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Technical Cross
Written by article default Tuesday, 29 November 2011 08:52
Great British Pound vs. Japanese Yen (GBP / JPY)Morning Report
Trading settled above the pivotal support at 120.75 as shown on the four-hour chart above, and this could be an indication for an intraday upside reversal as trading settled above the 50 EMA. On the other hand, momentum indicators over four-hour basis are clearly overbought thus may push price to the downside again , therefore, we recommend staying aside for now and monitor trading among the 120.75 support and 121.70 resistance.
The trading range for the week may be among the 120.00 support and123.15 resistance.The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 120.75 | 120.00 | 119.50 | 119.00 | 117.95 |
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| Resistance | 121.55 | 122.20 | 122.60 | 123.15 | 123.90 |
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| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting more confirmations | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair continued to trade positively approaching the retest level of the previously breached neckline at 104.75, where the current bullishness is due to a falling wedge formation shown above, however, trading remains below the aforementioned retest level and the 50 EMA ,thus, we continue to expect a downside intraday move supported by negativity on stochastic. While a breach above 104.75 will push us to reconsider the suggested bearish scenario.
The trading range for the day may be among the 101.70 support and 105.35 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 104.25 | 103.40 | 102.65 | 102.10 | 101.70 |
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| Resistance | 104.75 | 105.35 | 106.10 | 106.50 | 107.30 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 104.75 targeting102.65 ,stop loss with four-hour closing above 105.35 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair continued to fluctuate within a narrow range since yesterday near 0.8600 level, while the bullish technical scenario shown on the minor image remains valid. Therefore, we hold onto our expectations for a bullish move today, which requires two conditions, a clear breach of 0.8670, and steady trading above 0.8525.
The trading range for the day may be among the 0.8460 support and 0.8885 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact
| Support | 0.8600 | 0.8525 | 0.8460 | 0.8415 | 0.8385 |
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| Resistance | 0.8665 | 0.8720 | 0.8765 | 0.8805 | 0.8845 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with a breach above 0.8670 targeting 0.8770 and 0.8885 ,stop loss with four-hour closing below 0.8600 may be appropriate | ||||
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