Members login
Technical Cross
Written by article default Tuesday, 22 March 2011 20:26
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
 |
The pair is hitting 76.4% Fibonacci retracement of CD leg of our suggested bullish harmonic pattern; while the positive sign of Stochastic continued on the chart. Thereby, we hold onto our morning predications for the rest of the day, supported by the stable move above the middle line of Keltner channel. Areas of 100% Fibonacci of CD leg are under our technical microscope and a break of which will bring additional buying pressures.
The trading range for today is among key support at 128.80 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 | 132.50 | 131.60 | 130.50 | 129.25 | 128.80 |
|
|
|||||
| Resistance | 133.15 | 133.65 | 134.20 | 135.00 | 135.50 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 131.15 targeting 135.00 and stop loss above 128.40 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
 |
The pair is currently penetrating the first technical obstacle at 115.60 on its way to re-attack 115.90 zones. It seems that it insists on breaching this technical wall, where the neckline of the previous discussed rounding bottom pattern exists. Thereby, we believe that the bullishness might dominate the movements over intraday and may be short term basis, but not before the awaited breakout above 115.90. The scientific technical targets resides around 125.50 zones over short term basis but let us define the psychological levels of 120.00 as our soft target as the pattern is huge as we discussed earlier.
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 | 115.00 | 114.75 | 114.25 | 113.60 | 112.80 |
|
|
|||||
| Resistance | 115.90 | 116.30 | 116.80 | 118.25 | 118.70 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair with a daily closing above 115.90 targeting 120.00 and stop loss below 112.80 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
 |
The royal pair is presently gathering the momentum it needs around 161.8% Fibonacci projection of CD leg of our proposed harmonic "5-0" pattern. It seems that it is building a technical base around the aforesaid levels; while being carried by SMA 50 in order to move higher within the ascending channel that dominates the current upside wave, targeting 261.8% of CD leg. Conversely, areas of 0.8620 should hold to keep the channel valid as well.
The trading range for today is among the key support at 0.8585 and key resistance now at 0.8860.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8665 | 0.8630 | 0.8605 | 0.8585 | 0.8555 |
|
|
|||||
| Resistance | 0.8715 | 0.8730 | 0.8780 | 0.8815 | 0.8860 |
|
|
|||||
| Recommendation | Our morning expectations remain valid. | ||||