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EUR/USD
The pair dropped last week affected by the AB=CD bearish harmonic pattern, trading now below the first target of the pattern at 38.2% correction of the CD Leg at 1.3440. Stability below the mentioned level might extend the downside move reaching 61.8% correction at 1.3270 levels, a break of which might take the pair to test the key medium-term support of the bullish wave. Despite oversold signals on Stochastic, trading below 1.3440 levels will keep the bearish move valid supported by the negative Linear Regression Indicators.
The trading range for this week is among the key support at 1.3150 and key resistance at 1.3545.
The general trend over short term basis is to the upside targeting 1.3990 as far as areas of 1.3550 remains intact.
Support 1.3355 1.3305 1.3275 1.3235 1.3170
Resistance 1.3405 1.3440 1.3480 1.3500 1.3525
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3405 targeting 1.3355, 1.3270 then 1.3235 and stop-loss with four-hour closing above 1.3500 might be appropriate this week
GBP/USD
The sharp upside move after touching 1.5690 levels tool the pair again to trade around 1.5825 levels, and Stochastic is trading in overbought areas. We cannot confirm the upside move before returning above 1.5825 levels again, meanwhile the bearish move became weaker as Linear Regression Indicator 34 turned positive. Therefore, we prefer to remain neutral in our weekly report waiting for confirmations.
The trading range for this week is among key support at 1.5525 and key resistance at 1.6010.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remains intact.
Support 1.5760 1.5715 1.5690 1.5635 1.5580
Resistance 1.5800 1.5825 1.5880 1.5910 1.5975
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
USD/JPY
The pair dropped again after the sharp upside movement, Linear Regression Indicators offer a negative bias with the beginning of this week accompanied by the breakout below the key support of a reversal Rising Wedge (a negative technical pattern). Trading below 93.05 indicates possible extension of the downside move to test 91.65 levels shown on the graph. We should point out that stability above 93.80 levels might trigger a new bullish wave reaching 95.50 levels.
The trading range for this week is among key support at 90.70 and key resistance at 95.50.
The general trend over short term basis is to the upside targeting 100.00 as far as areas of 84.00 remain intact.
Support 92.50 92.05 91.65 91.20 90.70
Resistance 92.90 93.05 93.65 94.15 94.55
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 93.05 targeting 92.50, 92.05 then 91.65 and stop-loss with four-hour closing above 93.80 might be appropriate this week
USD/CHF
The pair moved to the upside breaching the key resistance of the downside move again indicating possible extension of the upside move this week. Meanwhile, Stochastic offers overbought signals as the pair should confirm the breach by stabilizing above Linear Regression Indicators. Trading above 0.9080 levels might extend the bullish move while stability above 0.9155 level further supports this outlook.
The trading range for this week is among key support at 0.9000 and key resistance at 0.9370.
The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
Support 0.9155 0.9135 0.9080 0.9040 0.9000
Resistance 0.9200 0.9240 0.9280 0.9305 0.9370
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9135 targeting 0.9200, 0.9280 then 0.9370 and stop-loss with four-hour closing below 0.9040 might be appropriate this week
USD /CAD
Linear Regression Indicators are trading positively and the pair proved its stability above 0.9965 levels, therefore we think that the upside move might extend to test 1.0120 levels. Stochastic entered overbought areas but we will ignore this signal because the pair is stable above the psychological barrier 1.0000.
The trading range for this week is between the key support at 0.9870 and the key resistance at 1.0290.
The general trend over short term basis is to the downside with daily closing below levels 1.0125 targeting 0.9400.
Support 1.0030 1.0005 0.9980 0.9965 0.9910
Resistance 1.0095 1.0120 1.0160 1.0180 1.0260
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0005 targeting 1.0095, 1.0120 then 1.0180 and stop-loss with four-hour closing below 0.9965 might be appropriate this week
AUD/USD
The pair is still trading negatively below key support level of the upside move that was previously broken and now resistance at 1.0440. Linear Regression Indicators are biased negatively signaling the possible extension of the bearish move this week initially to test 1.0185. Stochastic might show positive signals; therefore trading should hold below 1.0344 levels so positivity won’t be activated.
The trading range for this week is among key support at 1.0085 and key resistance at 1.0440.
The general trend over short term basis is to the downside with daily closing below levels 1.0710 targeting 0.9400.
Support 1.0270 1.0220 1.0200 1.0185 1.0135
Resistance 1.0310 1.0345 1.0400 1.0440 1.0465
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0310 targeting 1.0220, 1.0185 then 1.0135 and stop-loss with four-hour closing above 1.0400 might be appropriate this week
NZD/USD
The bearishness remained limited above the upside key support on graph. Linear Regression Indicators are negative and RSI also tends to be negative trading below level 50. Therefore, we prefer to remain neutral for now waiting for confirmations. A breakout below 0.8270 levels might bring another bearish wave, but trading above 0.8355 levels might bring some positivity.
The trading range for this week might be among key support at 0.8110 and key resistance at 0.8500.
The general trend over short term basis is to the upside with steady daily closing above 0.8130 targeting 0.8845.
Support 0.8310 0.8270 0.8225 0.8200 0.8155
Resistance 0.8355 0.8385 0.8415 0.8450 0.8480
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
The pair dropped last week affected by the AB=CD bearish harmonic pattern, trading now below the first target of the pattern at 38.2% correction of the CD Leg at 1.3440. Stability below the mentioned level might extend the downside move reaching 61.8% correction at 1.3270 levels, a break of which might take the pair to test the key medium-term support of the bullish wave. Despite oversold signals on Stochastic, trading below 1.3440 levels will keep the bearish move valid supported by the negative Linear Regression Indicators.
The trading range for this week is among the key support at 1.3150 and key resistance at 1.3545.
The general trend over short term basis is to the upside targeting 1.3990 as far as areas of 1.3550 remains intact.
Support 1.3355 1.3305 1.3275 1.3235 1.3170
Resistance 1.3405 1.3440 1.3480 1.3500 1.3525
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3405 targeting 1.3355, 1.3270 then 1.3235 and stop-loss with four-hour closing above 1.3500 might be appropriate this week
GBP/USD
The sharp upside move after touching 1.5690 levels tool the pair again to trade around 1.5825 levels, and Stochastic is trading in overbought areas. We cannot confirm the upside move before returning above 1.5825 levels again, meanwhile the bearish move became weaker as Linear Regression Indicator 34 turned positive. Therefore, we prefer to remain neutral in our weekly report waiting for confirmations.
The trading range for this week is among key support at 1.5525 and key resistance at 1.6010.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remains intact.
Support 1.5760 1.5715 1.5690 1.5635 1.5580
Resistance 1.5800 1.5825 1.5880 1.5910 1.5975
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
USD/JPY
The pair dropped again after the sharp upside movement, Linear Regression Indicators offer a negative bias with the beginning of this week accompanied by the breakout below the key support of a reversal Rising Wedge (a negative technical pattern). Trading below 93.05 indicates possible extension of the downside move to test 91.65 levels shown on the graph. We should point out that stability above 93.80 levels might trigger a new bullish wave reaching 95.50 levels.
The trading range for this week is among key support at 90.70 and key resistance at 95.50.
The general trend over short term basis is to the upside targeting 100.00 as far as areas of 84.00 remain intact.
Support 92.50 92.05 91.65 91.20 90.70
Resistance 92.90 93.05 93.65 94.15 94.55
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 93.05 targeting 92.50, 92.05 then 91.65 and stop-loss with four-hour closing above 93.80 might be appropriate this week
USD/CHF
The pair moved to the upside breaching the key resistance of the downside move again indicating possible extension of the upside move this week. Meanwhile, Stochastic offers overbought signals as the pair should confirm the breach by stabilizing above Linear Regression Indicators. Trading above 0.9080 levels might extend the bullish move while stability above 0.9155 level further supports this outlook.
The trading range for this week is among key support at 0.9000 and key resistance at 0.9370.
The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
Support 0.9155 0.9135 0.9080 0.9040 0.9000
Resistance 0.9200 0.9240 0.9280 0.9305 0.9370
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9135 targeting 0.9200, 0.9280 then 0.9370 and stop-loss with four-hour closing below 0.9040 might be appropriate this week
USD /CAD
Linear Regression Indicators are trading positively and the pair proved its stability above 0.9965 levels, therefore we think that the upside move might extend to test 1.0120 levels. Stochastic entered overbought areas but we will ignore this signal because the pair is stable above the psychological barrier 1.0000.
The trading range for this week is between the key support at 0.9870 and the key resistance at 1.0290.
The general trend over short term basis is to the downside with daily closing below levels 1.0125 targeting 0.9400.
Support 1.0030 1.0005 0.9980 0.9965 0.9910
Resistance 1.0095 1.0120 1.0160 1.0180 1.0260
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0005 targeting 1.0095, 1.0120 then 1.0180 and stop-loss with four-hour closing below 0.9965 might be appropriate this week
AUD/USD
The pair is still trading negatively below key support level of the upside move that was previously broken and now resistance at 1.0440. Linear Regression Indicators are biased negatively signaling the possible extension of the bearish move this week initially to test 1.0185. Stochastic might show positive signals; therefore trading should hold below 1.0344 levels so positivity won’t be activated.
The trading range for this week is among key support at 1.0085 and key resistance at 1.0440.
The general trend over short term basis is to the downside with daily closing below levels 1.0710 targeting 0.9400.
Support 1.0270 1.0220 1.0200 1.0185 1.0135
Resistance 1.0310 1.0345 1.0400 1.0440 1.0465
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0310 targeting 1.0220, 1.0185 then 1.0135 and stop-loss with four-hour closing above 1.0400 might be appropriate this week
NZD/USD
The bearishness remained limited above the upside key support on graph. Linear Regression Indicators are negative and RSI also tends to be negative trading below level 50. Therefore, we prefer to remain neutral for now waiting for confirmations. A breakout below 0.8270 levels might bring another bearish wave, but trading above 0.8355 levels might bring some positivity.
The trading range for this week might be among key support at 0.8110 and key resistance at 0.8500.
The general trend over short term basis is to the upside with steady daily closing above 0.8130 targeting 0.8845.
Support 0.8310 0.8270 0.8225 0.8200 0.8155
Resistance 0.8355 0.8385 0.8415 0.8450 0.8480
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
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