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EUR/USD
The pair is currently battling SMA 20-colored in red- after achieving upside correctional wave affected by Stochastic as we discussed this morning, while 61.8% Fibonacci retracement is acting as a ceiling. The negativity on trend and oscillator indicators suggest potential pullback; noting that the psychological level of 1.3000 should hold to protect the scenario.
The trading range for today is among key support at 1.2750 and key resistance at 1.3080.
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 1.2800 1.2750 1.2700
Resistance 1.2915 1.2955 1.3000 1.3055 1.3080
Recommendation Our weekly expectations remain valid.
GBP/USD
The GBP/USD pair remains locked in a consolidation pattern below the previous broken 88.6% Fibonacci retracement level of the XA leg for the bearish harmonic pattern. Actually, the resistance areas of 1.6165 was strong enough to send the pair lower during the previous session.Thereby, we keeo our bearish scenario intact for the rest of the day supported
Technical Characteristic Momentum Indicator Trend Indicator Oscillator
Measure Stochastic SMA50,SMA100,SMA200 MACD
Direction Negative but shows some kind of consolidation. Positive; noting that SMA 50 is a target of retest process. On the way to draw a negative crossover.
The trading range for today is among key support at 1.6000 and key resistance at 1.6310.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
USD/JPY
Tranquility dominated the market while the pair continues to hover around 76.4% Fibonacci level. Technical indicators also remain unclear and thus, we keep our neutrality intact.
Notes:
• Risk versus reward ratio is still very high.
• A break above 76.4% with a daily closing will bring the bullish picture back into focus.
The trading range for today is among key support at 77.00 and key resistance now at 78.80.
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 78.00 78.20 78.50 78.80 79.00
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 declined sharply with the start of the morning European session and currently trading at the main resistance for the downside wave that was breached with the bullish opening gap. This might be a false breakout and the possibility is rising especially as RSI and Stochastic are trading bearishly. Until the pair returns below 0.9325 we prefer to stay aside for the rest of the session.
The trading range for this week is among key support at 0.9200 and key resistance at 0.9570.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9365 0.9325 0.9300 0.9280 0.9250
Resistance 0.9395 0.9405 0.9460 0.9490 0.9515
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
USD /CAD
The pair declined and trading once again below the main resistance of the downside wave and that makes us bet on further bearishness for the rest of the day, especially as the risk to reward ratio is very appropriate now. The bearish expectations require stability below 0.9875 to negate the positive impact from the Linear Regression Indicators.
The trading range for this week is among the key support at 0.9395 and key resistance at 0.9935.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9800 0.9760 0.9715 0.9680 0.9635
Resistance 0.9870 0.9900 0.9935 0.9970 1.0000
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9840 targeting 0.9680, 0.9625 then 0.9585 and stop loss with four-hour closing above 0.9875 might be appropriate
AUD/USD
The downside move stopped and the pair rushed to the upside once again, yet at the same time, the Linear Regression Indicators stopped the upside move and trading was confined between critical levels below the indicators yet above 1.0310. Therefore, we prefer to stay neutral for the rest of the day as the pair should exit the current trading range to see if the bullish Bat Pattern remains valid.
The trading range for this week is expected among the key support at 1.0135 and resistance at 1.0600.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0310 1.0255 1.0220 1.0185 1.0135
Resistance 1.0370 1.0400 1.0465 1.0500 1.0560
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
NZD/USD
Trading remains confined between 0.8355 and 0.8250 which makes us prefer staying aside , especially as the upside move stopped after the pair reached areas around the Linear Regression Indicator 34. We also note that the positivity on Stochastic conflicts with the weakness on RSI.
The trading range for this week is expected among the key support at 0.8040 and resistance at 0.8535.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8250 0.8200 0.8190 0.8160 0.8135
Resistance 0.8310 0.8355 0.8415 0.8470 0.8535
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
The pair is currently battling SMA 20-colored in red- after achieving upside correctional wave affected by Stochastic as we discussed this morning, while 61.8% Fibonacci retracement is acting as a ceiling. The negativity on trend and oscillator indicators suggest potential pullback; noting that the psychological level of 1.3000 should hold to protect the scenario.
The trading range for today is among key support at 1.2750 and key resistance at 1.3080.
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 1.2800 1.2750 1.2700
Resistance 1.2915 1.2955 1.3000 1.3055 1.3080
Recommendation Our weekly expectations remain valid.
GBP/USD
The GBP/USD pair remains locked in a consolidation pattern below the previous broken 88.6% Fibonacci retracement level of the XA leg for the bearish harmonic pattern. Actually, the resistance areas of 1.6165 was strong enough to send the pair lower during the previous session.Thereby, we keeo our bearish scenario intact for the rest of the day supported
Technical Characteristic Momentum Indicator Trend Indicator Oscillator
Measure Stochastic SMA50,SMA100,SMA200 MACD
Direction Negative but shows some kind of consolidation. Positive; noting that SMA 50 is a target of retest process. On the way to draw a negative crossover.
The trading range for today is among key support at 1.6000 and key resistance at 1.6310.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
USD/JPY
Tranquility dominated the market while the pair continues to hover around 76.4% Fibonacci level. Technical indicators also remain unclear and thus, we keep our neutrality intact.
Notes:
• Risk versus reward ratio is still very high.
• A break above 76.4% with a daily closing will bring the bullish picture back into focus.
The trading range for today is among key support at 77.00 and key resistance now at 78.80.
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 78.00 78.20 78.50 78.80 79.00
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 declined sharply with the start of the morning European session and currently trading at the main resistance for the downside wave that was breached with the bullish opening gap. This might be a false breakout and the possibility is rising especially as RSI and Stochastic are trading bearishly. Until the pair returns below 0.9325 we prefer to stay aside for the rest of the session.
The trading range for this week is among key support at 0.9200 and key resistance at 0.9570.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9365 0.9325 0.9300 0.9280 0.9250
Resistance 0.9395 0.9405 0.9460 0.9490 0.9515
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
USD /CAD
The pair declined and trading once again below the main resistance of the downside wave and that makes us bet on further bearishness for the rest of the day, especially as the risk to reward ratio is very appropriate now. The bearish expectations require stability below 0.9875 to negate the positive impact from the Linear Regression Indicators.
The trading range for this week is among the key support at 0.9395 and key resistance at 0.9935.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9800 0.9760 0.9715 0.9680 0.9635
Resistance 0.9870 0.9900 0.9935 0.9970 1.0000
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9840 targeting 0.9680, 0.9625 then 0.9585 and stop loss with four-hour closing above 0.9875 might be appropriate
AUD/USD
The downside move stopped and the pair rushed to the upside once again, yet at the same time, the Linear Regression Indicators stopped the upside move and trading was confined between critical levels below the indicators yet above 1.0310. Therefore, we prefer to stay neutral for the rest of the day as the pair should exit the current trading range to see if the bullish Bat Pattern remains valid.
The trading range for this week is expected among the key support at 1.0135 and resistance at 1.0600.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0310 1.0255 1.0220 1.0185 1.0135
Resistance 1.0370 1.0400 1.0465 1.0500 1.0560
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
NZD/USD
Trading remains confined between 0.8355 and 0.8250 which makes us prefer staying aside , especially as the upside move stopped after the pair reached areas around the Linear Regression Indicator 34. We also note that the positivity on Stochastic conflicts with the weakness on RSI.
The trading range for this week is expected among the key support at 0.8040 and resistance at 0.8535.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8250 0.8200 0.8190 0.8160 0.8135
Resistance 0.8310 0.8355 0.8415 0.8470 0.8535
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
