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Technical Cross
Written by article default Monday, 04 April 2011 18:29
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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Consolidating above the pivotal support-previous resistance- of 135.20, is another positive indication that should be added to the weekly positive scenario. Henceforth, we hold onto our bullish harmonic scenario of achieving the extended technical objectives of the harmonic pattern after stabilizing above 100% Fibonacci level of CD leg. A break of 136.20 will accelerate the movements towards 127.2% projection of CD leg as seen on the provided daily graph.
The trading range for today is among key support at 132.50 and key resistance at 138.70.
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 | 135.50 | 135.00 | 134.25 | 133.60 | 131.05 |
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| Resistance | 136.20 | 136.80 | 137.30 | 137.80 | 139.75 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 135.20 targeting 138.70 and stop loss below 132.50 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is taking a technical rest today after breaching the neckline of our efficient rounding bottom pattern; Vortex still reflects how the bullishness was very strong and that is the nature of C wave at the same time. In result, we keep our technical mixture of classical and Elliott studies intact for the rest of the day; whilst a break of the psychological levels around 120.00 will bring buying pressure.
The trading range for today is among key support at 117.30 and key resistance now at 122.70.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 119.10 | 118.65 | 117.85 | 116.75 | 115.90 |
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| Resistance | 120.00 | 120.50 | 121.05 | 122.45 | 123.35 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 119.10 targeting 122.40 and stop loss below 117.20 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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In line with our weekly scenario, the royal pair started to show some signs of weakness due to the negative effect of the negative divergence, which should relieve RSI 14 around 0.8760-the support of the ascending channel- before resuming the positive actions. Anyway, our harmonic "5-0" pattern is still in favor since it is successful in pushing the pair consecutively upwards.
The trading range for today is among the key support at 0.8700 and key resistance now at 0.8910.
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 | Based on the charts and explanations above our opinion is, buying the pair around 0.8760 targeting 0.8960 and stop loss below 0.8605 might be appropriate. | ||||