Members login
Technical Major Currencies
Written by article default Tuesday, 30 August 2011 08:04
Morning Report
|
|
The pair is still biased to the upside, approaching 127.2% Fibonacci correction of the CD leg of the bullish Bat harmonic pattern at 1.4560, which is our target since weeks. According to the technical harmonic analysis, stability above 1.4455 suggests retesting the mentioned level; however, consolidation above this level should support the pair to retest 1.4700, which represents the extended target 161.8% of the CD leg of the harmonic structure. In return, we will hold onto our positive expectations.
The trading range for today is among the major support at 1.4365 and the major resistance at 1.470
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4490 | 1.4455 | 1.4410 | 1.4365 | 1.4300 |
|
|
|||||
| Resistance | 1.4535 | 1.4560 | 1.4620 | 1.4700 | 1.4765 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4490, and take profit in stages at (1.4565, 1.4620 and1.4700) and stop loss with 4-hour closing below 1.4410 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
The positive trading was unable to cover the negativity seen in the past week when the pair reversed to the downside from the resistance at 1.6545. But, the Exponential Moving Average 50, which is currently at 1.6270, is still supporting the pair from below since 21 months, providing positivity to resist the downside reversal, which started from the mentioned resistance. Therefore, we remain neutral awaiting more confirmations.
The trading range for today is among the major support at 1.6190 and the major resistance at 1.6630.
The short-term trend is to the downside as far as 1.6875 remains intact targeting 1.4225.
| Support | 1.6380 | 1.6310 | 1.6270 | 1.6205 | 1.6190 |
|
|
|||||
| Resistance | 1.6435 | 1.6500 | 1.6550 | 1.6630 | 1.6680 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we remain neutral awaiting more confirmations | ||||
Japanese Yen (JPY)
Morning Report
|
|
The pair is unable to stabilize with 4-hour closing above 76.95, which is capable of confirming the suggested Elliott count, where the mentioned level represents the Simple Moving Average 20 and also 23.6% Fibonacci correction of the impulsive wave, which started from the top around 80.22 towards the bottom at 75.93. A breach of the mentioned bottom could force negative pressures on the pair yet in general a 4-hour closing above 76.95 is awaited to support the upside movement.
The trading range for today is among the major support at 74.80 and the major resistance at 78.10.
The short-term trend is to the upside as far as 75.20 remains intact, targeting 87.45.
| Support | 76.40 | 76.20 | 75.80 | 75.20 | 74.80 |
|
|
|||||
| Resistance | 77.25 | 77.85 | 78.45 | 78.80 | 79.55 |
|
|
|||||
| Recommendation | Based on the chart and explanations above, we recommend buying the pair with 4-hour closing above 76.95, targeting 78.10 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
|
|
The pair is stable below 78.6% Fibonacci correction at 0.8215 as shown above, while the exponential moving averages (EMA 20 & 50) are positive, supporting us to hold onto our positive expectations. Consolidation above 0.7970 suggests further upside movement, while consolidation above 0.8020 supports our expectations, however, a breach of 0.8215 could extend the upside movement towards 0.8360.
The trading range for today is among the major support at 0.7900 and the major resistance at 0.8360.
The short-term trend is to the upside with steady weekly closing above 0.6980 targeting 0.8815.
| Support | 0.8120 | 0.8080 | 0.8020 | 0.7970 | 0.7900 |
|
|
|||||
| Resistance | 0.8215 | 0.8250 | 0.8280 | 0.8360 | 0.8385 |
|
|
|||||
| Recommendation | Based on the chart and explanations above, we recommend buying the pair around 0.8120, targeting 0.8360 and stop loss with 4-hour closing below 0.8020 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
|
|
The pair is stable below the breached support at 0.9780, which turned into resistance, where this fact suggests further attempts to the downside. The suggested bearishness is only a correction of the upside wave which started from the bottom at 0.9405. RSI attempts to turn positive, however, consolidation below 0.9865 should keep our negative expectations valid.
The trading range for today is among the major support at 0.9635 and the major resistance at 0.9970
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9710 | 0.9680 | 0.9635 | 0.9600 | 0.9545 |
|
|
|||||
| Resistance | 0.9780 | 0.9825 | 0.9865 | 0.9910 | 0.9970 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9780, and take profit in stages at (0.9710, 0.9680 and 0.9635) and stop loss with 4-hour closing above 0.9880 might be appropriate. | ||||
|
||||||||||||