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Forex Technical Cross 15/11/2010
Written by article default Monday, 15 November 2010 09:52
Great British Pound vs. Japanese Yen (GBP / YEN)Weekly Report 15/11 – 19/ 11/ 2010
In line with our previous reports which were published on Friday, the pair inclined sharply after re-testing the broken upper line of the bearish channel. This re-testing action provided the pair with a very strong momentum that is expected to send it towards the next resistance level around 135.05, where 76.4% Fibonacci retracement of the wave from 137.70 to 126.40 exists. This classical scenario is supported by AROON indicator, Stochastic which is moving higher and SMA 50. To conclude, more bullishness could be witnessed during this week.
The trading range for this week is among key support at 127.60 and key resistance at 137.70.
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 132.50 131.60 130.50 129.25 128.40
Resistance 133.60 134.20 135.50 136.20 136.80
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 132.50 targeting 135.00 and stop loss below 130.50 might be appropriate.
Euro vs. Japanese Yen (EUR / YEN)
Weekly Report 15/11 – 19/ 11/ 2010
The solid pivotal support of 111.05 provided the EURJPY pair with bullish momentum, sending it aggressively upwards as seen on the provided daily chart. The internal b wave is still in progress and we still believe that there is a probability of forming a right shoulder for an inverted head and shoulders pattern. RSI 14 turned higher and it is still carried above the momentum trend line. Thus, potential upside movements could be seen during this week. We should not see a breakout neither below 110.50 over intraday basis nor below 109.50-109.05 zones over short term basis to keep our positive overview valid.
The trading range for this week is among key support at 110.00 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 112.80 112.40 111.60 111.05 110.50
Resistance 113.60 114.25 114.75 115.75 116.35
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 112.60 targeting 114.75 and stop loss below 111.05 might be appropriate.
Euro vs. Great British Pound (EUR / GBP)
Weekly Report 15/11 – 19/ 11/ 2010
Our previous caught classical head and shoulders top pattern proved its efficiency very well as it is still pushing the royal pair downwards after relieving momentum indicator during Friday's trading. Hence, we still depend on this pattern to predicate potential downside actions during this week, targeting 0.8390 zones and a break of which will open the door for additional negative movements towards the extended technical objectives of the pattern at 0.8325. On the other hand, areas of 0.8605-0.8610 should hold to keep this scenario valid.
The trading range for this week is among the key support at 0.8325 and key resistance now at 0.8660.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Support 0.8455 0.8430 0.8380 0.8350 0.8325
Resistance 0.8515 0.8540 0.8585 0.8630 0.8660
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 0.8515 targeting 0.8380 and stop loss above 0.8610 might be appropriate