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EUR/USD
The pair stabilized below the second target of the bearish technical harmonic formation at the beginning of this week, stability below the mentioned 61.8% level at 1.3045 might extend the bearish move to 1.2970 then 1.2925 levels. Breaking 1.2925 levels might clearly extend the downside move toward 1.2760. Trading below 1.3145 levels this week will be considered negative.
The trading range for this week is among the key support at 1.2975 and key resistance at 1.3480.
The general trend over short term basis is negative targeting 1.1865 as far as areas of 1.3550 remains intact.
Support 1.3000 1.2970 1.2925 1.2875 1.2820
Resistance 1.3045 1.3095 1.3100 1.3145 1.3170
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3045 targeting 1.2970, 1.2875 then 1.2820 and stop-loss with four-hour closing above 1.3095 might be appropriate this week
GBP/USD
The pair is trading below 1.6065 as shown on the graph, which might push the pair toward 1.5915-0 levels this week. If the pair managed to break 1.5910 levels we might see a stronger bearish move. Relative Strength Index (RSI) is still negative and Linear Regression Indicator 34 is trading to the downside, which might support the downside move this week.
The trading range for this week is among key support at 1.5790 and key resistance at 1.6265.
The general trend over short term basis is to the downside targeting 1.6875 as far as areas of 1.4225 remains intact.
Support 1.6000 1.5975 1.5910 1.5840 1.5790
Resistance 1.6040 1.6100 1.6125 1.6175 1.6225
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.6040 targeting 1.6000, 1.5910 then 1.5840 and stop-loss with four-hour closing above 1.6125 might be appropriate
USD/JPY
The pair failed to stabilize above 88.25 area accompanied by heavy overbought signals on momentum indicators. Despite that, we cannot bet on a downside move while the pair is stable above 86.80 levels, therefore we remain neutral in our weekly report waiting for confirmation signals.
The trading range for this week is among key support at 85.50 and key resistance at 90.00.
The general trend over short term basis is to the upside targeting 91.70 as far as areas of 83.40 remain intact.
Support 87.45 87.15 86.80 86.00 85.50
Resistance 88.25 88.50 88.80 89.10 89.60
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
USD/CHF
The pair kicked off trading this week positively and stable above the second target of the bullish Harmonic AB=CD Pattern which might support the move toward extended targets at 0.9320 levels and maybe 0.9350 levels. Breaching the latter might push the pair to the upside. Overbought signals might cause heavy fluctuation and downside correction, but trading above 0.9155 levels will be considered positive this week.
The trading range for this week is among key support at 0.9080 and key resistance at 0.9465.
The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
Support 0.9235 0.9200 0.9155 0.9100 0.9080
Resistance 0.9320 0.9350 0.9395 0.9425 0.9465
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9235 targeting 0.9320, 0.9350 then 0.9465 and stop-loss with four-hour closing below 0.9155 might be appropriate this week
USD /CAD
Support area at 0.9850 proved its strength again and Stochastic offers a positive crossover after rebounding to the upside from levels around 20. Therefore, we think that the pair might attempt to move to the upside, and a breach of 0.9910 levels with stability above it will extend the bullish move this week. The positive expectations require stability above 0.9800 levels.
The trading range for this week is between the key support at 0.9690 and the key resistance at 1.0040.
The general trend over short term basis is to the downside below levels 1.0125 targeting 0.9400.
Support 0.9875 0.9850 0.9820 0.9800 0.9780
Resistance 0.9895 0.9910 0.9980 0.9965 1.0040
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9850 targeting 0.9910, 0.9980 then 1.0040 and stop-loss with four-hour closing below 0.9780 might be appropriate this week
AUD/USD
The pair is stable above Linear Regression Indicators and still trading within the ascending channel which means that the upside move might dominate this week’s trading unless 1.0344 levels shown on the graph are breached. We don’t see any negative signals on momentum indicators despite trading near overbought levels.
The trading range for this week is among key support at 1.0260 and key resistance at 1.0615.
The general trend over short term basis is to the downside below levels 1.0710 targeting 0.9400.
Support 1.0410 1.0375 1.0340 1.0305 1.0260
Resistance 1.0530 1.0565 1.0585 1.0600 1.0615
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0420 targeting 1.0505, 1.0565 then 1.0615 and stop-loss with four-hour closing below 1.0340 might be appropriate this week
NZD/USD
Momentum indicators offer overbought signals but the pair is trading above significant levels such as 0.8435 and 0.8355 levels. Therefore, the upside move is still available due to stability above the mentioned levels, but heavy fluctuation is likely due to overbought signals mentioned. Breaking 0.8305 levels might weaken the positivity.
The trading range for this week might be among key support at 0.8050 and key resistance at 0.8480.
The general trend over short term basis is to the upside with steady daily closing above 0.8130 targeting 0.8845.
Support 0.8235 0.8200 0.8160 0.8135 0.8100
Resistance 0.8310 0.8355 0.8385 0.8400 0.8415
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8235 targeting 0.8310, 0.8355 then 0.8400 and stop-loss with four-hour closing below 0.8135 might be appropriate this week
The pair stabilized below the second target of the bearish technical harmonic formation at the beginning of this week, stability below the mentioned 61.8% level at 1.3045 might extend the bearish move to 1.2970 then 1.2925 levels. Breaking 1.2925 levels might clearly extend the downside move toward 1.2760. Trading below 1.3145 levels this week will be considered negative.
The trading range for this week is among the key support at 1.2975 and key resistance at 1.3480.
The general trend over short term basis is negative targeting 1.1865 as far as areas of 1.3550 remains intact.
Support 1.3000 1.2970 1.2925 1.2875 1.2820
Resistance 1.3045 1.3095 1.3100 1.3145 1.3170
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3045 targeting 1.2970, 1.2875 then 1.2820 and stop-loss with four-hour closing above 1.3095 might be appropriate this week
GBP/USD
The pair is trading below 1.6065 as shown on the graph, which might push the pair toward 1.5915-0 levels this week. If the pair managed to break 1.5910 levels we might see a stronger bearish move. Relative Strength Index (RSI) is still negative and Linear Regression Indicator 34 is trading to the downside, which might support the downside move this week.
The trading range for this week is among key support at 1.5790 and key resistance at 1.6265.
The general trend over short term basis is to the downside targeting 1.6875 as far as areas of 1.4225 remains intact.
Support 1.6000 1.5975 1.5910 1.5840 1.5790
Resistance 1.6040 1.6100 1.6125 1.6175 1.6225
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.6040 targeting 1.6000, 1.5910 then 1.5840 and stop-loss with four-hour closing above 1.6125 might be appropriate
USD/JPY
The pair failed to stabilize above 88.25 area accompanied by heavy overbought signals on momentum indicators. Despite that, we cannot bet on a downside move while the pair is stable above 86.80 levels, therefore we remain neutral in our weekly report waiting for confirmation signals.
The trading range for this week is among key support at 85.50 and key resistance at 90.00.
The general trend over short term basis is to the upside targeting 91.70 as far as areas of 83.40 remain intact.
Support 87.45 87.15 86.80 86.00 85.50
Resistance 88.25 88.50 88.80 89.10 89.60
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
USD/CHF
The pair kicked off trading this week positively and stable above the second target of the bullish Harmonic AB=CD Pattern which might support the move toward extended targets at 0.9320 levels and maybe 0.9350 levels. Breaching the latter might push the pair to the upside. Overbought signals might cause heavy fluctuation and downside correction, but trading above 0.9155 levels will be considered positive this week.
The trading range for this week is among key support at 0.9080 and key resistance at 0.9465.
The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
Support 0.9235 0.9200 0.9155 0.9100 0.9080
Resistance 0.9320 0.9350 0.9395 0.9425 0.9465
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9235 targeting 0.9320, 0.9350 then 0.9465 and stop-loss with four-hour closing below 0.9155 might be appropriate this week
USD /CAD
Support area at 0.9850 proved its strength again and Stochastic offers a positive crossover after rebounding to the upside from levels around 20. Therefore, we think that the pair might attempt to move to the upside, and a breach of 0.9910 levels with stability above it will extend the bullish move this week. The positive expectations require stability above 0.9800 levels.
The trading range for this week is between the key support at 0.9690 and the key resistance at 1.0040.
The general trend over short term basis is to the downside below levels 1.0125 targeting 0.9400.
Support 0.9875 0.9850 0.9820 0.9800 0.9780
Resistance 0.9895 0.9910 0.9980 0.9965 1.0040
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9850 targeting 0.9910, 0.9980 then 1.0040 and stop-loss with four-hour closing below 0.9780 might be appropriate this week
AUD/USD
The pair is stable above Linear Regression Indicators and still trading within the ascending channel which means that the upside move might dominate this week’s trading unless 1.0344 levels shown on the graph are breached. We don’t see any negative signals on momentum indicators despite trading near overbought levels.
The trading range for this week is among key support at 1.0260 and key resistance at 1.0615.
The general trend over short term basis is to the downside below levels 1.0710 targeting 0.9400.
Support 1.0410 1.0375 1.0340 1.0305 1.0260
Resistance 1.0530 1.0565 1.0585 1.0600 1.0615
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0420 targeting 1.0505, 1.0565 then 1.0615 and stop-loss with four-hour closing below 1.0340 might be appropriate this week
NZD/USD
Momentum indicators offer overbought signals but the pair is trading above significant levels such as 0.8435 and 0.8355 levels. Therefore, the upside move is still available due to stability above the mentioned levels, but heavy fluctuation is likely due to overbought signals mentioned. Breaking 0.8305 levels might weaken the positivity.
The trading range for this week might be among key support at 0.8050 and key resistance at 0.8480.
The general trend over short term basis is to the upside with steady daily closing above 0.8130 targeting 0.8845.
Support 0.8235 0.8200 0.8160 0.8135 0.8100
Resistance 0.8310 0.8355 0.8385 0.8400 0.8415
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8235 targeting 0.8310, 0.8355 then 0.8400 and stop-loss with four-hour closing below 0.8135 might be appropriate this week
