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Technical Cross
Written by article default Thursday, 21 April 2011 12:48
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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The pair continued moving between 38.2% and 50% Fibonacci levels of CD leg of our captured bearish harmonic butterfly pattern as seen on the provided daily graph. Moving inside Keltner channel's middle and lower lines interprets this narrow range of trading. Hence, we hold onto our predications for the rest of the day, waiting for a break back below 134.50 to accelerate the suggested wave towards 76.4% Fibonacci level of CD leg.
The trading range for today is among key support at 131.60 and key resistance at 138.40.
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 | 134.20 | 133.60 | 132.50 | 131.60 | 131.35 |
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| Resistance | 136.20 | 136.80 | 137.30 | 138.40 | 139.75 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is consolidating below the resistance line which consists of previous broken support and SMA 50. It is clear that the trading range is very narrow and thus, nothing changed since our morning report was published. We recommend reviewing the morning report in order to have an idea about the suggested technical targets.
The trading range for today is among key support at 115.90 and key resistance now at 122.75.
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 | 117.80 | 117.00 | 116.30 |
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| Resistance | 120.00 | 120.50 | 121.05 | 121.45 | 121.90 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The royal pair moved mildly downwards whereas currently trading above the pivotal support of 0.8820 and also above SMA 50. Therefore, we keep our bullish harmonic outlook intact for the rest of the day, targeting 0.8950 zones which represent the most important levels over the upcoming period. To recap, the bullishness is to continue, supported by the harmonic overview over four hour time frame and also the harmonic scenario over weekly time scale.
The trading range for today is among the key support at 0.8730 and key resistance now at 0.9030.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8820 | 0.8780 | 0.8730 | 0.8715 | 0.8700 |
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| Resistance | 0.8875 | 0.8915 | 0.8965 | 0.9000 | 0.9030 |
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| Recommendation | Our morning expectations remain valid. | ||||