Members login
Technical Cross
Written by article default Wednesday, 09 March 2011 17:10
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
 |
The pair is moving between 61.8% and 76.4% Fibonacci levels of the downside wave from 135.50 to 131.10, while the entire movements are very slow. Thereby, we hold onto our morning predictions for the rest of the day, supported by the negative signs on the main weekly chart; click on the weekly report below for more details about these signs. A break of 133.60 is needed to confirm the bearish direction over intraday basis.
The trading range for today is among key support at 131.05 and key resistance at 136.20.
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 | 133.60 | 133.15 | 132.50 | 132.00 | 131.60 |
|
|
|||||
| Resistance | 134.20 | 135.00 | 135.50 | 136.20 | 136.80 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 133.60 targeting 131.05 and stop loss above 135.50 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
 |
The pair is trapped within a tight range since morning, and to be honest, it is trapped within this narrow range since the opening of this week. Henceforth, we will depend on the negative divergence on our daily graph to suggest potential bearish correction. Conversely, if it succeeded to maintain levels above 115.45-115.60, the potential head and shoulders bottom pattern will be activated. Consequently, our advice is to make sure that areas around 114.75 are breached successfully to make sure that the bearish correction occurs.
The trading range for today is among key support at 113.15 and key resistance now at 116.35.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 114.75 | 114.25 | 113.65 | 113.15 | 112.80 |
|
|
|||||
| Resistance | 115.40 | 115.75 | 116.00 | 116.35 | 116.70 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 114.70 targeting 112.80 and stop loss above 116.35 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
 |
The pair extended its mild correction towards 0.8560 zones, where it started to move higher obviously once more, clarifying that the bullish effect of the previous discussed harmonic "5-0" pattern is still in favor. Therefore, we keep our harmonic scenario intact for the rest of the day, targeting 0.8670, where 161.8% Fibonacci of CD leg exists. The pair needs to penetrate 0.8605 zones to cancel out the negative sign of AROON indicator.
The trading range for today is among the key support at 0.8500 and key resistance now at 0.8700.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8580 | 0.8560 | 0.8540 | 0.8520 | 0.8500 |
|
|
|||||
| Resistance | 0.8635 | 0.8665 | 0.8700 | 0.8715 | 0.8730 |
|
|
|||||
| Recommendation | Our morning expectations remain valid. | ||||