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Technical Cross
Written by article default Thursday, 28 April 2011 12:04
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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The pair didn't show any big move since morning but the most impressive technical is stabilizing above 100% Fibonacci retracement of the CD leg of our bullish harmonic formation. Henceforth, we still see chances for achieving more upside actions for the rest of the day, particularly after touching the pivotal support of 136.20 which activated our proposed scenario.
The trading range for today is among key support at 132.40 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 | 135.50 | 135.00 | 134.20 | 133.60 | 133.15 |
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| Resistance | 136.80 | 137.30 | 138.40 | 139.25 | 139.75 |
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| Recommendation | Our nmorning expectations remain valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The subsidiary image of the hourly interval shows how that pair succeeded in forming a hammer candlestick pattern after touching the pivotal support levels between 120.90 and 121.05. Additionally, the current candlestick seems to be a long white one and thus, the bigger picture of the mixture between the classical effect of the rounding bottom pattern and Elliott sequence remains firmly intact. A breakout above 121.90 will accelerate our bullish scenario.
The trading range for today is among key support at 118.65 and key resistance now at 124.15.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 121.05 | 120.50 | 120.00 | 119.10 | 118.65 |
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| Resistance | 121.45 | 121.90 | 122.35 | 123.10 | 123.90 |
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| Recommendation | Our nmorning expectations remain valid. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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After hovering around the pivotal support areas around 0.8880-0.8875, the pair moved to the upside once more, attacking the most important resistance levels around 0.8925. Our suggested bullish harmonic scenario of reaching the extended technical targets of "5-0" pattern remains intact. Clearing 0.8925 followed by 0.8965 will change the shot and medium term direction.
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 | 0.8900 | 0.8875 | 0.8850 | 0.8820 | 0.8780 |
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| Resistance | 0.8965 | 0.9000 | 0.9030 | 0.9070 | 0.9110 |
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| Recommendation | Our nmorning expectations remain valid. | ||||