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Technical Cross
Written by article default Wednesday, 11 May 2011 14:11
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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The pair inclined slightly during the previous session due to the bullish effect of Stochastic positive overlapping but it is still stable below 61.8% Fibonacci of CD leg of the bearish harmonic butterfly pattern. Thereby, we hold onto our negative scenario for the rest of the day but we shouldn't witness a breakout with a daily closing above the aforesaid Fibonacci level. Coming back below 132.50 will confirm our overview.
The trading range for today is among key support at 128.60 and key resistance at 135.50.
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 | 132.50 | 132.00 | 131.60 | 131.05 | 130.10 |
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| Resistance | 133.15 | 133.65 | 134.20 | 134.80 | 135.50 |
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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 trapped within a very narrow range after yesterday's incline that took the pair towards 38.2% Fibonacci retracement of CD leg as seen on the provided daily chart. Therefore, we keep our negative scenario for the rest of the day. Coming beneath 115.75 is required to prove this bearish overview which is based on resuming the CD leg of the harmonic formation.
The trading range for today is among key support at 113.60 and key resistance now at 118.65.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 115.75 | 115.25 | 114.75 | 114.25 | 113.60 |
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| Resistance | 116.80 | 117.30 | 117.75 | 118.65 | 118.95 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
Click on the image for a larger view
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The royal pair moved sharply downwards and started to hit the initial support of 0.8750 zones where 38.2% of Grtley pattern is located. Thereby, we keep our negative outlook for the rest of the day, supported by the negative crossover and the bearish harmonic pattern appearing on Stochastic. A break of 0.8715 will accelerate the movements towards the next Fibonacci level as we discussed earlier.
The trading range for today is among the key support at 0.8630 and key resistance now at 0.8925.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8730 | 0.8715 | 0.8700 | 0.8780 | 0.8630 |
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| Resistance | 0.8780 | 0.8800 | 0.8820 | 0.8850 | 0.8870 |
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| Recommendation | Our morning expectations remain valid. | ||||