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EUR/USD
The corrective rally from 2-month low at 1.2660 has extended towards the previous broken neckline of our efficient double top pattern which sent the pair to the downside during the previous period. We still classify the movements from 1.2660 as a correction since momentum indicator was in need for relief. The bearishness is favored over intraday basis while a break below 1.2700 will weaken 1.2660 and 1.2630 respectively on the way toward the major technical objective of our classical study at 1.2500 psychological level.
The trading range for today is among key support at 1.2590 and key resistance at 1.2915.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2730 1.2700 1.2680 1.2650 1.2630
Resistance 1.2790 1.2810 1.2825 1.2845 1.2890
Recommendation Based on the charts and explanations above our opinion is, selling the pair below 1.2760 targeting 1.2600 and stop loss above 1.2845 might be appropriate.
GBP/USD
After the depreciation in the last two weeks, GBP/USD pair started to take a breath around the confluence of moving averages as seen on the provided daily chart. Breaching the weekly pivot point (PP) at 1.5880 earlier this week should send the pair lower; noting that the daily closing was achieved again below SMA 100. Of course, Stochastic will cause fluctuation but the bearish trend is strong enough as seen on the bigger time frames to push the pair toward 61.8% Fibonacci of the CD leg of the bearish harmonic BAT pattern.
The trading range for today is among key support at 1.5650 and key resistance at 1.6050.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5820 1.5780 1.5740 1.5700 1.5685
Resistance 1.5880 1.5905 1.5950 1.5975 1.6000
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.5865 targeting 1.5740 and stop loss above 1.5985 might be appropriate.
USD/JPY
The pair has experienced the pivotal resistance of 81.50 which was one of our main technical objectives -check the recommendation of November, 02 - where it started to show signs of recovery. The sensitivity of the aforementioned technical obstacle in addition to the overbought sign on Stochastic forces us to stay aside until the pair takes out 81.50 decisively. Note that, risk versus reward ratio isn’t convenient as the bullish rally stalled around the upper line of the ascending channel.
The trading range for today is among key support at 79.60 and key resistance now at 82.50.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 80.75 80.50 80.30 80.10 79.80
Resistance 81.50 82.00 82.25 82.50 82.80
Recommendation Based on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high.
USD/CHF
Negatively biased trading prevails around the first target of the bearish Butterfly Pattern at 0.9425; this level will be the defining areas for the trend today as stability below 0.9425 will extend the downside move toward the second target at 0.9365 . The Linear Regression Indicators are trading negatively and that supports the Butterfly Pattern; over intraday basis stability below 0.9490 supports the suggested scenario.
The trading range for today is among key support at 0.9365 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 0.9425 0.9390 0.9355 0.9310 0.9280
Resistance 0.9450 0.9490 0.9515 0.9570 0.9610
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9450 targeting 0.9405, 0.9380 then 0.9305 and stop loss with four-hour closing above 0.9515 might be appropriate
USD /CAD
The pair remains below 1.0040 which keeps the pressure of the bearish Butterfly Pattern intact. Stochastic needs to move lower to unload the overbought signals and that further supports the negative outlook and our expectations for the extension of the downside move today.
The trading range for today is among the key support at 0.9825 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 1.0000 0.9995 0.9965 0.9930 0.9885
Resistance 1.0040 1.0095 1.0100 1.0135 1.0180
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.0010 targeting 0.9965, 0.9920, then 0.9885 and stop loss with four-hour closing above 1.0040 might be appropriate
AUD/USD
The pair failed today to return above 1.0330 which reflects the pressure on the pair after breaching the main ascending support. The Linear Regression Indicators are negative and that further supports the bearishness that formed a harmonic pattern provided on the chart. We will focus on the breach of 1.0290 support that will extend the downside toward 1.0260 and probably 1.0235.
The trading range for today is expected among the key support at 1.0235 and resistance at 1.0440.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0330 1.0300 1.0290 1.0260 1.235
Resistance 1.0385 1.0400 1.0440 1.0485 1.0500
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0330 targeting 1.0290, 1.0260 then 1.0235 and stop loss with four-hour closing above 1.0385 might be appropriate
NZD/USD
The pair is trading around 0.8100 with clear attempts to breakout below. The likelihood for the downside move is seen as far as the pair holds below 0.8100 and we will consider trading below 0.8185 today reason for the extension of the bearishness.
The trading range for today is expected among the key support at 0.8040 and resistance at 0.8200.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8080 0.8040 0.8000 0.7985 0.7960
Resistance 0.8135 0.8185 0.8220 0.8255 0.8310
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.8135 targeting 0.8080, 0.8040 then 0.8000 and stop loss with four-hour closing above 0.8185 might be appropriate
The corrective rally from 2-month low at 1.2660 has extended towards the previous broken neckline of our efficient double top pattern which sent the pair to the downside during the previous period. We still classify the movements from 1.2660 as a correction since momentum indicator was in need for relief. The bearishness is favored over intraday basis while a break below 1.2700 will weaken 1.2660 and 1.2630 respectively on the way toward the major technical objective of our classical study at 1.2500 psychological level.
The trading range for today is among key support at 1.2590 and key resistance at 1.2915.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2730 1.2700 1.2680 1.2650 1.2630
Resistance 1.2790 1.2810 1.2825 1.2845 1.2890
Recommendation Based on the charts and explanations above our opinion is, selling the pair below 1.2760 targeting 1.2600 and stop loss above 1.2845 might be appropriate.
GBP/USD
After the depreciation in the last two weeks, GBP/USD pair started to take a breath around the confluence of moving averages as seen on the provided daily chart. Breaching the weekly pivot point (PP) at 1.5880 earlier this week should send the pair lower; noting that the daily closing was achieved again below SMA 100. Of course, Stochastic will cause fluctuation but the bearish trend is strong enough as seen on the bigger time frames to push the pair toward 61.8% Fibonacci of the CD leg of the bearish harmonic BAT pattern.
The trading range for today is among key support at 1.5650 and key resistance at 1.6050.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5820 1.5780 1.5740 1.5700 1.5685
Resistance 1.5880 1.5905 1.5950 1.5975 1.6000
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.5865 targeting 1.5740 and stop loss above 1.5985 might be appropriate.
USD/JPY
The pair has experienced the pivotal resistance of 81.50 which was one of our main technical objectives -check the recommendation of November, 02 - where it started to show signs of recovery. The sensitivity of the aforementioned technical obstacle in addition to the overbought sign on Stochastic forces us to stay aside until the pair takes out 81.50 decisively. Note that, risk versus reward ratio isn’t convenient as the bullish rally stalled around the upper line of the ascending channel.
The trading range for today is among key support at 79.60 and key resistance now at 82.50.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 80.75 80.50 80.30 80.10 79.80
Resistance 81.50 82.00 82.25 82.50 82.80
Recommendation Based on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high.
USD/CHF
Negatively biased trading prevails around the first target of the bearish Butterfly Pattern at 0.9425; this level will be the defining areas for the trend today as stability below 0.9425 will extend the downside move toward the second target at 0.9365 . The Linear Regression Indicators are trading negatively and that supports the Butterfly Pattern; over intraday basis stability below 0.9490 supports the suggested scenario.
The trading range for today is among key support at 0.9365 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 0.9425 0.9390 0.9355 0.9310 0.9280
Resistance 0.9450 0.9490 0.9515 0.9570 0.9610
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9450 targeting 0.9405, 0.9380 then 0.9305 and stop loss with four-hour closing above 0.9515 might be appropriate
USD /CAD
The pair remains below 1.0040 which keeps the pressure of the bearish Butterfly Pattern intact. Stochastic needs to move lower to unload the overbought signals and that further supports the negative outlook and our expectations for the extension of the downside move today.
The trading range for today is among the key support at 0.9825 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 1.0000 0.9995 0.9965 0.9930 0.9885
Resistance 1.0040 1.0095 1.0100 1.0135 1.0180
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.0010 targeting 0.9965, 0.9920, then 0.9885 and stop loss with four-hour closing above 1.0040 might be appropriate
AUD/USD
The pair failed today to return above 1.0330 which reflects the pressure on the pair after breaching the main ascending support. The Linear Regression Indicators are negative and that further supports the bearishness that formed a harmonic pattern provided on the chart. We will focus on the breach of 1.0290 support that will extend the downside toward 1.0260 and probably 1.0235.
The trading range for today is expected among the key support at 1.0235 and resistance at 1.0440.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0330 1.0300 1.0290 1.0260 1.235
Resistance 1.0385 1.0400 1.0440 1.0485 1.0500
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0330 targeting 1.0290, 1.0260 then 1.0235 and stop loss with four-hour closing above 1.0385 might be appropriate
NZD/USD
The pair is trading around 0.8100 with clear attempts to breakout below. The likelihood for the downside move is seen as far as the pair holds below 0.8100 and we will consider trading below 0.8185 today reason for the extension of the bearishness.
The trading range for today is expected among the key support at 0.8040 and resistance at 0.8200.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8080 0.8040 0.8000 0.7985 0.7960
Resistance 0.8135 0.8185 0.8220 0.8255 0.8310
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.8135 targeting 0.8080, 0.8040 then 0.8000 and stop loss with four-hour closing above 0.8185 might be appropriate
