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EUR/USD
In line with our proposed weekly technical scenario, the pair has moved bullishly after touching the suggested entry point around 1.2750 on Monday. Actually, it succeeded in surpassing the pivotal resistance -turned into support- at 1.2825 and thus, the path is clear towards the psychological level of 1.3000. The negativity on Stochastic may cause a retest of 1.2825 before moving higher once again; noting that a break below 1.2700 zones may activate a potential negative divergence. To summarize this, the bullishness remains favored so long as the pair stabilizes above 1.2700 region.
The trading range for today is among key support at 1.2685 and key resistance at 1.3000.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2845 1.2825 1.2790 1.2750 1.2700
Resistance 1.2890 1.2915 1.2940 1.3000 1.3055
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 1.2825 targeting 1.3000 and stop loss below 1.2700 might be appropriate.
GBP/USD
The pair continued to rally upwards to achieve a positive daily closing above 76.4% Fibonacci retracement of the entire downside wave from 1.6300 to 1.5265 as seen on the provided daily chart. Thereby, the recent bullish actions are still in progress mainly targeting the minor correction level of 88.6% at 1.6180; however, we believe that the overbought condition on Stochastic should cause huge fluctuations. To recap, we should use any pullbacks to join bulls towards 1.6180.
The trading range for today is among key support at 1.5820 and key resistance at 1.6200.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.6050 1.6025 1.6000 1.5950 1.5925
Resistance 1.6090 1.6125 1.6160 1.6180 1.6225
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 1.6025 targeting 1.6180 and stop loss below 1.5905 might be appropriate.
USD/JPY
Finally, the USDJPY pair succeeded in clearing the previous indicated support of 77.95 with a daily closing below it as seen on the provided daily chart. In view of this, the aforesaid breakout suggests further losses mainly targeting 88.6% Fibonacci level at 77.00 zones. Technical indicators are showing signs of weakness reinforcing our constructive bearish outlook for today. On the upside, penetrating 78.50 will give us a rational reason for concern.
The trading range for today is among key support at 76.80 and key resistance now at 79.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 77.60 77.30 77.00 76.80 76.50
Resistance 78.20 78.50 78.80 79.00 79.25
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 77.95 targeting 76.90 and stop loss above 78.60 might be appropriate.
USD/CHF
The pair declined once again as we expected and we can see trading stable below 113% of CD leg of the bearish Butterfly Pattern which will likely extend the downside move toward the second extended target at 0.9325 at 127.2% correction as far as stability is below 0.9460. The pair is currently trading below the main support over the short term at 0.9400 and stability below it today will change the short term trend.
The trading range for today is among key support at 0.9230 and key resistance at 0.9520.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9365 0.9325 0.9280 0.9230 0.9200
Resistance 0.9395 0.9420 0.9490 0.9520 0.9570
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9420 targeting 0.9325, 0.9280 then 0.9230 and stop loss with four-hour closing above 0.9490 might be appropriate
USD /CAD
The pair is approaching 0.9715 which is the 113% correction of the bullish wave that started from 0.9799 and topped at 1.0446. Stochastic entered oversold areas yet the Linear Regression Indicators remain negative and this technical conflict is seen as the pair approaches the main support of the descending channel. Therefore, we prefer to remain neutral for now, not due to an expected upside move but for the increased risk-to-reward ratio for now.
The trading range for today is among the key support at 0.9585 and key resistance at 0.9870.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9715 0.9670 0.9625 0.9585 0.9550
Resistance 0.9750 0.9800 0.9825 0.9870 0.9900
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
AUD/USD
The pair acquired more upside targets powered by the bullish Bat Pattern. The stability today above the first extended target for the pattern at 1.0460 the 78.6% correction of CD leg supports the extension of the upside move toward the top C passing through 88.6% correction of the mentioned leg then toward extended targets. The breach of the line connecting top A & C makes us expect the targets to extend for now. We do not rule out heavy fluctuations and downside corrections due to the overbought signs on Stochastic, yet trading above 1.0400 is considered positive.
The trading range for today is expected among the key support at 1.0355 and resistance at 1.0645.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0465 1.0440 1.0400 1.0370 1.0355
Resistance 1.0505 1.0545 1.0595 1.0615 1.0645
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0460 targeting 1.0510, 1.0595 then 1.0645 and stop loss with four-hour closing below 1.0355 might be appropriate
NZD/USD
The pair managed to breach a critical level from where it rushed to the upside sharply completing the bullish continuation Flag Pattern. Stochastic is trading in overbought areas which might cause heavy fluctuations and downside corrections. The Linear Regression Indicators are positive and MACD is trading above zero alongside the breach of the main resistance for the medium term downside wave and also the breach of the continuation Flag Pattern’s resistance. Therefore we have strong reasons to support our expectations for another upside move.
The trading range for today is expected among the key support at 0.8040 and resistance at 0.8470.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8200 0.818 0.8135 0.8100 0.8080
Resistance 0.8255 0.8310 0.8355 0.8420 0.8470
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 0.8185 targeting 0.8255, 0.8310 then 0.8420 and stop loss with four-hour closing below 0.8100 might be appropriate
In line with our proposed weekly technical scenario, the pair has moved bullishly after touching the suggested entry point around 1.2750 on Monday. Actually, it succeeded in surpassing the pivotal resistance -turned into support- at 1.2825 and thus, the path is clear towards the psychological level of 1.3000. The negativity on Stochastic may cause a retest of 1.2825 before moving higher once again; noting that a break below 1.2700 zones may activate a potential negative divergence. To summarize this, the bullishness remains favored so long as the pair stabilizes above 1.2700 region.
The trading range for today is among key support at 1.2685 and key resistance at 1.3000.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2845 1.2825 1.2790 1.2750 1.2700
Resistance 1.2890 1.2915 1.2940 1.3000 1.3055
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 1.2825 targeting 1.3000 and stop loss below 1.2700 might be appropriate.
GBP/USD
The pair continued to rally upwards to achieve a positive daily closing above 76.4% Fibonacci retracement of the entire downside wave from 1.6300 to 1.5265 as seen on the provided daily chart. Thereby, the recent bullish actions are still in progress mainly targeting the minor correction level of 88.6% at 1.6180; however, we believe that the overbought condition on Stochastic should cause huge fluctuations. To recap, we should use any pullbacks to join bulls towards 1.6180.
The trading range for today is among key support at 1.5820 and key resistance at 1.6200.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.6050 1.6025 1.6000 1.5950 1.5925
Resistance 1.6090 1.6125 1.6160 1.6180 1.6225
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 1.6025 targeting 1.6180 and stop loss below 1.5905 might be appropriate.
USD/JPY
Finally, the USDJPY pair succeeded in clearing the previous indicated support of 77.95 with a daily closing below it as seen on the provided daily chart. In view of this, the aforesaid breakout suggests further losses mainly targeting 88.6% Fibonacci level at 77.00 zones. Technical indicators are showing signs of weakness reinforcing our constructive bearish outlook for today. On the upside, penetrating 78.50 will give us a rational reason for concern.
The trading range for today is among key support at 76.80 and key resistance now at 79.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 77.60 77.30 77.00 76.80 76.50
Resistance 78.20 78.50 78.80 79.00 79.25
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 77.95 targeting 76.90 and stop loss above 78.60 might be appropriate.
USD/CHF
The pair declined once again as we expected and we can see trading stable below 113% of CD leg of the bearish Butterfly Pattern which will likely extend the downside move toward the second extended target at 0.9325 at 127.2% correction as far as stability is below 0.9460. The pair is currently trading below the main support over the short term at 0.9400 and stability below it today will change the short term trend.
The trading range for today is among key support at 0.9230 and key resistance at 0.9520.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9365 0.9325 0.9280 0.9230 0.9200
Resistance 0.9395 0.9420 0.9490 0.9520 0.9570
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9420 targeting 0.9325, 0.9280 then 0.9230 and stop loss with four-hour closing above 0.9490 might be appropriate
USD /CAD
The pair is approaching 0.9715 which is the 113% correction of the bullish wave that started from 0.9799 and topped at 1.0446. Stochastic entered oversold areas yet the Linear Regression Indicators remain negative and this technical conflict is seen as the pair approaches the main support of the descending channel. Therefore, we prefer to remain neutral for now, not due to an expected upside move but for the increased risk-to-reward ratio for now.
The trading range for today is among the key support at 0.9585 and key resistance at 0.9870.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9715 0.9670 0.9625 0.9585 0.9550
Resistance 0.9750 0.9800 0.9825 0.9870 0.9900
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
AUD/USD
The pair acquired more upside targets powered by the bullish Bat Pattern. The stability today above the first extended target for the pattern at 1.0460 the 78.6% correction of CD leg supports the extension of the upside move toward the top C passing through 88.6% correction of the mentioned leg then toward extended targets. The breach of the line connecting top A & C makes us expect the targets to extend for now. We do not rule out heavy fluctuations and downside corrections due to the overbought signs on Stochastic, yet trading above 1.0400 is considered positive.
The trading range for today is expected among the key support at 1.0355 and resistance at 1.0645.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0465 1.0440 1.0400 1.0370 1.0355
Resistance 1.0505 1.0545 1.0595 1.0615 1.0645
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0460 targeting 1.0510, 1.0595 then 1.0645 and stop loss with four-hour closing below 1.0355 might be appropriate
NZD/USD
The pair managed to breach a critical level from where it rushed to the upside sharply completing the bullish continuation Flag Pattern. Stochastic is trading in overbought areas which might cause heavy fluctuations and downside corrections. The Linear Regression Indicators are positive and MACD is trading above zero alongside the breach of the main resistance for the medium term downside wave and also the breach of the continuation Flag Pattern’s resistance. Therefore we have strong reasons to support our expectations for another upside move.
The trading range for today is expected among the key support at 0.8040 and resistance at 0.8470.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8200 0.818 0.8135 0.8100 0.8080
Resistance 0.8255 0.8310 0.8355 0.8420 0.8470
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 0.8185 targeting 0.8255, 0.8310 then 0.8420 and stop loss with four-hour closing below 0.8100 might be appropriate
