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Technical Cross
Written by article default Wednesday, 12 October 2011 08:26
Great British Pound vs. Japanese Yen (GBP / JPY)Morning Report
The pair continues to trade with a negative bias to fluctuate around the 50 EMA. Stochastic is gaining upside momentum over four-hour basis, thus, we continue to expect an intraday upside move targeting mainly 120.80. We remind you that breaching 119.10 may delay the awaited scenario.
The trading range for today may be among the 118.10 support and 122.40 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact
| Support | 119.10 | 118.10 | 117.65 | 116.95 | 116.25 |
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| Resistance | 120.40 | 120.80 | 121.30 | 122.10 | 122.40 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 119.10 targeting 120.80 and stop loss below 118.10 may be appropriate for today. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair settles among a sideway range since Monday, while maintaining stability above the minor resistance that was breached previously and shown on image. Accordingly, we expect an upside bias for today counting on the latest consolidation above the support of the main descending channel, targeting 107.50. The 50 EMA forms a barrier for intraday trading.
The trading range for today may be among the 113.50 support and 106.40 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact
| Support | 103.85 | 103.20 | 102.65 | 102.10 | 101.70 |
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| Resistance | 105.10 | 105.40 | 105.75 | 106.40 | 106.80 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 103.85 targeting 105.75 and stop loss with four-hour closing below 103.20 may be appropriate for today. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair continued the upside move to breach the resistance of the correctional channel, and this is considered a positive sign that the pair settled for the latest downside correction, and settling above the 50 EMA is supporting this idea. Accordingly, we expect an intraday upside move targeting initially 0.8885, taking into consideration that negativity on stochastic may pressure intraday trading to resume trading among the downside correction.
The trading range for today may be among the 0.8625 support and 0.8885 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact
| Support | 0.8725 | 0.8670 | 0.8615 | 0.8590 | 0.8530 |
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| Resistance | 0.8805 | 0.8845 | 0.8885 | 0.8925 | 0.9000 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8725 targeting 0.8885 and stop loss below 0.8615 may be appropriate for today. | ||||
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