Members login
Technical Cross
Written by article default Wednesday, 30 November 2011 07:40
Midday Report
 |
Positivity on momentum indicators could not push the pair to continue moving to the upside yesterday. In addition to that, steady trading below 23.6% Fibonacci correction shown above at 122.25 prevent us from expecting more bullishness. At the same time, stability above the 50 EMA around 120.90 besides the minor support at 120.75 push us to be neutral on the pair for now. Where a breach above 122.25 may signal further bullishness, while breaching 120.75 to the downside is a bearish signal, as momentum indicators are negatively biased.
The trading range for the day may be among the 119.00 support and 124.65 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 | 118.75 |
|
|
|||||
| Resistance | 121.70 | 122.25 | 123.15 | 123.90 | 124.65 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend staying aside and monitor trading around 122.25 and 120.75 levels for more confirmations | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
 |
Although the pair rallied after breaching the falling wedge formation, it couldn’t stabilize above the important resistance 104.75, as this resistance may be a barrier and push the pair to reverse course again, supported by the negativity on RSI, the 200 EMA is forming an upside barrier as well around 105.00. Therefore, we expect a bearish move today.
The trading range for the day may be among the 101.70 support and 106.50 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 103.40 | 102.65 | 102.10 | 101.70 | 101.35 |
|
|
|||||
| Resistance | 104.25 | 104.75 | 105.00 | 105.35 | 106.10 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 104.25 targeting 101.70 ,stop loss with four-hour closing above 105.35 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
 |
Failure to breach and stabilize above 0.8670 prevented the start of a bullish wave yesterday. Today, we are facing 0.8525 support again but no breach of the level so far, while stochastic is within oversold area and attempting to turn positive, on the other hand, RSI settles below 50. Contradiction among momentum indicators in addition to trading within the range between 0.8525 and 0.8670 are the reason behind staying aside for now awaiting a confirmation signal before the midday report.
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 | 0.8525 | 0.8460 | 0.8415 | 0.8385 | 0.8365 |
|
|
|||||
| Resistance | 0.8590 | 0.8600 | 0.8670 | 0.8720 | 0.8750 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations | ||||