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Forex Daily Technical Cross 17/11/2010
Written by article default Wednesday, 17 November 2010 13:05
Great British Pound vs. Japanese Yen (GBP / YEN)Midday Report
The pair is consolidating above the key support level of 132.25 as seen on the provided daily chart. In the interim, AROON shows that the bullish trend is still strong but Stochastic is still in need for some kind of relieve. Thus, we keep our positive predications for the rest of the day and a breakout above 133.60 will cancel the overbought sign.
The trading range for today is among key support at 129.25 and key resistance at 135.50.
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 132.25 132.00 131.60 130.50 130.00
Resistance 133.15 133.60 134.20 134.80 135.50
Recommendation Our morning expectations remain valid.
Euro vs. Japanese Yen (EUR / YEN)
Midday Report
The range trading continued during the previous session and that is why we expect a price explosion after this long time of calmness. The suggested Elliott wave is still in favor and therefore, we hold onto our positive anticipations for the rest of the day, supported by RSI 14 which is still positive until now.
The trading range for today is among key support at 110.00 and key resistance now at 114.70.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
Morning Report
Weekly Report
Support 112.40 112.10 111.90 111.60 111.05
Resistance 112.80 113.15 113.60 114.25 114.70
Recommendation Our morning expectations remain valid.
Euro vs. Great British Pound (EUR / GBP)
Midday Report
Stochastic is still showing the obvious overbought sign, which we caught this morning and it could assist the pair to move lower for the rest of the day. The classical scenario of the captured head and shoulders top pattern with a sloping confirmation line is still in favor, targeting 0.8390 areas. Thereby, we hold onto our negative expectations for the rest of the day.
The trading range for today is among the key support at 0.8350 and key resistance now at 0.8630.
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 0.8400 0.8380 0.8350
Resistance 0.8515 0.8540 0.8560 0.8585 0.8605
Recommendation Our morning expectations remain valid.