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Technical Cross
Written by article default Tuesday, 30 August 2011 08:10
Morning Report
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The pair rallied to trade again above 125.60 pivot, and breached the intraday descending resistance shown above. Accordingly we may witness a short term recovery towards the main pivot and the 50 days MA near 127.30, however it may be preceeded by a retest of the breached resistance which turns into support at 125.60. For the bullish bias to be sustained we need the four-hour closing to remain above 125.00 area.
The trading range for the week may be among the major support at 124.50 and the major resistance at 127.30.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 125.80 | 125.20 | 124.50 | 123.75 | 123.30 |
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| Resistance | 126.60 | 127.00 | 127.35 | 128.15 | 128.60 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 125.60 targeting 127.25 and stop loss with four hour closing below 125.00 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair is showing signs of bottoming out where we note a structure of a rounding formation, accompanied with a clear bullish divergence on Stochastic and the price succeeded in printing higher highs and higher lows for the first time since the start of July. Accordingly, we expect intraday bullishness for today, where possible near term targets reside around 112.60 and 113.50. Steady daily closing above 110.25 is required for the bullish move to be sustained.
The trading range for the day may be among the major support at 110.00 and the major resistance at 113.00.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact
| Support | 111.50 | 111.00 | 110.60 | 110.25 | 110.00 |
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| Resistance | 111.90 | 112.40 | 112.80 | 113.50 | 114.00 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 111.00 targeting 112.50 and 113.50. Stop loss with four hour closing below 110.20 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pairs' bias is clearly to the upside, heading towards the major resistance at 0.8885 while the 50 SMA forms a downside ground for the pair. A huge double bottom formation is clear on chart, however due to the nature of the current trendless market, where the pair is stuck within a range, we shouldn’t expect a long term reversal without noticeable confirmations all the way up. Breaching 0.8885 over daily basis shall signal more bullishness while trading back below 0.8700 may resume bearishness.
Trading range for the day is among the major support at 0.8700 and the major resistance at 0.8900.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8830 | 0.8800 | 0.8775 | 0.8740 | 0.8700 |
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| Resistance | 0.8870 | 0.8900 | 0.8920 | 0.8970 | 0.9000 |
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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. | ||||
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