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Daily Reports: Technical Cross 21/09/2010
Written by article default Tuesday, 21 September 2010 13:56
Great British Pound vs. Japanese Yen (GBP / YEN)Midday Report
Coming below SMA 50, signaled a delay for the suggested bullishness as we still in a definite need for closing above it to keep the positive picture valid as well. For that reason, areas of 133.60 should be breached first to activate the positive harmonic structure and the oversold sign on Stochastic. We keep our morning anticipations for the rest of the day as far as 131.25 remains intact.
The trading range for today is among key support at 130.50 and key resistance at 136.80.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Morning Report
Weekly Report
Support 132.00 131.60 130.50 130.00 129.70
Resistance 133.15 133.60 134.25 134.80 135.50
Recommendation Based on the charts and explanations above our opinion is, buying the pair with a breakout above 133.60 targeting 136.80 and stop loss below 131.25 might be appropriate.
Euro vs. Japanese Yen (EUR / YEN)
Midday Report
As we discussed this morning, the pair went slightly downwards towards the pivotal support levels around 111.60-111.50, where it inclined once more, reviving that the bullishness is still dominating the movements of the pair. Stochastic of the four hour interval indicates that the positive scenario of resuming the CD leg for the harmonic structure could continue for the rest of the day.
The trading range for today is among key support at 109.45 and key resistance now at 114.25.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Morning Report
Weekly Report
Support 111.65 111.05 110.50 110.00 109.45
Resistance 112.80 113.15 113.60 114.00 114.25
Recommendation Our morning expectations remain valid.
Euro vs. Great British Pound (EUR / GBP)
Midday Report
From the detected levels around 0.8390, the royal pair jumped, approaching the technical target of the CD leg of the harmonic Crab pattern as seen on the provided four hour chart. It stabilized above Ribbons line, accompanied by forming a log white candlestick formation and therefore, we hold onto our morning speculations for the rest of the day. We recommend reviewing the morning report for more details about the proposed harmonic formation.
The trading range for today is among the key support at 0.8360 and key resistance now at 0.8600.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Support 0.8445 0.8420 0.8400 0.8390 0.8360
Resistance 0.8480 0.8500 0.8525 0.8565 0.8600
Recommendation Our morning expectations remain valid.