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Technical Major Currencies
Written by article default Monday, 21 November 2011 07:16
Weekly Report 21/11 – 25/ 11/ 2011
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The pair’s attempts to settle above the level of 1.3565 have failed, while the pair is still stable below the neckline of the bearish technical structure at 1.3665. Consolidation below the mentioned levels suggests new bearish attempts, targeting 78.6% Fibonacci correction at 1.3380 and maybe 88.6% at 1.3270.
The trading range for this week is among the major support at 1.3270 and the major resistance at 1.3840.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
| Support | 1.3515 | 1.3490 | 1.3410 | 1.3380 | 1.3270 |
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| Resistance | 1.3565 | 1.3620 | 1.3665 | 1.3680 | 1.3720 |
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| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.3565, and take profit in stages at (1.3410 and 1.3270) and stop loss above 1.3665 might be appropriate | ||||
Great British Pound (GBP)
Weekly Report 21/11 – 25/ 11/ 2011
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Cable has respected past Friday's scenario flawlessly re-testing the neckline areas of the classical pattern of the four-hour interval where it started to slump breaching the pivotal support-current resistance- at 1.5780- check the previous report-. Moving to the daily studies, we will find that the aforesaid re-testing process has met SMA 50 and the decline from there proved the strength of this SMA. Now, Stochastic may cause some kind of fluctuation but we don’t think it will prevent the pair from resuming its southern technical trip below 38.2% Fibonacci retracement of the entire upside rally from 1.5270 to 1.6615. Of note, breaching through 1.5585 zones will bring panic sell-off actions chiefly targeting 1.5415 areas followed by the full correctional level at 1.5270.
The trading range for this week is among key support at 1.5370 and key resistance at 1.6105.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5690 | 1.5555 | 1.5475 | 1.5415 | 1.5370 |
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| Resistance | 1.5780 | 1.5880 | 1.5935 | 1.6000 | 1.6075 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5780 targeting 1.5425 and stop loss above 1.6000 might be appropriate. | ||||
Japanese Yen (JPY)
Weekly Report 21/11 – 25/ 11/ 2011
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The pair has moved upwards adopting favorable reaction to our previous caught positive signs on momentum indicators where it succeeded in approaching the key resistance levels of 77.10-77.15 as seen on the provided four-hour graph. Now, it seems that it will take those momentum indicators to oversold areas once more before achieving the second technical attempt to breach the important resistance level. We still classify the current price behaviors as correctional actions for the upside wave from 75.50 to 79.50 while a break of 77.15 will confirm resuming the huge reversal started at 75.50. To recap, the bullishness is still in favor so long as area between 75.80 and 76.10 remain intact.
The trading range for this week is among key support at 75.50 and key resistance now at 79.55.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.60 | 76.40 | 76.10 | 75.80 | 75.50 |
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| Resistance | 76.95 | 77.30 | 77.60 | 77.90 | 78.45 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 77.15 targeting 78.80 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Weekly Report 21/11 – 25/ 11/ 2011
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Last week, we detected a Butterfly harmonic pattern, and with the start of this week we recognize that the pattern is still effective and could force the pair to reverse to the downside towards the first target at 0.9050 at least. A breach of the mentioned level could support the downside movement to extend towards the second target at 0.8940, which represent 61.8% Fibonacci correction. Our negative expectations remain valid as long as the pair is stable below 0.9235.
The trading range for this week is among the major support at 0.8810 and the major resistance at 0.9370.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.9120 | 0.9080 | 0.9050 | 0.9000 | 0.8940 |
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| Resistance | 0.9185 | 0.9235 | 0.9270 | 0.9335 | 0.9370 |
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| Recommendation | Based on the chart and explanations above, our opinion is selling the pair below 0.9185, and take profit in stages at 0.9050 and 0.8940 and stop loss above 0.9235 might be appropriate. | ||||
Canadian Dollar (CAD)
Weekly Report 21/11 – 25/ 11/ 2011
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The pair is stable above the ascending support level shown above in red, and also above 50% Fibonacci correction at 1.0275. Therefore, we expect the pair to continue the upside move, especially when the pair is stable above the Exponential Moving Averages 20 and 50. Stochastic is within overbought areas, which could trigger some fluctuations, but any trading above 1.0185 should support our positive expectation to remain valid while stability above 1.0205 is much better.
The trading range for this week is among the major support at 0.9700 and the major resistance at 1.0475.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0275 | 1.0205 | 1.0185 | 1.0140 | 1.0100 |
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| Resistance | 1.0305 | 1.0340 | 1.0375 | 1.0400 | 1.0475 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0275, and take profit in stages at (1.0375 and 1.0475) and stop loss with 4-hour closing below 1.0185 might be appropriate | ||||
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