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Technical Cross
Written by article default Monday, 18 April 2011 18:13
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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The pair continued declining, clarifying that the negative effect of breaching the lower line of Keltner channel is still in progress, particularly after breaching 38.2% Fibonacci retracement of CD leg of our affective bearish harmonic butterfly pattern. Thus, we hold onto our negative outlook, looking forward to witness a touch for 61.8% Fibonacci at 133.85, followed by 76.4% at 132.40. Note that, Stochastic might be relieved first before resuming the downside rally.
The trading range for today is among key support at 132.00 and key resistance at 137.30.
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 | 134.20 | 133.60 | 133.15 | 132.50 | 132.00 |
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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, selling the pair around 135.55 targeting 132.50 and stop loss above 137.60 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is presently attacking the major support level of 118.65, suggesting that the bearishness of the bearish classical pattern is still in favor, specifically after breaching its neckline areas on previous Friday. RSI is anticipated to bring fluctuations before resuming the downside move towards 116.80 zones. Note that, SMA 50 acts as a solid ceiling for the time being.
The trading range for today is among key support at 115.90 and key resistance now at 121.05.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 118.20 | 117.85 | 117.45 | 116.80 | 116.00 |
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| Resistance | 119.10 | 119.45 | 120.00 | 120.50 | 121.05 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 119.50 targeting 116.80 and stop loss above 121.50 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The pair is hovering around the support line or rather the uptrend line that carried the movements from D point. Indeed, it didn't show any big move since morning and thereby, we hold onto our positive outlook which is based on resuming the technical targets of the bullish harmonic "5-0" pattern. A breakout above SMA 50 is presently required to accelerate the movements. RSI is on its way to touch the value of 30.00, solidifying our constructive positive scenario.
The trading range for today is among the key support at 0.8685 and key resistance now at 0.8915.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8780 | 0.8760 | 0.8715 | 0.8700 | 0.8685 |
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| Resistance | 0.8830 | 0.8850 | 0.8875 | 0.8915 | 0.8965 |
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| Recommendation | Our weekly expectations remain valid. | ||||