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Technical Cross
Written by article default Tuesday, 05 April 2011 15:07
Great British Pound vs. Japanese Yen (GBP / JPY)Morning Report
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The intraday expected slight retrace was limited above the pivotal support of 135.50 zones, where the pair started to soar as seen on the provided daily graph. Stochastic and RSI became very closer to the overbought areas and that may cause fluctuations but the allover upside trend remains intact due to the positivity of AROON. To conclude, our harmonic pattern is still pushing the pair upwards towards 138.70 zones, where 127.2% Fibonacci projection of CD leg exists.
The trading range for today is among key support at 133.15 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 | 136.20 | 135.50 | 135.00 | 134.25 | 133.60 |
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| Resistance | 136.80 | 137.30 | 137.80 | 139.75 | 140.40 |
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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)
Morning Report
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As we discussed this morning, the psychological levels of 120.00 started to force the pair to move mildly to the downside, where we think that the current recovery could reach 119.10 zones before resuming our suggested upside rally. The bullishness is still in favor due to the mixture between classical and Elliott sequence. Note that, RSI might force it to show some kind of fluctuation before resuming the scenario; whilst a break of 120.00-121.05 will ease the path towards 125.00 areas.
The trading range for today is among key support at 115.90 and key resistance now at 122.45.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 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)
Morning Report
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Dangerous four hour closing occurred below the upside channel that organizes the upside of the bullish harmonic "5-0" pattern and below SMA 50, but RSI reflects the oversold sign as well. Thus, it may assist the royal pair to enter the bullish channel once more. We still have positive reasons appearing on over bigger time frames- we recommend reviewing EUR/GBP classical- and thereby, we hold onto our suggested bullish anticipations for the rest of the day. Coming above 0.8780 will add more confirmation for resuming the harmonic scenario.
The trading range for today is among the key support at 0.8630 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 | 0.8715 | 0.8700 | 0.8675 | 0.8660 | 0.8630 |
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| Resistance | 0.8780 | 0.8800 | 0.8840 | 0.8870 | 0.8910 |
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| Recommendation | Our morning expectations remain valid. | ||||