ICN.com Launch Technical Portal
All new trading strategies, market analysis, and extensive market coverage! We would love to hear your feedback!
EUR/USD
The EUR/USD pair continued its recovery from 1.2825 regions threatening the suggested double top formation. We are not sure if today’s closing will hit the upper line of the descending channel or not despite the positivity on Stochastic and MACD; noting that 1.3000 is a very hard technical obstacle for bulls. In result, we hold onto ourneutrality for the rest of the day as risk versus reward ratio is inconvenient.
The trading range for today is among key support at 1.2750 and key resistance at 1.3110.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2915 1.2890 1.2845 1.2825 1.2790
Resistance 1.3000 1.3055 1.3080 1.3110 1.3165
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
The GBP/USD remains locked in a consolidation pattern between 23.6% and 23.6% Fibonacci levels of the CD leg of our efficient double top harmonic Bat pattern. We believe that it may gather the required bearish momentum at 1.6090-1.6095 to move lower again as the current price behaviors are classified as a correction for the depreciation from 1.6310 zones.
The trading range for today is among key support at 1.5780 and key resistance at 1.6250.
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 1.5960 1.5925 1.5880 1.5850
Resistance 1.6075 1.6100 1.6125 1.6165 1.6180
Recommendation Based on the charts and explanations above our opinion is, selling the pair below 1.6000 targeting 1.5740 and stop loss above 1.6180 might be appropriate.
USD/JPY
The pair started to stabilize above SMA 20 but we will stay aside for the rest of the day until it takes out SMA 100 which forced it to move lower in several occasions before. Carefully note that, coming again below 77.95 will damage the current bullish attempt.
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 78.75 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 downside move did not fail the upside expectations till now as the pair is stable above 0.9305. We can see that the pattern is now an alternative Bat Pattern where the CD leg extends to 113% of XA leg. Stochastic is trading in oversold areas and that supports the likelihood for the upside move to continue for the rest of the sessiontoday and will be further supported with stability above 0.9335.
The trading range for today is among key support at 0.9230 and key resistance at 0.9490.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9305 0.9280 0.9260 0.9230 0.9200
Resistance 0.9335 0.9355 0.9370 0.9390 0.9420
Recommendation Our expectations remain valid.
USD/CAD
The pair declined affected by stability below 0.9785 and now Stochastic is attempting to crossover negatively after it failed to breach 50 points. RSI is trading lower below 50 and that all supports our expectations that remain valid.
The trading range for today is among the key support at 0.9660 and key resistance at 0.9900.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9755 0.9725 0.9680 0.9660 0.9625
Resistance 0.9785 0.9800 0.9825 0.9900 0.9935
Recommendation Our expectations remain valid.
AUD/USD
The pair declined affected by the overbought signs on Stochastic and RSI breached the 50 levels to the downside, and also the Linear Regression Indicators acted as a strong resistance. Therefore, we expect the pair to move lower for the rest of the session as far as intraday stability is below 1.0310. The extent of the downside move depends on the breach of 1.0165 and the failure to breach this level will delay the downside move.
The trading range for today is expected among the key support at 1.0065 and resistance at 1.0400.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0255 1.0225 1.0165 1.0135 1.0095
Resistance 1.0285 1.0310 1.0370 1.0400 1.0420
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.0255 targeting 1.0225, 1.0200 then 1.0165 and stop loss with four-hour closing above 1.0310 might be appropriate.
NZD/USD
The pair is still stable above 0.8185 and even as Stochastic entered overbought areas, it continues to trade positively to the upside and RSI is stable above 50. Therefore, we will hold onto our expectations for the rest of the session.
The trading range for today is expected among the key support at 0.8040 and resistance at 0.8310.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8185 0.8160 0.8135 0.8100 0.8080
Resistance 0.8225 0.8265 0.8310 0.8355 0.8385
Recommendation Our expectations remain valid.
The EUR/USD pair continued its recovery from 1.2825 regions threatening the suggested double top formation. We are not sure if today’s closing will hit the upper line of the descending channel or not despite the positivity on Stochastic and MACD; noting that 1.3000 is a very hard technical obstacle for bulls. In result, we hold onto ourneutrality for the rest of the day as risk versus reward ratio is inconvenient.
The trading range for today is among key support at 1.2750 and key resistance at 1.3110.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2915 1.2890 1.2845 1.2825 1.2790
Resistance 1.3000 1.3055 1.3080 1.3110 1.3165
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
The GBP/USD remains locked in a consolidation pattern between 23.6% and 23.6% Fibonacci levels of the CD leg of our efficient double top harmonic Bat pattern. We believe that it may gather the required bearish momentum at 1.6090-1.6095 to move lower again as the current price behaviors are classified as a correction for the depreciation from 1.6310 zones.
The trading range for today is among key support at 1.5780 and key resistance at 1.6250.
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 1.5960 1.5925 1.5880 1.5850
Resistance 1.6075 1.6100 1.6125 1.6165 1.6180
Recommendation Based on the charts and explanations above our opinion is, selling the pair below 1.6000 targeting 1.5740 and stop loss above 1.6180 might be appropriate.
USD/JPY
The pair started to stabilize above SMA 20 but we will stay aside for the rest of the day until it takes out SMA 100 which forced it to move lower in several occasions before. Carefully note that, coming again below 77.95 will damage the current bullish attempt.
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 78.75 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 downside move did not fail the upside expectations till now as the pair is stable above 0.9305. We can see that the pattern is now an alternative Bat Pattern where the CD leg extends to 113% of XA leg. Stochastic is trading in oversold areas and that supports the likelihood for the upside move to continue for the rest of the sessiontoday and will be further supported with stability above 0.9335.
The trading range for today is among key support at 0.9230 and key resistance at 0.9490.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9305 0.9280 0.9260 0.9230 0.9200
Resistance 0.9335 0.9355 0.9370 0.9390 0.9420
Recommendation Our expectations remain valid.
USD/CAD
The pair declined affected by stability below 0.9785 and now Stochastic is attempting to crossover negatively after it failed to breach 50 points. RSI is trading lower below 50 and that all supports our expectations that remain valid.
The trading range for today is among the key support at 0.9660 and key resistance at 0.9900.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9755 0.9725 0.9680 0.9660 0.9625
Resistance 0.9785 0.9800 0.9825 0.9900 0.9935
Recommendation Our expectations remain valid.
AUD/USD
The pair declined affected by the overbought signs on Stochastic and RSI breached the 50 levels to the downside, and also the Linear Regression Indicators acted as a strong resistance. Therefore, we expect the pair to move lower for the rest of the session as far as intraday stability is below 1.0310. The extent of the downside move depends on the breach of 1.0165 and the failure to breach this level will delay the downside move.
The trading range for today is expected among the key support at 1.0065 and resistance at 1.0400.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0255 1.0225 1.0165 1.0135 1.0095
Resistance 1.0285 1.0310 1.0370 1.0400 1.0420
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.0255 targeting 1.0225, 1.0200 then 1.0165 and stop loss with four-hour closing above 1.0310 might be appropriate.
NZD/USD
The pair is still stable above 0.8185 and even as Stochastic entered overbought areas, it continues to trade positively to the upside and RSI is stable above 50. Therefore, we will hold onto our expectations for the rest of the session.
The trading range for today is expected among the key support at 0.8040 and resistance at 0.8310.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8185 0.8160 0.8135 0.8100 0.8080
Resistance 0.8225 0.8265 0.8310 0.8355 0.8385
Recommendation Our expectations remain valid.
