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Daily Reports: Technical Cross 28/09/2010
Written by article default Tuesday, 28 September 2010 20:46
Great British Pound vs. Japanese Yen (GBP / YEN)Midday Report
Form areas around the support at 132.80 the pair managed to gain positive momentum to rush to the upside stabilizing above the 20 & 50 MA confirming the suggested harmonic formation. Accordingly we hold onto our morning expectations supported by the positivity on Stochastic and MACD.
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 132.80 132.50 132.00 131.60 130.50
Resistance 133.60 134.25 134.80 135.50 136.20
Recommendation Our morning expectations remain valid
Euro vs. Japanese Yen (EUR / YEN)
Midday Report
The pair declined yet still trading steadily around 113.15; the harmonic bullish formation is still valid yet requires confirmation with the breach of 113.60 which we will continue to monitor to confirm the continuation of the bullish wave.
The trading range for today is among key support at 111.05 and key resistance now at 115.75.
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 113.60 114.25 114.75 115.00 115.75
Recommendation Based on the charts and explanations above, our opinion is buying the pair with the breach of 113.60 targeting 116.35 and stop loss below 111.60 might be appropriate
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The pair declined yet was incapable of stabilizing below the first target of the harmonic pattern at 38.2% correction as seen on the secondary image over hourly basis. Therefore, our morning expectations remain intact supported by the positivity on Stochastic. We recommend returning to our previous report for further details.
The trading range for today is among the key support at 0.8390 and key resistance now at 0.8605.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
Support 0.8480 0.8460 0.8420 0.8390 0.8360
Resistance 0.8530 0.8565 0.8585 0.8605 0.8630
Recommendation Our morning expectations remain valid