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Technical Cross
Written by article default Wednesday, 30 March 2011 07:32
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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The tweezers bottom pattern -secondary image- which we caught this morning succeeded in pushing the pair upwards. Thus, we still believe this pattern may assist it to breach 76.4% Fibonacci of CD leg of the bullish harmonic AB=CD pattern on its way to achieve the extended technical objectives of the pattern. Areas of 132.15 represent potential resistance.
The trading range for today is among key support at 127.60 and key resistance at 134.25.
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 | 128.40 | 127.60 | 126.70 |
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| Resistance | 131.60 | 132.00 | 132.50 | 133.15 | 133.60 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The minor uptrend line which carried the movements from 114.00 zones -secondary images- succeeded in sending the pair towards 115.60 zones. One more step is required to achieve more bullish actions and to activate the previous expectations of the mixture between classical and Elliott studies; it is the breakout above 115.90 zones.
The trading range for today is among key support at 113.15 and key resistance now at 117.45.
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 | 113.15 |
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| Resistance | 115.60 | 115.90 | 116.30 | 116.80 | 117.45 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair with a breakout above 115.90 targeting 118.25 and stop loss below 114.00 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The pair is still struggling around 0.8815 zones, where signs of a minor cup with handle - continuation pattern- appeared on the four hour interval. Thereby, we keep our morning predications intact for the rest of the day, supported by the bullish harmonic "5-0" pattern and the classical overview discussed in our weekly report. Dear reader, click here to review the suggested Elliott count over weekly basis.
The trading range for today is among the key support at 0.8675 and key resistance now at 0.8965.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8800 | 0.8780 | 0.8730 | 0.8715 | 0.8700 |
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| Resistance | 0.8860 | 0.8910 | 0.8935 | 0.8965 | 0.9000 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8780 targeting 0.8930 and stop loss below 0.8675 might be appropriate. | ||||