Members login
Technical Cross
Written by article default Thursday, 18 August 2011 07:55
Morning Report
 |
The pair inclined yesterday to reach the minor ascending resistance shown in image, while stochastic is clearly overbought over the four-hour time frame . Therefore, we hold onto our bearish expectations over intraday basis which require two conditions, breaching 125.75 and stability below 127.55.
The trading range for the day is among the major support at 122.55 and the major resistance at 127.65.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 126.50 | 125.75 | 125.05 | 124.65 | 124.00 |
|
|
|||||
| Resistance | 126.65 | 127.05 | 127.55 | 128.05 | 128.50 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 127.05 targeting 125.75 and stop loss with hourly closing above126.50 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
 |
The pair maintains stability below the intraday resistance at 111.00, where stochastic is clearly overbought, therefore, we expect the resumption of the intraday bearish move supported by the negative pressure from the 50 EMA. The awaited targets mainly at 107.55. Stability below 111.00 is required for our expectations to remain valid.
The trading range for the day is among the major support at 107.55 and the major resistance at 111.85.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 110.25 | 109.60 | 109.30 | 108.95 | 108.20 |
|
|
|||||
| Resistance | 111.00 | 111.55 | 111.85 | 112.70 | 113.65 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 111.00 targeting 108.95 and stop loss with hourly closing above 111.55 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
|
|
The pair dropped yesterday to retest the previously breached resistance of the falling wedge formation which turns now into a support at 0.8675. After this decline stochastic entered oversold areas. These factors along with a possible bullish technical pattern -we mentioned previously- its neckline at 0.8885 suggests a bullish intraday move in general for today, targeting initially the suggested neckline. Breaching below 0.8675 may invalidate the scenario.
Trading range for the day is among the major support at 0.8675 and the major resistance at 0.8885.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8675 | 0.8600 | 0.8580 | 0.8550 | 0.8500 |
|
|
|||||
| Resistance | 0.8755 | 0.8795 | 0.8885 | 0.8940 | 0.8975 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8675 targeting 0.8795 and 0.8885. Stop loss below 0.8600 may be appropriate. | ||||
|
||||||||||||