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Technical Cross
Written by article default Friday, 29 April 2011 11:44
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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The pair was trapped within a narrow range since this morning but it seems that it intends to retest the previous broken 100% Fibonacci level of CD leg of the bullish harmonic formation. The bullishness resumption is still in favor as the bullish harmonic formation dominates the movements for the time being to send the pair towards the extended technical targets of the pattern.
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 | 135.00 | 134.20 | 133.60 | 133.15 | 132.40 |
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| Resistance | 136.20 | 136.80 | 137.30 | 138.40 | 139.25 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair didn't show any big move since this morning and thus, the bigger picture of the mixture between Elliott and classical studies remains firmly intact for the rest of the day. Only a break of 119.40-119.10 could delay the expected bullish wave.
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 | 120.50 | 120.00 | 119.10 | 118.65 | 117.80 |
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| Resistance | 121.45 | 121.90 | 122.35 | 123.10 | 123.90 |
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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 is attacking the pivotal resistance areas of 0.8925 aggressively as seen on the provided four hour chart. SMA 50 is still carrying the bullish wave from below and it may assist it to breach this sensitive resistance on the way towards our short term technical objective at 0.8950, where a break of which will open the door towards the extreme technical targets of the bullish harmonic "5-0" pattern at 423.6% of CD leg.
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 | 0.8800 |
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| Resistance | 0.8965 | 0.9000 | 0.9030 | 0.9070 | 0.9110 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8885 targeting 0.9030 and stop loss below 0.8785 might be appropriate. | ||||