Members login
Daily Reports: Technical Cross 24/09/2010
Written by article default Friday, 24 September 2010 09:09
Great British Pound vs. Japanese Yen (GBP / YEN)Midday Report
The pair showed some kind of correction for the aggressive upside movements this morning but it is still carried above 38.2% for the upside rally from 127.60 to 135.00. Thereby, we hold onto our morning predictions for the rest of the day. The uptrend line of the momentum indicator remains intact, supporting our overview.
The trading range for today is among key support at 130.50 and key resistance at 137.75.
The general trend over short term basis is to the downside targeting 118.80 as far as areas of 150.75 areas remain intact.
Support 132.50 132.00 131.65 130.50 130.00
Resistance 133.15 133.60 134.20 134.80 135.50
Recommendation Our morning expectations remain valid.
Euro vs. Japanese Yen (EUR / YEN)
Midday Report
The pair is still attempting to achieve a positive closing above 88.6% of XA leg for our suggested harmonic formation to change the Bat pattern to a Crab pattern. Thus, we are still in a need for this breakout to define the upcoming move. For more details about the pair, we recommend reviewing "Eye on the pair" report.
The trading range for today is among key support at 111.60 and key resistance now at 116.35.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support 112.80 112.10 111.60 111.05 110.50
Resistance 113.60 114.00 114.25 114.75 115.45
Recommendation Based on the charts and explanations above our opinion is, buying the pair with a breakout above 113.60 targeting 115.70 and stop loss below 111.70 might be appropriate.
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The royal pair succeeded to stabilize once more above the detected pivotal resistance -current support- of 0.8525. Thus, the bigger picture of the duplicated harmonic pattern is still pushing it upwards towards the detected technical objective, which is explained in details in "Eye on the pair". To recap, we hold onto our morning technical speculations for the rest of the day.
The trading range for today is among the key support at 0.8390 and key resistance now at 0.8630.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
Support 0.8525 0.8480 0.8460 0.8420 0.8390
Resistance 0.8565 0.8585 0.8605 0.8630 0.8670
Recommendation Our morning expectations remain valid.