trading is seen and stable below 0.9935 and it is very likely to see the test of 0.9870-75 areas which is the 88.6% correction shown above. Nevertheless, momentum indicators are oversold and that prevents us from expecting a breach of the mentioned level and accordingly we remain neutral for the rest of the day.
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
The sideways trading is ongoing and the trading range is capped from the top by the 1.0585 resistance and from below by the minor 1.0530 support. Since trading is stable above 1.0475 we hold onto our weekly expectations.
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
Areas of 0.8080 prove their strength as this level carries the pair alongside the Linear Regression Indicator 34 that stopped declining. Since areas of 0.8080 are still holding, our positive intraday expectations remain valid for today and stability above 0.8040 keeps our positive weekly outlook intact.
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 Our weekly expectations remain valid
