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Technical Major Currencies
Written by article default Wednesday, 30 November 2011 07:35
Morning Report
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The pair failed to settle above the several resistance levels at 1.3415 and 1.3465, and therefore returned to trade bearishly to currently move within the scope of the downside movement. This move drives us to expect that the pair could decline again in a new attempt to test areas around 1.3270 and maybe to cover the opening gap seen with the start of this week through reaching areas around the support of 1.3220. Consolidation above 1.3415 with 4-hour closing could negate our bearish outlook over intraday basisi.
The trading range for today is among the major support at 1.3145 and the major resistance at 1.3565.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
| Support | 1.3300 | 1.3270 | 1.3220 | 1.3160 | 1.3145 |
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| Resistance | 1.3350 | 1.3380 | 1.3415 | 1.3490 | 1.3515 |
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| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.3350, and take profit in stages at (1.3270 and 1.3220) and stop loss with 4-hour closing above 1.3415 might be appropriate today | ||||
Great British Pound (GBP)
Morning Report
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With long upper shadows formed on the four-hour candlesticks, Cable couldn't clear 61.8% Fibonacci retracement of the upside wave from 1.5270 to 1.6165 as seen on our provide graph. The contrarian between the positivity appearing on Vortex-trend indicator- and the negativity appearing on RSI 14-momentum indicator- in addition to the sensitivity of 61.8% level force us to stay aside over intraday basis despite breaching the resistance line of the descending channel. The pivotal resistance areas reside between 1.5690 and 1.5720; whilst the initial support resides at 1.5510.
The trading range for today is among key support at 1.5375 and key resistance at 1.5780.
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 | 1.5585 | 1.5510 | 1.5460 | 1.5415 | 1.5375 |
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| Resistance | 1.5630 | 1.5680 | 1.5720 | 1.5780 | 1.5825 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Japanese Yen (JPY)
Morning Report
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The pair has been well supported above 50% Fibonacci of the upside wave from 75.50 to 79.50 zones as seen on our provided four-hour graph. This solid support has pushed it above 77.80 zones, while Stochastic has turned bullish; thus, our bullish predictions remain intact over intraday basis. Of note, SMA 100 continues carrying the bullishness from below, solidifying our positive outlook. Ultimately, breaching through 78.30 will accelerate inclines.
The trading range for today is among key support at 76.40 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 | 77.30 | 77.15 | 76.95 | 76.60 | 76.40 |
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| Resistance | 78.45 | 79.10 | 79.55 | 80.00 | 80.50 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.80 targeting 79.55 and stop loss below 76.65 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
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The pair attempts to incline, but the efforts are stopped by the bearish Butterfly harmonic structure, which continues to force downside pressures of the pair, while consolidation below 0.9235 suggests that the pair could provide more bearish attempts. Stochastic is stable above the 50-point level, while the relative strength index is stable below the 50-point level, while drives us to hold onto our negative outlook.
The trading range for today is among the major support at 0.8980 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 | 0.9160 | 0.9110 | 0.9080 | 0.9045 | 0.9010 |
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| Resistance | 0.9235 | 0.9260 | 0.9290 | 0.9335 | 0.9370 |
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| Recommendation | Based on the chart and explanations above, our opinion is selling the pair around 0.9235, and take profit in stages at (0.9110, 0.9045 and 0.8980) and stop loss above 0.9335 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
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The pair was able to gain positive momentum from areas around 1.0275 and then rebounded to the upside; while today the pair faces the level of 1.0365, where consolidation above this level could support the upside move to extend further. Stochastic is turning positive, while the relative strength index is stable above the 50-point level.
The trading range for today is among the major support at 1.0185 and the major resistance at 1.0570.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0305 | 1.0275 | 1.0205 | 1.0185 | 1.0140 |
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| Resistance | 1.0365 | 1.0400 | 1.0475 | 1.0495 | 1.0570 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0305, and take profit in stages at (1.0400 and 1.0570) and stop loss with 4-hour closing below 1.0205 might be appropriate | ||||
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