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Technical Cross
Written by article default Monday, 29 August 2011 08:06
Weekly Report (29 August- 02 September 2011)
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The pairs bearishness on friday extended to approach the awiated targets around 124.00 and bounced again to trade near the breached support at 125.60. Trading among the main descending channel in addition to the negative pressure from the 50 EMA support our expectations for the continuation of the downside move this week initially 123.30 and may extend to 120.00. Steady daily closing below 126.75 is required for our expectations to remain valid.
The trading range for the week may be among the major support at 120.00 and the major resistance at 127.50.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 125.05 | 124.65 | 124.00 | 123.30 | 123.00 |
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| Resistance | 125.60 | 126.15 | 126.75 | 127.50 | 128.05 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 125.60 targeting 122.55 and stop loss with daily closing above 126.75 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (29 August- 02 September 2011)
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The pair found good support at 110.00 to bounce and trade around the descending channels' resistance as shown in image. The channel is well protected by the 50 EMA , in addition to stochastic overbought stance. Therefore, we think that it's more likely that the downside move will resume this week, targeting 108.90 and 107.55. While breaching above 111.40 over daily basis may invalidate our expectations.
The trading range for the week may be among the major support at 107.55 and the major resistance at 113.65.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 111.00 | 110.40 | 110.15 | 109.60 | 108.90 |
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| Resistance | 111.40 | 112.10 | 112.70 | 113.65 | 114.10 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 111.40 targeting 108.90 and stop loss above 112.70 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (29 August- 02 September 2011)
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The pair is gradually approaching the pivotal awaited resistance around 0.8885, while stochastic is providing negativity that may hinder the awaited breach of the level. In general, the breach of the falling wedge which was followed by a successful retest of the formation in addition to stability among the main ascending channel and support from the 50 EMA, All support bullishness for this week targeting initially 0.9000 followed by 0.9150. However, the move requires two conditions, a breach and stability above 0.8885 and trading above 0.8740.
Trading range for the day is among the major support at 0.8680 and the major resistance at 0.9000.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8795 | 0.8740 | 0.8705 | 0.8650 | 0.8615 |
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| Resistance | 0.8885 | 0.8940 | 0.9000 | 0.9030 | 0.9080 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 0.8885 targeting 0.9150 and stop loss with four-hour closing below 0.8795 may be appropriate. | ||||