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EUR/USD
The market has continued to move upwards after bouncing off the interim support at 1.2900 as seen on the provided daily chart. Selling pressures could be renewed below the psychological level of 1.3000 since Stochastic is still moving lower. We classify the retrace from the above mentioned support as a correction for the downside wave started around 1.3165 boundaries. Only a break back above 1.3165 aims to challenge 1.3280 later. To conclude, our outlook remains negative for the rest of the day and coming back below 1.30 is required to confirm it.
The trading range for today is among key support at 1.2825 and key resistance at 1.3200.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.3000 1.2975 1.2940 1.2915 1.2890
Resistance 1.3055 1.3080 1.3100 1.3140 1.3180
Recommendation Our morning expectations remain valid.
GBP/USD
The bounce started at the weekly PP at 1.6165 is still in progress but it is all now about closing as we should be prudent after touching 1.6300 initial resistance. Indeed, a daily or rather a weekly closing above 1.6300 will change our suggested double top Bat pattern into a Crab pattern and then, the CD leg will extend. Therefore, we hold onto our neutrality due to the sensitivity of the current trading levels; noting that a push back below 1.6180 will activate the bearish scenario.
The trading range for today is among key support at 1.6055 and key resistance at 1.6425.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.6250 1.6225 1.6200 1.6180 1.6165
Resistance 1.6300 1.6350 1.6390 1.6425 1.6450
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 pair has been trading very narrowly during the previous session as seen on the provided daily chart. Stability above 76.4% Fibonacci contradicts with the bearish sign on RSI 14 which stabilized below the value of 50.00. Thereby, we keep our neutral stance intact for the rest of the day.
The trading range for today is among key support at 77.00 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 78.00 77.60 77.30 77.00 76.80
Resistance 78.50 78.80 79.00 79.25 79.55
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/CHF
The pair is gradually moving lower responding to stability below 0.9325 which is the extended target of 127% of the bearish Butterfly Pattern. Stability below this level makes us hold onto our bearish expectations.
The trading range for today is among key support at 0.9145 and key resistance at 0.9405.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9300 0.9280 0.9230 0.9200 0.9145
Resistance 0.9325 0.9365 0.9395 0.9405 0.9420
Recommendation Our expectations remain valid
USD /CAD
The pair declined approaching 0.9715 and Stochastic is still biased south after the negative crossover from near overbought areas. We hold onto our expectations as far as stability is below 0.9800 and to further support the outlook the pair must breach 0.9715 to return below the Linear Regression Indicators.
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 0.9620 0.9585 0.9550
Resistance 0.9750 0.9800 0.9825 0.9870 0.9900
Recommendation Our expectations remain valid
AUD/USD
The stability above 1.0465 triggered a strong upside move that carried the pair above 1.0505 resistance . The signs of returning to positivity are now clearer and stability above 1.0465 gives us reason to expect the extension of the upside move, especially as RSI is trending higher above 50 and the pair is stable above the Linear Regression Indicators.
The trading range for today is expected among the key support at 1.0310 and resistance at 1.0645.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0505 1.0465 1.0440 1.0400 1.0380
Resistance 1.0545 1.0595 1.0615 1.0645 1.0710
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0480 targeting 11.0545, 1.0595 then 1.0645 and stop loss with four-hour closing below 1.0380 might be appropriate
NZD/USD
The upside bias remains intact in response to the rebound yesterday from the ascending support shown above, this support provided the pair with new upside momentum. Currently, trading above 0.8285 is reason for the extension of the upside move. Stochastic offered a positive crossover above 50 supporting the positive outlook.
The trading range for today is expected among the key support at 0.8185 and resistance at 0.8470.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8285 0.8265 0.8225 0.8200 0.8185
Resistance 0.8310 0.8335 0.8420 0.8470 0.8535
Recommendation Our expectations remain valid
The market has continued to move upwards after bouncing off the interim support at 1.2900 as seen on the provided daily chart. Selling pressures could be renewed below the psychological level of 1.3000 since Stochastic is still moving lower. We classify the retrace from the above mentioned support as a correction for the downside wave started around 1.3165 boundaries. Only a break back above 1.3165 aims to challenge 1.3280 later. To conclude, our outlook remains negative for the rest of the day and coming back below 1.30 is required to confirm it.
The trading range for today is among key support at 1.2825 and key resistance at 1.3200.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.3000 1.2975 1.2940 1.2915 1.2890
Resistance 1.3055 1.3080 1.3100 1.3140 1.3180
Recommendation Our morning expectations remain valid.
GBP/USD
The bounce started at the weekly PP at 1.6165 is still in progress but it is all now about closing as we should be prudent after touching 1.6300 initial resistance. Indeed, a daily or rather a weekly closing above 1.6300 will change our suggested double top Bat pattern into a Crab pattern and then, the CD leg will extend. Therefore, we hold onto our neutrality due to the sensitivity of the current trading levels; noting that a push back below 1.6180 will activate the bearish scenario.
The trading range for today is among key support at 1.6055 and key resistance at 1.6425.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.6250 1.6225 1.6200 1.6180 1.6165
Resistance 1.6300 1.6350 1.6390 1.6425 1.6450
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 pair has been trading very narrowly during the previous session as seen on the provided daily chart. Stability above 76.4% Fibonacci contradicts with the bearish sign on RSI 14 which stabilized below the value of 50.00. Thereby, we keep our neutral stance intact for the rest of the day.
The trading range for today is among key support at 77.00 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 78.00 77.60 77.30 77.00 76.80
Resistance 78.50 78.80 79.00 79.25 79.55
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/CHF
The pair is gradually moving lower responding to stability below 0.9325 which is the extended target of 127% of the bearish Butterfly Pattern. Stability below this level makes us hold onto our bearish expectations.
The trading range for today is among key support at 0.9145 and key resistance at 0.9405.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9300 0.9280 0.9230 0.9200 0.9145
Resistance 0.9325 0.9365 0.9395 0.9405 0.9420
Recommendation Our expectations remain valid
USD /CAD
The pair declined approaching 0.9715 and Stochastic is still biased south after the negative crossover from near overbought areas. We hold onto our expectations as far as stability is below 0.9800 and to further support the outlook the pair must breach 0.9715 to return below the Linear Regression Indicators.
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 0.9620 0.9585 0.9550
Resistance 0.9750 0.9800 0.9825 0.9870 0.9900
Recommendation Our expectations remain valid
AUD/USD
The stability above 1.0465 triggered a strong upside move that carried the pair above 1.0505 resistance . The signs of returning to positivity are now clearer and stability above 1.0465 gives us reason to expect the extension of the upside move, especially as RSI is trending higher above 50 and the pair is stable above the Linear Regression Indicators.
The trading range for today is expected among the key support at 1.0310 and resistance at 1.0645.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0505 1.0465 1.0440 1.0400 1.0380
Resistance 1.0545 1.0595 1.0615 1.0645 1.0710
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0480 targeting 11.0545, 1.0595 then 1.0645 and stop loss with four-hour closing below 1.0380 might be appropriate
NZD/USD
The upside bias remains intact in response to the rebound yesterday from the ascending support shown above, this support provided the pair with new upside momentum. Currently, trading above 0.8285 is reason for the extension of the upside move. Stochastic offered a positive crossover above 50 supporting the positive outlook.
The trading range for today is expected among the key support at 0.8185 and resistance at 0.8470.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8285 0.8265 0.8225 0.8200 0.8185
Resistance 0.8310 0.8335 0.8420 0.8470 0.8535
Recommendation Our expectations remain valid
