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Technical Cross
Written by article default Wednesday, 27 April 2011 17:48
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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The pair is presently trading around our suggested risk limit, where 38.2% Fibonacci of CD leg of the bearish harmonic butterfly is retested from below. The sharp incline during the previous session has been able to fix the bearish sign of Stochastic, which may be an alert that the intraday direction should be reconsidered. It is better now to stay aside to watch the price behaviors around the above mentioned levels since a daily closing above 136.20-30 zones will be a positive sign that will clarify that the bearish effect of our harmonic pattern has been limited earlier.
The trading range for today is among key support at 132.40 and key resistance at 139.75.
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 | 135.50 | 135.00 | 134.20 | 133.60 | 133.15 |
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| Resistance | 136.20 | 137.30 | 137.95 | 138.40 | 139.75 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside for the rest of the day until a clearer sign appears to pinpoint the upcoming big move. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is presently trading around the previous detected sensitive areas where the previous broken support areas -turned into resistance- as seen on the provided four hour chart. Now, AROON is positive, while trading stabilized above SMA 50 but the sensitivity of the aforementioned levels make us hold onto our neutrality for the rest of the day. A daily closing above 120.70 will indicate that the technical objective of the previous discussed bearish classical pattern has been placed at 116.40.
The trading range for today is among key support at 117.30 and key resistance now at 123.40.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 120.00 | 119.50 | 119.10 | 118.65 | 118.20 |
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| Resistance | 120.50 | 120.70 | 121.05 | 121.45 | 122.35 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside for the rest of the day until a clearer sign appears to pinpoint the upcoming big move. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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In line with our morning suggested slant downside correction, the pair started to relieve RSI 14 indicator as seen on our four hour graph. It is obvious that trading continued above SMA 50 and thus, the bullishness is still in favor for the rest of the day and all what we need to achieve this outlook is a breakout above 0.8925 zones to make sure that the extended technical target of the bullish harmonic "5-0" pattern will be reached. Carefully note that a break back below 0.8770 zones will delay this constructive positive scenario.
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 | 0.8820 | 0.8800 | 0.8780 | 0.8730 | 0.8715 |
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| Resistance | 0.8875 | 0.8915 | 0.8965 | 0.9000 | 0.9030 |
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| Recommendation | Our morning expectations remian valid. | ||||