Members login
Technical Cross
Written by article default Monday, 05 September 2011 07:53
Weekly Report (05-09 September 2011)
 |
The pair is still confined within the descending channel and settles below the 50 EMA at 125.20, and this supports the possibility of a downside move today. Areas of 123.20 may form a good support, if breached the downside move may accelerate.
The trading range for the week may be among the major support at 120.80 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 | 123.30 | 123.00 | 122.55 | 122.00 | 121.40 |
|
|
|||||
| Resistance | 124.65 | 125.30 | 125.85 | 126.15 | 126.40 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 124.65 targeting 122.00 and stop loss above 125.85 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (05-09 September 2011)
 |
The pair continues to trade negatively approaching the minor support at 108.00, the level may be a barrier for the downside move, where Stochastic is oversold as well. Therefore, we expect a downside move affected by the the main descending channel, however we need a breach over four-hour basis below 108.00 to confirm the move.
The trading range for the week may be among the major support at 104.40 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 | 108.00 | 107.55 | 106.80 | 106.15 | 105.95 |
|
|
|||||
| Resistance | 109.60 | 110.05 | 110.85 | 111.60 | 112.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 108.00 targeting 106.15 and stop loss above 110.05 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (05-09 September 2011)
 |
The pairs' failure to breach the 0.8885 resistance delayed the continuation of the upside move and is currently declining to trade below the 50 EMA at 0.8790. In fact, the upside move depends mainly on stability above 0.8600, where breaching the level may invalidate the main upside trend and result in a a negative technical pattern. Trading back above 0.8885 is necessary to confirm the bullish move again. Therefore, we will stay aside awaiting a breach of the current range among the sensitive levels at 0.8885 and 0.8600.
Trading range for the week is among the major support at 0.8490 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 | 0.8730 | 0.8690 | 0.8665 | 0.8635 | 0.8590 |
|
|
|||||
| Resistance | 0.8770 | 0.8790 | 0.8820 | 0.8885 | 0.8925 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
|
||||||||||||