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EUR/USD
In line with our previous technical explanations, the pair has slumped below SMA 20 and 61.8% Fibonacci retracement level as seen on the provided daily chart. The path is clear towards the next Fibonacci level while our main technical target resides at 38.2% Level. Technical indicators support the bearish scenario which remains valid for the rest of the day.
The trading range for today is among key support at 1.2700 and key resistance at 1.3165.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2890 1.2845 1.2825 1.2800 1.2750
Resistance 1.2955 1.3000 1.3055 1.3080 1.3110
Recommendation Our expectations remain valid.
GBP/USD
Cable has stabilized below 23.6% Fibonacci retracement of the CD leg of our caught harmonic pattern and is currently approaching the psychological level of 1.6000. Actually, the pair should take out 1.5980 where SMA 50 is located in order to witness aggressive downside movements. Anyway, the negativity on technical indicators besides the bearish harmonic double top bat pattern support our bearish overview which remains valid for the rest of the day.
The trading range for today is among key support at 1.5850 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 1.6000 1.5975 1.5950 1.5925 1.5880
Resistance 1.6050 1.6080 1.6100 1.6125 1.6165
Recommendation Based on the charts and explanations above our opinion is, selling the pair below 1.6080 targeting 1.5930 and stop loss above 1.6200 might be appropriate.
USD/JPY
The pair has been trading very narrowly as seen on the provided daily chart. As for now, intraday traders continue to depend on SMA 20 in addition to the solidity of 76.4% Fibonacci level to long the pair. Thus, we hold onto our morning scenario as far as the wide support zone between 77.60 and 77.30 remains intact.
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 78.00 77.90 77.60 77.30
Resistance 78.50 78.80 79.00 79.25 79.55
Recommendation Our morning expectations remain valid.
USD/CHF
The pair is attempting to breach the main resistance for the downside wave as provided on the chart above. We still do not want to rush in expecting a confirmed breakout as 0.9395 areas is still a major challenge ahead of the pair. Therefore, we prefer to stay neutral for the rest of the day.
The trading range for today is among key support at 0.9145 and key resistance at 0.9465.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9355 0.9325 0.9300 0.9280 0.9230
Resistance 0.9395 0.9420 0.9465 0.9515 0.9570
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
USD /CAD
The pair is trending higher affected by the positive crossover on Stochastic. Nevertheless, the Linear Regression Indicators remain negative and the pair till now did not stabilize above the Linear Regression Indicator 34 and that keeps our negative outlook valid for today. We hold onto our intraday expectations today as far as trading remains stable below 0.9800 affecting by the Rising Wedge pattern above.
The trading range for today is among the key support at 0.9625 and key resistance at 0.9875.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9715 0.9680 0.9625 0.9585 0.9515
Resistance 0.9760 0.9800 0.9825 0.9870 0.9935
Recommendation Our expectations remain valid
AUD/USD
Trading is biased to the downside and the pair returned once again below 38.2% correction at 1.0255 as provided on the chart. This increases the chance for the pair to return to the downside to breach 1.0165 which if breached will revive the negative outlook. The Linear Regression Indicators are negative and we have a possible double top formation supporting our expectations.
The trading range for today is expected among the key support at 1.0000 and resistance at 1.0370.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0225 1.0165 1.0135 1.0095 1.0025
Resistance 1.0255 1.0285 1.0310 1.0370 1.0400
Recommendation Based on the charts and explanations above, our opinion is selling the pair with four-hour closing below 1.0165 targeting 1.0100, 1.025 then 1.0000 and stop loss with four-hour closing above 1.0225 might be appropriate
NZD/USD
The pair is finding difficulty in breaching 0.8185, but Stochastic is still attempting to turn lower with a negative crossover. Therefore, we will wait for the breach of 0.8185 to confirm the negative outlook. Breaching 0.8255 will revive the intraday positive outlook.
The trading range for today is expected among the key support at 0.8080 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 0.8185 0.8160 0.8135 0.8100
Resistance 0.8225 0.8265 0.8310 0.8355 0.8420
Recommendation Based on the charts and explanations above, our opinion is selling the pair with four-hour closing below 0.8185 targeting 0.8135, 0.8100 then 0.8080 and stop loss with four-hour closing above 0.8255 might be appropriate
In line with our previous technical explanations, the pair has slumped below SMA 20 and 61.8% Fibonacci retracement level as seen on the provided daily chart. The path is clear towards the next Fibonacci level while our main technical target resides at 38.2% Level. Technical indicators support the bearish scenario which remains valid for the rest of the day.
The trading range for today is among key support at 1.2700 and key resistance at 1.3165.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2890 1.2845 1.2825 1.2800 1.2750
Resistance 1.2955 1.3000 1.3055 1.3080 1.3110
Recommendation Our expectations remain valid.
GBP/USD
Cable has stabilized below 23.6% Fibonacci retracement of the CD leg of our caught harmonic pattern and is currently approaching the psychological level of 1.6000. Actually, the pair should take out 1.5980 where SMA 50 is located in order to witness aggressive downside movements. Anyway, the negativity on technical indicators besides the bearish harmonic double top bat pattern support our bearish overview which remains valid for the rest of the day.
The trading range for today is among key support at 1.5850 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 1.6000 1.5975 1.5950 1.5925 1.5880
Resistance 1.6050 1.6080 1.6100 1.6125 1.6165
Recommendation Based on the charts and explanations above our opinion is, selling the pair below 1.6080 targeting 1.5930 and stop loss above 1.6200 might be appropriate.
USD/JPY
The pair has been trading very narrowly as seen on the provided daily chart. As for now, intraday traders continue to depend on SMA 20 in addition to the solidity of 76.4% Fibonacci level to long the pair. Thus, we hold onto our morning scenario as far as the wide support zone between 77.60 and 77.30 remains intact.
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 78.00 77.90 77.60 77.30
Resistance 78.50 78.80 79.00 79.25 79.55
Recommendation Our morning expectations remain valid.
USD/CHF
The pair is attempting to breach the main resistance for the downside wave as provided on the chart above. We still do not want to rush in expecting a confirmed breakout as 0.9395 areas is still a major challenge ahead of the pair. Therefore, we prefer to stay neutral for the rest of the day.
The trading range for today is among key support at 0.9145 and key resistance at 0.9465.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9355 0.9325 0.9300 0.9280 0.9230
Resistance 0.9395 0.9420 0.9465 0.9515 0.9570
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
USD /CAD
The pair is trending higher affected by the positive crossover on Stochastic. Nevertheless, the Linear Regression Indicators remain negative and the pair till now did not stabilize above the Linear Regression Indicator 34 and that keeps our negative outlook valid for today. We hold onto our intraday expectations today as far as trading remains stable below 0.9800 affecting by the Rising Wedge pattern above.
The trading range for today is among the key support at 0.9625 and key resistance at 0.9875.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9715 0.9680 0.9625 0.9585 0.9515
Resistance 0.9760 0.9800 0.9825 0.9870 0.9935
Recommendation Our expectations remain valid
AUD/USD
Trading is biased to the downside and the pair returned once again below 38.2% correction at 1.0255 as provided on the chart. This increases the chance for the pair to return to the downside to breach 1.0165 which if breached will revive the negative outlook. The Linear Regression Indicators are negative and we have a possible double top formation supporting our expectations.
The trading range for today is expected among the key support at 1.0000 and resistance at 1.0370.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0225 1.0165 1.0135 1.0095 1.0025
Resistance 1.0255 1.0285 1.0310 1.0370 1.0400
Recommendation Based on the charts and explanations above, our opinion is selling the pair with four-hour closing below 1.0165 targeting 1.0100, 1.025 then 1.0000 and stop loss with four-hour closing above 1.0225 might be appropriate
NZD/USD
The pair is finding difficulty in breaching 0.8185, but Stochastic is still attempting to turn lower with a negative crossover. Therefore, we will wait for the breach of 0.8185 to confirm the negative outlook. Breaching 0.8255 will revive the intraday positive outlook.
The trading range for today is expected among the key support at 0.8080 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 0.8185 0.8160 0.8135 0.8100
Resistance 0.8225 0.8265 0.8310 0.8355 0.8420
Recommendation Based on the charts and explanations above, our opinion is selling the pair with four-hour closing below 0.8185 targeting 0.8135, 0.8100 then 0.8080 and stop loss with four-hour closing above 0.8255 might be appropriate
