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Technical Cross
Written by article default Tuesday, 22 March 2011 00:53
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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Re-attacking Fibonacci levels of 76.4% of CD leg is another positive indication that the bullish harmonic structure is correct. Now, we need a four-hour closing above this level to make sure that the full correctional level around 135.20 will be revisited. Stochastic is still supporting our positive harmonic overview.
The trading range for today is among key support at 129.25 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 | 130.50 | 129.25 | 128.80 | 128.00 |
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| Resistance | 132.50 | 133.65 | 134.20 | 134.80 | 135.50 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 131.60 targeting 135.25 and stop loss above 128.80 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is moving slightly higher, confirming that the bullishness from 106.80 is still in progress as it took the pair towards the neckline of the proposed rounding bottom pattern within three days of trading. Despite this classical probability, we need to make sure that the neckline is breached and that will not happen unless we have a daily closing above 115.60-115.90. Consequently, the neutrality will be in favor for the rest of the day.
The trading range for today is among key support at 111.90 and key resistance now at 118.25.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 114.75 | 114.25 | 113.60 | 113.15 | 112.80 |
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| Resistance | 115.60 | 115.90 | 116.30 | 116.80 | 118.25 |
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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. Great British Pound (EUR / GBP)
Midday Report
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In line with our weekly scenario, the royal pair started to move slowly to the downside in order to relive momentum indicator as seen on the provided four hour graph. Anyway, we hold onto our bullish anticipations for the rest of the day as this outlook is stuck to the harmonic "5-0" pattern, which proved its efficiency as we discussed in details the morning. The pair may visit the lower line of the recently established upside channel mentioned in the weekly report before resuming the northern journey towards 261.8% Fibonacci projection of CD leg at 0.8815 areas. SMA 50 is a potential floor for the temporal recovery.
The trading range for today is among the key support at 0.8605 and key resistance now at 0.8815.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8690 | 0.8665 | 0.8630 | 0.8605 | 0.8585 |
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| Resistance | 0.8730 | 0.8780 | 0.8815 | 0.8860 | 0.8910 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8690 targeting 0.8815 and stop loss below 0.8605 might be appropriate. | ||||