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EUR/USD
SMA 50 held as a very hard technical obstacle forcing the pair to move mildly lower. Indeed, trading continued to reflect the directionless bias and therefore, we remain neutral for the rest of the day. Only a break above 1.2440 may activate the classical pattern as we discussed earlier.
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 1.2240 1.2220 1.2200
Resistance 1.2400 1.2425 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
After touching SMA 200, Cable has mildly moved to the downside. Actually, the pair didn’t show any big move since the opening of the week despite stabilizing above SMA 50 and above 38.2% Fibonacci. We need a clear breach of 1.5740-1.5780 zones to make sure that the recovery from 23.6% Fibonacci will continue. In the interim, Stochastic is on the way towards overbought territories and that makes bulls’ situation shaky. So, let us stay aside until we get more confirmations over intraday basis.
The trading range for today is among key support at 1.5490 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 1.5660 1.5630 1.5600 1.5585 1.5555
Resistance 1.5700 1.5730 1.5780 1.5820 1.5850
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
Following yesterday’s anemic trading, the pair has moved steadily to the upside during the Asian session today. It seems that the bas building process was completed above 76.4% Fibonacci retracement of the entire upside wave from 76.00 to 84.15. Meanwhile, RSI 14 started to show the ability to penetrate the momentum resistance zone at the value of 50.00; noting that, MACD is still positive. From here, we keep our bullish scenario intact over intraday basis and a break above 78.80 will confirm and accelerate.
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 above 78.30 targeting 79.90 and stop loss below 77.60 might be appropriate.
USD/CHF
Trading settles around 0.9720 level, however settles below the neckline of the classic head and shoulders pattern. Thereby, the effect of the harmonic butterfly pattern became more powerful, which makes us keep our morning expectations unchanged .
The trading range for today is among key support at 0.9570 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 0.9700 0.9655 0.9610 0.9575
Resistance 0.9775 0.9800 0.9835 0.9880 0.9900
Recommendation Our morning expectations remain valid
USD/CAD
The pair weakness remains below 0.9935 level, but at the same time the stochastic is within oversold area which decreases the downside potential. In general, trading below the 0.9935 level is the reason behind holding onto our morning expectations.
The trading range for today is among key support at 0.9750 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 0.9750 0.9730
Resistance 0.9935 0.9970 1.0000 1.0045 1.0095
Recommendation Our morning expectations remain valid
AUD/USD
The support 1.0510 is proving its strength, as the pair rebounded after testing it. The sideways movement seen since last week might be useful to end the negativity seen on stochastic. In general, stability above the 1.0440 level makes us keep our positive expectations intact today.
The trading range for today is expected among the key support at 1.0380 and resistance at 1.0710.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0510 1.0475 1.0440 1.0400 1.0380
Resistance 1.0560 1.0585 1.0615 1.0655 1.0710
Recommendation Our morning expectations remain valid
NZD/USD
The pair found it hard to break the linear regression line 55 to the upside, driving it back towards the 0.8080 level. In general, any movement above this level will be an incentive for further attempts to rise. It’s worth mentioning that breaking and stabilizing above the 0.8040 level might be enough to end the pair’s intraday positivity.
The trading range for today is expected among the key support at 0.7960 and resistance at 0.8255.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8080 0.8040 0.8015 0.7985 0.7960
Resistance 0.8135 0.8170 0.8200 0.8255 0.8320
Recommendation Our morning expectations remain valid
SMA 50 held as a very hard technical obstacle forcing the pair to move mildly lower. Indeed, trading continued to reflect the directionless bias and therefore, we remain neutral for the rest of the day. Only a break above 1.2440 may activate the classical pattern as we discussed earlier.
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 1.2240 1.2220 1.2200
Resistance 1.2400 1.2425 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
After touching SMA 200, Cable has mildly moved to the downside. Actually, the pair didn’t show any big move since the opening of the week despite stabilizing above SMA 50 and above 38.2% Fibonacci. We need a clear breach of 1.5740-1.5780 zones to make sure that the recovery from 23.6% Fibonacci will continue. In the interim, Stochastic is on the way towards overbought territories and that makes bulls’ situation shaky. So, let us stay aside until we get more confirmations over intraday basis.
The trading range for today is among key support at 1.5490 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 1.5660 1.5630 1.5600 1.5585 1.5555
Resistance 1.5700 1.5730 1.5780 1.5820 1.5850
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
Following yesterday’s anemic trading, the pair has moved steadily to the upside during the Asian session today. It seems that the bas building process was completed above 76.4% Fibonacci retracement of the entire upside wave from 76.00 to 84.15. Meanwhile, RSI 14 started to show the ability to penetrate the momentum resistance zone at the value of 50.00; noting that, MACD is still positive. From here, we keep our bullish scenario intact over intraday basis and a break above 78.80 will confirm and accelerate.
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 above 78.30 targeting 79.90 and stop loss below 77.60 might be appropriate.
USD/CHF
Trading settles around 0.9720 level, however settles below the neckline of the classic head and shoulders pattern. Thereby, the effect of the harmonic butterfly pattern became more powerful, which makes us keep our morning expectations unchanged .
The trading range for today is among key support at 0.9570 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 0.9700 0.9655 0.9610 0.9575
Resistance 0.9775 0.9800 0.9835 0.9880 0.9900
Recommendation Our morning expectations remain valid
USD/CAD
The pair weakness remains below 0.9935 level, but at the same time the stochastic is within oversold area which decreases the downside potential. In general, trading below the 0.9935 level is the reason behind holding onto our morning expectations.
The trading range for today is among key support at 0.9750 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 0.9750 0.9730
Resistance 0.9935 0.9970 1.0000 1.0045 1.0095
Recommendation Our morning expectations remain valid
AUD/USD
The support 1.0510 is proving its strength, as the pair rebounded after testing it. The sideways movement seen since last week might be useful to end the negativity seen on stochastic. In general, stability above the 1.0440 level makes us keep our positive expectations intact today.
The trading range for today is expected among the key support at 1.0380 and resistance at 1.0710.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0510 1.0475 1.0440 1.0400 1.0380
Resistance 1.0560 1.0585 1.0615 1.0655 1.0710
Recommendation Our morning expectations remain valid
NZD/USD
The pair found it hard to break the linear regression line 55 to the upside, driving it back towards the 0.8080 level. In general, any movement above this level will be an incentive for further attempts to rise. It’s worth mentioning that breaking and stabilizing above the 0.8040 level might be enough to end the pair’s intraday positivity.
The trading range for today is expected among the key support at 0.7960 and resistance at 0.8255.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8080 0.8040 0.8015 0.7985 0.7960
Resistance 0.8135 0.8170 0.8200 0.8255 0.8320
Recommendation Our morning expectations remain valid
