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Technical Cross
Written by article default Monday, 26 September 2011 08:14
Weekly Report (26-30 September 2011)
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The pair retested the 118.85 awaited level, and reversed to the downside supported by the negativity on stochastic over four-hour basis. Therefore, we expect the resumption of the downside move for this week targeting 116.00. A breach above 118.85 may delay achieving the suggested targets.
The expected trading range for the week is among the key support at 115.00 and the key resistance at 120.35.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 118.00 | 117.35 | 116.90 | 116.00 | 115.40 |
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| Resistance | 118.85 | 119.60 | 120.35 | 120.80 | 121.30 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 118.85 targeting 116.00 and stop loss with four-hour closing above 119.60 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (26-30 September 2011)
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The pair continues to test the support of the descending channel shown on image, and this is considered a negative sign that supports the downside bias. The 50 EMA continues to pressure intraday and short term trading negatively, in addition to the overbought stance on stochastic. Accordingly, we hold onto our expectations for a downside move this week targeting the psychological level at 100.00 and may extend to 99.40. Taking into consideration that stability below 103.75 is required to achieve these targets.
The expected trading range for the week is among the key support at 99.40 and the key resistance at 104.30.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
| Support | 102.40 | 101.35 | 100.90 | 100.00 | 99.40 |
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| Resistance | 102.75 | 103.45 | 103.75 | 104.30 | 105.10 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 102.40 targeting 100.00 and stop loss above 103.75 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (26-30 September 2011)
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The pair continues to trade negatively within the downside correction shown on image. Now, a negative technical pattern has appeared and the neckline for the pattern reside at 0.8680, and this may be another factor to achieve more bearishness targeting the support of the main ascending channel at 0.8590 and may extend to reach 0.8570. This pattern will be confirmed with a four-hour closing below the aforementioned neckline, however stochastic is providing positive signs that may prevent completing the pattern. Therefore, we prefer being neutral for now and following the upcoming reports for more confirmations.
The expected trading range for the week is among the key support at 0.8455 and the key resistance at 0.8885.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
| Support | 0.8680 | 0.8645 | 0.8590 | 0.8500 | 0.8455 |
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| Resistance | 0.8690 | 0.8730 | 0.8790 | 0.8845 | 0.8885 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
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