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EUR/USD
The pair has been sold off aggressively to 2-month lows after hitting the initial support of 1.2810 -turned into resistance- as seen on the provided daily chart. The pair may fall further in the nearest future as it continues to receive bearish momentum following breakout below 61.8% Fibonacci level. Moreover, the classical double top pattern still has downside targets to be reached but the wide resistance zones between 1.2765 and 1.2810 could be revisited to relieve Stochastic before moving lower once again; noting that MACD and Vortex reinforces the bearish scenario.
The trading range for this week is among key support at 1.2460 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 1.2700 1.2630 1.2590 1.2500 1.2460
Resistance 1.2760 1.2810 1.2845 1.2915 1.2955
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2765 targeting 1.2510 and stop loss above 1.2945 might be appropriate this week.
GBP/USD
Back to our previous caught harmonic study over daily basis, where the pair has been able to achieve a convenient breakout below the first technical objective at 38.2% Fibonacci of its CD leg. The bearish harmonic double top BAT pattern remains efficient enough to send the pair towards the second technical target at 61.8% of the CD leg according to the harmonic rules. The confluence of SMA 50 and SMA 100 could slow down the bearish wave but we don’t think it will stop it as the reversal from 1.6310 is very strong. To recap, the current bias is negative as far as 1.6180 holds.
The trading range for this week is among key support at 1.5630 and key resistance at 1.6180.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5850 1.5780 1.5730 1.5685 1.5630
Resistance 1.5975 1.6000 1.6075 1.6125 1.6180
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.5960 targeting 1.5740 and stop loss above 1.6125 might be appropriate this week.
USD/JPY
The depreciation seen during the previous three days has been limited as well on Friday around 61.8% Fibonacci retracement level of entire upside wave from 76.00 to 84.15 as seen on the provided daily chart. Actually, the confluence of SMA 50 and SMA 100 could underpin the continuation of the uptrend; particularly after receiving good support from 61.8% level but the bearishness appearing on MACD forces us to stand aside temporarily to make sure that the bullishness appearing on the bigger time frames is still valid. A break above the nearest resistance at 78.80 will encourage bulls to re-enter the market.
The trading range for this week is among key support at 77.90 and key resistance now at 81.05.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 79.15 78.80 78.20 77.90 77.60
Resistance 79.80 80.00 80.30 80.50 80.75
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
With the start of the week, the pair is trading around the first Potential Reversal Zone (PRZ) for the suggested Butterfly Pattern. The suggested PRZ at 0.9490 is a critical barrier for the pair separating the downside and the successful formation of the bearish pattern and the extension of the upside move. Stochastic is biased to the downside and currently the pair is trading blow the Linear Regression Indicators. Therefore, we expect a downside correctional wave this week and the extension depends on the breach of 0.9410 and stability below it. Stability above 0.9515 might delay the downside move.
The trading range for this week is among key support at 0.9300 and key resistance at 0.9595.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9465 0.9415 0.9385 0.9360 0.9300
Resistance 0.9490 0.9515 0.9570 0.9600 0.9655
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9490 targeting 0.9445, 0.9415 then 0.9360 and stop loss with four-hour closing above 0.9570 might be appropriate this week
USD /CAD
The upside move remains limited to areas below 1.0040 and stability below this level keeps the effect of the bearish Butterfly Pattern. Stochastic offers overbought signs and RSI is biased negatively. We expect the pair to start a new downside correction, and remains likely over intraday basis and with the start of the week with stability below 1.0040. Breaching the mentioned areas will extend the upside move toward 1.0135.
The trading range for this week is among the key support at 0.9625 and key resistance at 1.0135.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9950 0.9910 0.9875 0.9840 0.9825
Resistance 0.9990 1.0010 1.0040 1.0095 1.0140
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9990 targeting 0.9950, 0.9910 then 0.9875 and stop loss with four-hour closing above 1.0040 might be appropriate this week
AUD/USD
Stability above 1.0385 makes us hold onto our positive expectations, even as Stochastic offers overbought areas. We see that stability above 1.0330 keeps the upside bias intact , while stability above 1.0385 further supports the positive outlook. The pair might face resistance at 1.0440 areas and the breach of this level will trigger a stronger upside wave. The suggested bullish outlook depends on the ascending channel provided on the chart.
The trading range for this week is expected among the key support at 1.0165 and resistance at 1.0645.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0400 1.0385 1.0330 1.0300 1.0260
Resistance 1.0440 1.0500 1.0560 1.0595 1.0615
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0385 targeting 1.0440, 1.0500, then 1.0560 and stop loss with four-hour closing below 1.0300 might be appropriate this week
NZD/USD
On the chart above, we can see how the pair entered a sideways range after the breach of the main ascending support alongside the oversold signs on Stochastic. We see a potential upside move to retest the breached main ascending support that now turned into resistance at 0.8240-55. Breaching 0.8100 signals a possible Double Top formation and that negates any possible downside corrections this week.
The trading range for this week is expected among the key support at 0.8000 and resistance at 0.8355.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8135 0.8100 0.8080 0.8040 0.8000
Resistance 0.8185 0.8220 0.8255 0.8310 0.8355
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8135 targeting 0.8185, 0.8255, then 0.8300 and stop loss with four-hour closing below 0.8080 might be appropriate this week
The pair has been sold off aggressively to 2-month lows after hitting the initial support of 1.2810 -turned into resistance- as seen on the provided daily chart. The pair may fall further in the nearest future as it continues to receive bearish momentum following breakout below 61.8% Fibonacci level. Moreover, the classical double top pattern still has downside targets to be reached but the wide resistance zones between 1.2765 and 1.2810 could be revisited to relieve Stochastic before moving lower once again; noting that MACD and Vortex reinforces the bearish scenario.
The trading range for this week is among key support at 1.2460 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 1.2700 1.2630 1.2590 1.2500 1.2460
Resistance 1.2760 1.2810 1.2845 1.2915 1.2955
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2765 targeting 1.2510 and stop loss above 1.2945 might be appropriate this week.
GBP/USD
Back to our previous caught harmonic study over daily basis, where the pair has been able to achieve a convenient breakout below the first technical objective at 38.2% Fibonacci of its CD leg. The bearish harmonic double top BAT pattern remains efficient enough to send the pair towards the second technical target at 61.8% of the CD leg according to the harmonic rules. The confluence of SMA 50 and SMA 100 could slow down the bearish wave but we don’t think it will stop it as the reversal from 1.6310 is very strong. To recap, the current bias is negative as far as 1.6180 holds.
The trading range for this week is among key support at 1.5630 and key resistance at 1.6180.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5850 1.5780 1.5730 1.5685 1.5630
Resistance 1.5975 1.6000 1.6075 1.6125 1.6180
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.5960 targeting 1.5740 and stop loss above 1.6125 might be appropriate this week.
USD/JPY
The depreciation seen during the previous three days has been limited as well on Friday around 61.8% Fibonacci retracement level of entire upside wave from 76.00 to 84.15 as seen on the provided daily chart. Actually, the confluence of SMA 50 and SMA 100 could underpin the continuation of the uptrend; particularly after receiving good support from 61.8% level but the bearishness appearing on MACD forces us to stand aside temporarily to make sure that the bullishness appearing on the bigger time frames is still valid. A break above the nearest resistance at 78.80 will encourage bulls to re-enter the market.
The trading range for this week is among key support at 77.90 and key resistance now at 81.05.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 79.15 78.80 78.20 77.90 77.60
Resistance 79.80 80.00 80.30 80.50 80.75
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
With the start of the week, the pair is trading around the first Potential Reversal Zone (PRZ) for the suggested Butterfly Pattern. The suggested PRZ at 0.9490 is a critical barrier for the pair separating the downside and the successful formation of the bearish pattern and the extension of the upside move. Stochastic is biased to the downside and currently the pair is trading blow the Linear Regression Indicators. Therefore, we expect a downside correctional wave this week and the extension depends on the breach of 0.9410 and stability below it. Stability above 0.9515 might delay the downside move.
The trading range for this week is among key support at 0.9300 and key resistance at 0.9595.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9465 0.9415 0.9385 0.9360 0.9300
Resistance 0.9490 0.9515 0.9570 0.9600 0.9655
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9490 targeting 0.9445, 0.9415 then 0.9360 and stop loss with four-hour closing above 0.9570 might be appropriate this week
USD /CAD
The upside move remains limited to areas below 1.0040 and stability below this level keeps the effect of the bearish Butterfly Pattern. Stochastic offers overbought signs and RSI is biased negatively. We expect the pair to start a new downside correction, and remains likely over intraday basis and with the start of the week with stability below 1.0040. Breaching the mentioned areas will extend the upside move toward 1.0135.
The trading range for this week is among the key support at 0.9625 and key resistance at 1.0135.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9950 0.9910 0.9875 0.9840 0.9825
Resistance 0.9990 1.0010 1.0040 1.0095 1.0140
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9990 targeting 0.9950, 0.9910 then 0.9875 and stop loss with four-hour closing above 1.0040 might be appropriate this week
AUD/USD
Stability above 1.0385 makes us hold onto our positive expectations, even as Stochastic offers overbought areas. We see that stability above 1.0330 keeps the upside bias intact , while stability above 1.0385 further supports the positive outlook. The pair might face resistance at 1.0440 areas and the breach of this level will trigger a stronger upside wave. The suggested bullish outlook depends on the ascending channel provided on the chart.
The trading range for this week is expected among the key support at 1.0165 and resistance at 1.0645.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0400 1.0385 1.0330 1.0300 1.0260
Resistance 1.0440 1.0500 1.0560 1.0595 1.0615
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0385 targeting 1.0440, 1.0500, then 1.0560 and stop loss with four-hour closing below 1.0300 might be appropriate this week
NZD/USD
On the chart above, we can see how the pair entered a sideways range after the breach of the main ascending support alongside the oversold signs on Stochastic. We see a potential upside move to retest the breached main ascending support that now turned into resistance at 0.8240-55. Breaching 0.8100 signals a possible Double Top formation and that negates any possible downside corrections this week.
The trading range for this week is expected among the key support at 0.8000 and resistance at 0.8355.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8135 0.8100 0.8080 0.8040 0.8000
Resistance 0.8185 0.8220 0.8255 0.8310 0.8355
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8135 targeting 0.8185, 0.8255, then 0.8300 and stop loss with four-hour closing below 0.8080 might be appropriate this week
