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Technical Cross

Written by article default Friday, 18 November 2011 08:26

Great British Pound vs. Japanese Yen (GBP / JPY)

Morning Report
The pair is trading with slight positivity since morning affected by positivity on momentum indicators, while we are still waiting for some upside correction testing 122.00 areas  before resuming the intraday downside move for today. The 50 EMA continues to pressure trading negatively, while the main target to the downside is located at 119.50 which is the retest resistance level for the main descending channel that was breached previously.
The pair continued to trade narrowly yesterday, while stochastic is losing the bullish momentum over the four-hour time-frame. Therefore, we continue to anticipate intraday bearishness supported by the negative pressure coming from the 50 EMA, taking into consideration that breaching 120.70-120.40 support area will accelerate the bearish move.
The trading range for the day may be among the 119.50 support and 122.60 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain      intact.

Previous Report

Weekly Report



Support 121.00 120.40 119.50 119.10 118.75
Resistance 121.30 122.00 122.60 123.15 123.90
Recommendation Based on the charts and explanations above we recommend selling the pair around 122.00 targeting 120.35 and stop loss with four-hour closing above 122.60 may be appropriate.


Euro vs. Japanese Yen (EUR / JPY)

Morning Report
Narrow trading as well, where the pair found a good support at 103.40 supported by positivity on momentum indicators. Therefore, we remain anticipating a slight upside correction toward 104.25 before resuming the intraday downside move which depends mainly on settling below 104.75 level. Th awaited targets reside at 102.10 followed by 100.75.

The trading range for the day may be among the 100.75  support and 104.75 resistance.

The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.

Previous Report

Weekly Report



Support 103.15 102.65 102.10 101.70 101.00
Resistance 104.00 104.25 104.75 105.35 106.10
Recommendation Based on the charts and explanations above we recommend selling the pair around 104.25 targeting 102.10 and stop loss with four-hour closing above 104.75 may be appropriate


Euro vs. Great British Pound (EUR / GBP)

Morning Report

The royal pair continues to trade near the support of the side-way range at 0.8525, while daily closings remain above the level. We still think that a bullish move is likely testing areas around 0.8670, while breaching 0.8525 will open the door toward more bearishness targeting the support of the main descending channel around 0.8370.

The trading range for the day may be among the 0.8415 support and 0.8720 resistance.

The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact

Previous Report

Weekly Report




Support 0.8525 0.8500 0.8460 0.8415 0.8385
Resistance 0.8595 0.8630 0.8670 0.8720 0.8805
Recommendation Based on the charts and explanations above we recommend buying the pair around 0.8525 targeting 0.8670 , stop loss below 0.8460 may be appropriate.

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