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Technical Cross

Written by article default Monday, 21 November 2011 07:20

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

Weekly Report(21-25 November 2011)
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 started the week with a clear bearish bias where its approaching the critical support at 120.75. This level is a neckline for a bearish technical pattern that is underdevelopment in-case the pair managed to breach the level the door will be open toward 119.15 and 116.85. The 50 EMA is pressuring the pair to the downside thus supporting our expectations for a downside move this week , the move requires stability below 122.25.
The trading range for the week may be among the 116.85 support and 122.25 resistance.

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

Previous Report


Support 120.75 120.40 119.20 117.95 117.40
Resistance 121.70 122.20 122.60 123.15 123.90
Recommendation Based on the charts and explanations above we recommend selling the pair with a breach below 120.75 targeting 119.15 and stop loss with four-hour closing above 121.70 may be appropriate.


Euro vs. Japanese Yen (EUR / JPY)

Weekly Report(21-25 November 2011)

Trading settled within a narrow range and below the critical support at 104.75, and that maintains the effect of the bearish technical pattern that was completed by breaching that level. Therefore, we expect continuation of the downside move this week supported by the 50 EMA and the negativity on stochastic, where the main target is located at 100.70. Stability below 104.75 is required to for our expectations to remain valid.

The trading range for the week may be among the 99.40 support and 105.70 resistance.

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

Previous Report


Support 103.15 102.65 102.10 101.70 101.00
Resistance 104.75 105.35 106.10 106.50 107.30
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)

Weekly Report(21-25 November 2011)

The pair maintains stability within the yellow shaded range bound as shown above, while it's attempting to move away from the support of the range . Therefore,  more upside attempts is likely this week, mentioning that we should monitor the pair carefully around the sensitive resistance at 0.8675 and 0.8770, as breaching this area will result in further incline and may hint that the pair settled for the latest downside correction toward the 76.4% Fibonacci correction.

The trading range for the week 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



Support 0.8525 0.8460 0.8415 0.8385 0.8300
Resistance 0.8595 0.8630 0.8675 0.8720 0.8770
Recommendation Based on the charts and explanations above we recommend buying the pair around 0.8525 targeting 0.8675 , stop loss with four-hour closing below 0.8460 may be appropriate.