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Technical Cross
Written by article default Friday, 01 April 2011 18:30
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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The pair is still fluctuating around above 88.6% Fibonacci retracement of CD leg of our bullish harmonic pattern. In the interim, the movements became stable above the upper line of Keltner channel. Thus, we are approaching the full correctional level of CD leg gradually and a break of which will bring more buying pressure towards 127.2% at 138.70. In result, we hold onto our morning predications for the rest of the day.
The trading range for today is among key support at 131.60 and key resistance at 137.80.
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 | 133.65 | 132.50 | 132.00 | 131.60 | 130.50 |
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| Resistance | 135.00 | 135.50 | 136.20 | 136.80 | 137.30 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 133.60 targeting 136.80 and stop loss below 131.50 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is consolidating above the previous broken neckline of our previous suggested rounding bottom pattern. Hence, the mixture between Elliott count and classical studies is still in favor. A break of the psychological level of 120.00 will be another positive indication. Note that the current upside acceleration interprets the nature of C wave as well.
The trading range for today is among key support at 115.60 and key resistance now at 121.35.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 117.85 | 117.30 | 116.75 | 115.90 | 115.60 |
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| Resistance | 118.65 | 119.10 | 120.00 | 120.50 | 121.05 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the around 117.90 targeting 120.50 and stop loss below 116.10 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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In line with our morning scenario, the royal pair is moving slightly downwards due to the negative effect of the negative divergence and thus, we believe that the pair is gathering the needed to momentum to move higher once more. A break of 0.8840 will accelerate the expected bullish wave.
The trading range for today is among the key support at 0.8700 and key resistance now at 0.9000.
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 | 0.8840 | 0.8870 | 0.8910 | 0.8960 | 0.9000 |
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| Recommendation | Our morning expectations remain valid. | ||||