Members login
Technical Cross
Written by article default Thursday, 10 February 2011 19:18
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
The pair traded within a tight range since morning, while a negative crossover sign started to appear on Stochastic suggesting that some kind of correction might be witnessed to retest the previous broken neckline of our captured pattern. Thereby, we keep our morning scenario intact for the rest of the day as far as 131.60 remains unreached.
The trading range for today is among key support at 130.50 and key resistance at 135.85.
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 | 132.20 | 131.60 | 131.00 | 130.50 | 130.00 |
|
|
|||||
| Resistance | 132.90 | 133.40 | 134.00 | 134.50 | 135.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 132.20 targeting 134.00 and stop loss below 131.35 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The downside move couldn't send the pair below 112.10-112.30 zones. These areas represent the second technical target of the bullish bat pattern. Henceforth, the possibility of resuming the bullishness towards 76.4% and 88.6% Fibonacci levels of CD leg remains intact. In result, we hold onto our morning anticipations for the rest of the day.
The trading range for today is among key support at 109.65 and key resistance now at 114.40.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 112.30 | 111.80 | 111.60 | 111.20 | 110.95 |
|
|
|||||
| Resistance | 113.35 | 113.85 | 114.00 | 114.40 | 114.75 |
|
|
|||||
| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
Stochastic indicator is still offering the probability of sending the pair downwards and if this negative pressure continued, there will be a chance for breaching SMA 20 and below the harmonic support line. Thus, 61.8% Fibonacci of CD leg at 0.8460 will be also under pressure and that means the bearish harmonic effect might take place. At the same time, if the pair couldn't breach these levels then the harmonic effect could be limited since RSI is stable above 50.00 and moving averages are positive. Therefore, the contrarian between the aforementioned factors makes us hold onto our neutrality for the rest of the day.
The trading range for today is among the key support at 0.8290 and key resistance now at 0.8635.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8460 | 0.8440 | 0.8410 | 0.8370 | 0.8330 |
|
|
|||||
| Resistance | 0.8505 | 0.8540 | 0.8590 | 0.8635 | 0.8665 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we remain neutral awaiting further confirmations. | ||||