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Technical Cross
Written by article default Wednesday, 31 August 2011 07:46
Morning Report
The pair continued stabilizing inside the bearish channel seen on the graph. In the interim, SMA 50 is still pressuring the pair negatively. As a consequence, potential downside actions could be seen today, targeting 123.30, followed by 122.55 as far as 126.50 remains intact.
The trading range for the week may be among the major support at 120.00 and the major resistance at 126.50.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 124.65 | 124.00 | 123.30 | 123.00 | 122.55 |
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| Resistance | 125.05 | 125.60 | 126.15 | 126.50 | 127.35 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 125.60 targeting 123.30 and stop loss above 126.50 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair is still trading within the descending channel as seen on the provided chart, while being negatively pressured by SMA 50. Thereby, the bearishness is still in favor over intraday basis, supported by Stochastic of the daily basis. Technical targets are seen at 108.90 as far as 111.25 remains intact.
The trading range for the day may be among the major support at 107.55 and the major resistance at 112.00.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 110.40 | 110.15 | 109.60 | 108.90 | 108.20 |
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| Resistance | 111.00 | 111.25 | 112.00 | 112.70 | 113.65 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 111.25 targeting 108.90 and stop loss with four hour closing above 112.00 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair is moving between SMA 50 and the initial resistance which we are waiting for a breakout above it at 0.8885. Stochastic is showing off negative sign that prevent the pair from achieving the aforesaid breakout. In general, the bullish effect of the falling wedge, discussed earlier is still valid; particularly, after achieving the retest action. In result, we hold onto our bullish anticipations over intraday basis if 0.8885 is breached and stability seen above 0.8795.
Trading range for the day is among the major support at 0.8705 and the major resistance at 0.9150.
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 a four-hour closing above 0.8885 targeting 0.9150 and stop loss with four hour closing below 0.8795 might be appropriate. | ||||
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