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Technical Cross
Written by article default Thursday, 24 March 2011 13:48
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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The bearish effect of the negative crossover on Stochastic sent the pair downwards, but it is obvious that the pair is still stable above 61.8% Fibonacci retracement of CD leg of our proposed harmonic formation. We still believe that the pair didn't show a specific sign to reveal the upcoming direction as if it stabilized above 76.4%, the path will be cleared towards 100% of CD leg; while a daily closing below 61.8% will indicate that the extended targets of the harmonic structure was limited earlier around 76.4% level. Henceforth, we hold onto our neutrality for the rest of the day.
The trading range for today is among key support at 127.60 and key resistance at 135.00.
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 | 130.50 | 129.25 | 128.80 | 127.60 | 127.00 |
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| Resistance | 131.60 | 132.00 | 132.50 | 133.15 | 133.65 |
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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
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We hope that you checked the weekly report as we recommended this morning to know the importance of the pivotal resistance areas around 115.60-115.90. We have enlarged the graph to reveal the contradiction between being carried above SMA 50 and the negative sign of Vortex indicator. Thereby, the pair is still neutral as far as areas of 115.90 aren't breached. A break of which will make the rosy picture discussed in the weekly report surface once again.
The trading range for today is among key support at 111.90 and key resistance now at 116.30.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 114.25 | 113.60 | 113.15 | 112.80 | 112.40 |
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| Resistance | 114.75 | 115.00 | 115.60 | 115.90 | 116.30 |
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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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The royal pair soared, surpassing the pivotal resistance areas, which slowed the bullishness yesterday at 0.8730. This actionable upside move indicated that the support line of the ascending channel is strong enough to push the royal pair upwards. RSI 14 and AROON are definitely positive right now, suggesting that the bullish effect of our efficient harmonic "5-0" pattern is still in progress. We recommend reviewing the EUR/GBP classical for additional details about the bigger picture.
The trading range for today is among the key support at 0.8520 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 | 0.8715 | 0.8700 | 0.8680 | 0.8660 | 0.8630 |
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| Resistance | 0.8780 | 0.8815 | 0.8860 | 0.8910 | 0.8965 |
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| Recommendation | Our morning expectations remain valid. | ||||