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Daily Report: Technical Cross 15/10/2010
Written by article default Friday, 15 October 2010 05:36
Great British Pound vs. Japanese Yen (GBP / YEN)
The pair is still attempting to breach 130.45 after reaching areas around that level at 129.95. MACD is trying to confirm entering positivity, while the negativity on Stochastic is starting to fall. Our morning expectations remain valid and trading above 20 MA shown in green provides the pair with more positivity.
The trading range for today is among key support at 126.70 and key resistance at 133.15.
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 129.95 129.40 128.60 128.15 127.60
Resistance 130.50 131.00 131.60 132.00 132.50
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 129.95 targeting 131.50 and stop loss below 128.60 might be appropriate
Euro vs. Japanese Yen (EUR / YEN)
Midday Report
Thin trading is steady above 38.2% correction confirming the pair’s attempts to gain positive momentum to head higher, supported by the upside trend on Stochastic. Therefore, we preserve our morning expectations.
The trading range for today is among key support at 112.10 and key resistance now at 116.80.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
Support 113.90 113.60 113.15 112.80 112.10
Resistance 114.65 115.00 115.75 116.00 116.25
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 113.90 targeting 116.00 and stop loss below 112.80 might be appropriate
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The rebound from 0.8760 confirms that the pair is gathering bullish momentum from all the support areas it visits, assuring further bullishness over the coming period. As trading is steady above 0.8730, the harmonic pattern is valid and the second target is likely as the pair is steady above the first. We recommend returning to the previous report for more details.
The trading range for today is among the key support at 0.8685 and key resistance now at 0.8965.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
Support 0.8760 0.8730 0.8700 0.8685 0.8325
Resistance 0.8800 0.8820 0.8845 0.8890 0.8915
Recommendation Our morning expectations remain valid