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Technical Cross
Written by article default Monday, 24 January 2011 15:19
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
The pair didn't show any big moves since morning and it is clear that 76.4% Fibonacci retracement of the bearish wave from 134.20 to 125.50 is pressuring it. The bearish crab of the four hour time frame hasn't been activated yet and that is why we will hold onto our neutral outlook over intraday basis. The factor that should be placed into our consideration is that a break of 131.60 will bring a downside action.
The trading range for today is among key support at 128.40 and key resistance at 134.80.
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 | 131.05 | 130.50 | 129.40 | 128.40 |
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| Resistance | 132.50 | 133.15 | 133.60 | 134.25 | 134.80 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
RSI 14 indicator is still showing the same sign of exhaustion as seen on the provided four hour graph. Henceforth, we still believe that the CD leg of the proposed "5-0" pattern is still in progress. We need to witness a four hour closing below the initial support of 112.10 to make sure that the Fibonacci symmetry is efficient and if that occurred, areas of 109.70 will be under our technical microscope.
The trading range for today is among key support at 110.00 and key resistance now at 114.25.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 112.10 | 111.90 | 111.60 | 111.05 | 110.50 |
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| Resistance | 112.80 | 113.15 | 113.65 | 114.00 | 114.25 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 112.10 targeting 109.70 and stop loss above 113.75 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The royal pair is trapped within a narrow range, whilst 61.8% Fibonacci retracement of XA leg still represents a technical obstacle, preventing the pair from reaching 76.4 or 78.6% of XA leg since our caught Gartley pattern should be completed there. RSI is negative and therefore, we keep our negative overview unchanged for the rest of the day.
The trading range for today is among the key support at 0.8415 and key resistance now at 0.8605.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8500 | 0.8465 | 0.8445 | 0.8415 | 0.8400 |
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| Resistance | 0.8530 | 0.8550 | 0.8585 | 0.8605 | 0.8630 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.8550 targeting 0.8425 and stop loss above 0.8630 might be appropriate. | ||||