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Daily Reports: Technical Cross 05/10/2010
Written by article default Tuesday, 05 October 2010 09:31
Great British Pound vs. Japanese Yen (GBP / YEN)Morning Report
The pair is presently hitting the pivotal resistance areas between 132.25 and 132.50, while Stochastic is overlapping positively. Therefore, we still believe that the downside correction from 135.00 to 130.70 was limited earlier and the pair is preparing to resume the reversal, which started around 127.60. All what we need now is a stable move above the aforesaid levels to make sure that 61.8% Fibonacci for the rally from 127.60 to 135.00 is solid enough to act as a floor for the suggested bullish wave over intraday basis.
The trading range for today is among key support at 129.40 and key resistance at 136.20.
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 132.00 131.60 131.00 130.50 130.00
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 around 132.25 targeting 135.00 and stop loss below 130.00 might be appropriate.
Euro vs. Japanese Yen (EUR / YEN)
Morning Report
Respecting yesterday's suggested scenario, the pair is currently attacking the full correctional level of XA leg, suggesting that 88.6% Fibonacci level was solid enough to push the pair to the upside once more. We can see a bullish sign on Stochastic of the four hour interval and it could assist the pair to resume the upside rally of the CD leg for the harmonic caught "Crab" pattern. Technical targets resides around 117.25 zones.
The trading range for today is among key support at 112.10 and key resistance now at 117.25.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Previous Report
Weekly Report
Support 114.30 114.00 113.60 113.15 112.80
Resistance 115.00 115.75 116.00 116.35 117.25
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 114.70 targeting 116.80 and stop loss below 113.00 might be appropriate.
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The royal pair has found a very solid support around 0.8630 zones, while Stochastic of the four hour time scale is showing a positive crossover. Therefore, we do not think that the bullishness of the duplicated harmonic pattern of the butterfly and AB=CD hasn been limited around 61.8% of CD leg. Stochastic could send the pair up to retest this week high at 0.8735 and we should note that a break of 0.8735 will activate an aggressive ascending wave. To conclude, we still hold onto our positive anticipations over intraday basis.
The trading range for today is among the key support at 0.8530 and key resistance now at 0.8760.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Support 0.8630 0.8605 0.8585 0.8560 0.8530
Resistance 0.8665 0.8700 0.8730 0.8770 0.8800
Recommendation Based on the charts and explanations above our opinion is, buying around 0.8640 targeting 0.8735 and stop loss below 0.8560 might be appropriate.