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Technical Cross
Written by article default Wednesday, 13 April 2011 07:45
Great British Pound vs. Japanese Yen (GBP / JPY)Morning Report
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The pair succeeded in achieving a daily closing below the first technical objective of the bearish harmonic butterfly pattern, where 38.2% Fibonacci retracement of CD leg exists. This closing has cleared the path towards the technical target at 61.8% as we discussed earlier. Moreover, the negative signs on momentum indicators didn't change and thus, we still see chances for showing negative actions over intraday basis, targeting 134.00-133.85 zones. A break of 135.80 will confirm our proposed scenario.
The trading range for today is among key support at 132.50 and key resistance at 140.40.
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 | 134.00 | 133.60 |
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| Resistance | 137.30 | 137.80 | 138.90 | 139.25 | 139.75 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 137.10 targeting 134.20 and stop loss above 139.25 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair is still gathering the momentum it needs to breach through the neckline of our previous suggested under preparation classical pattern as seen on the provided four hour chart. SMA 50 still provides the pair with some kind of support but once it is breached the negativity will dominate the graph. The key support levels reside between 121.05 and 120.70, but on the other hand, a break of 123.40 with a four hour closing will damage the classical picture.
The trading range for today is among key support at 118.65 and key resistance now at 125.00.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 121.45 | 121.05 | 120.70 | 120.00 | 119.80 |
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| Resistance | 121.90 | 122.30 | 122.90 | 123.35 | 124.15 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 121.05 targeting 118.80 and stop loss above 122.95 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Affected by yesterday's captured cup with handle pattern, the royal pair soared towards the resistance areas of 0.8910-0.8915 as seen on the four hour chart. Now, RSI 14 needs to be relieved and thereby, the previous broken resistance areas around 0.8850 might be retested before resuming the harmonic upside rally of the bullish harmonic "5-0" pattern, targeting 361.8% Fibonacci projection of its CD leg at 0.8950-0.8965 areas. The EUR/GBP classical report reveals the medium term overview.
The trading range for today is among the key support at 0.8780 and key resistance now at 0.9070.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8875 | 0.8850 | 0.8820 | 0.8780 | 0.8730 |
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| Resistance | 0.8910 | 0.8965 | 0.9000 | 0.9030 | 0.9070 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8850 targeting 0.8965 and stop loss below 0.8770 might be appropriate. | ||||