Members login
Daily Reports: Forex Technical Cross 06/10/2010
Written by article default Wednesday, 06 October 2010 21:21
Great British Pound vs. Japanese Yen (GBP / YEN)Midday Report
The pair didn't show any big movement since our morning report and thereby, we keep our positive outlook unchanged for the rest of the day. Stochastic is still positive supporting our scenario, while on the other hand areas of 130.00 should hold to keep this scenario valid.
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 131.60 131.00 130.50 130.00 129.40
Resistance 132.50 133.15 133.60 134.25 135.50
Recommendation Our morning expectations remain valid.
Euro vs. Japanese Yen (EUR / YEN)
Midday Report
The pair is presently retesting the full correctional level of Fibonacci of XA leg for the suggested harmonic crab pattern, where we believe that it will start moving upwards for the rest of the day to resume the rally of the CD leg. AROON is still positive, adding further confirmation for our harmonic scenario.
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.
Support 114.70 114.30 114.00 113.60 113.15
Resistance 115.40 115.75 116.00 116.35 117.25
Recommendation Our morning expectations remain valid.
Euro vs. Great British Pound (EUR / GBP)
Midday Report
In line with our morning scenario, the pair succeeded in revisiting 61.8% Fibonacci level for the CD leg of our captured duplicated harmonic pattern at 0.8730. This incline could be seen as the second technical attempt to breach this level, which should be breached to talk about the extended targets of this bullish harmonic pattern. AROON shows the strength of the current upside trend and it may assist it to move higher for the rest of the day.
The trading range for today is among the key support at 0.8565 and key resistance now at 0.8820.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Support 0.8670 0.8630 0.8605 0.8585 0.8560
Resistance 0.8730 0.8770 0.8800 0.8820 0.8890
Recommendation Based on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8730 targeting 0.8845 and stop loss below 0.8650 might be appropriate.