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Technical Cross
Written by article default Tuesday, 19 April 2011 12:02
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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Normal and expected consolidation is seen due to the solidity of 61.8% Fibonacci retracement of CD leg of our efficient bearish harmonic butterfly pattern. Meanwhile, AROON reflects the strength of the bearish trend that might assist the pair to clear the aforesaid solid level on its way to reach 76.4% as we discussed earlier. Henceforth, we keep our negative scenario intact for the rest of the day.
The trading range for today is among key support at 130.50 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 | 132.40 | 131.65 |
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| Resistance | 135.00 | 135.50 | 136.20 | 136.80 | 137.30 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair inclined slightly due to touching oversold zones as we anticipated this morning, but the overall bearishness remains intact. The pair might touch the previous broken support zones around 118.65 before resuming the downside rally of bearish classical pattern. Classical technical targets reside at 115.90-115.60 zones, while SMA 50 represents a good ceiling for the time being. To conclude, our scenario is still valid for the rest of the day.
The trading range for today is among key support at 114.25 and key resistance now at 120.50.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 117.55 | 117.00 | 116.80 | 116.20 | 115.90 |
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| Resistance | 118.65 | 119.10 | 119.45 | 120.00 | 120.50 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The previous captured positive divergence started to push the royal pair upwards as seen on the provided four hour chart. In the interim, AROON started to change the downside signal seen yesterday. Hence, we hold onto our bullish predications for the rest of the day, while a break of 0.8780 will be help the price to move higher to achieve the extended technical objectives of the bullish harmonic "5-0" pattern. On the other hand, areas of 0.8685 should hold to keep our scenario active as well.
The trading range for today is among the key support at 0.8630 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 | 0.8735 | 0.8715 | 0.8700 | 0.8685 | 0.8650 |
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| Resistance | 0.8780 | 0.8815 | 0.8850 | 0.8915 | 0.8965 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8735 targeting 0.8915 and stop loss below 0.8630 might be appropriate. | ||||