Members login
Technical Cross
Written by article default Monday, 05 December 2011 07:13
Weekly Report (05-09 Dec 2011)
 |
The pair settled above the 50-days moving average and the breached descending resistance (colored in brown), while stochastic is attempting to gather positive momentum again, however, the pair dropped to trade below 121.75 support, therefore, we prefer trading to settle back above 121.75 to expect further upside attempts this week targeting initially 122.60 and 123.00.
The trading range for the week may be among the 119.00 support and 125.50 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
**GMT+2 Candlesticks**
| Support | 121.30 | 121.00 | 120.70 | 120.00 | 119.35 |
|
|
|||||
| Resistance | 121.75 | 122.60 | 123.00 | 123.90 | 124.30 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 121.75 targeting 122.60 and 123.10 , stop loss with four-hour closing below 121.20 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (05-09 Dec 2011)
 |
After breaching the descending channel shown above, the pair headed to the upside testing the 50-days Moving average, however it failed to settle above it, and price retested the previously breached resistance which turned into support at 104.35 area. 104.35 is a neckline for a bullish technical pattern and stability above this level hints more bullishness initially towards the latest high again at 105.70
The trading range for the day week is among the 102.45 support and 108.20 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
**GMT+2 Candlesticks**
| Support | 104.30 | 103.90 | 103.30 | 102.50 | 101.90 |
|
|
|||||
| Resistance | 104.75 | 105.55 | 106.00 | 106.70 | 107.50 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 105.00 targeting 105.60 and 106.50, stop loss below 104.00 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (05-09 Dec 2011)
 |
The pair continues to trade with narrow ranges, below the 50-days Moving average. Recently, price managed to breach a short term descending resistance shown above, we may witness a retest of the area around the moving average and 0.8660 horizontal resistance, but the overall range-trading stance is expected to continue so long as 0.8660 remains intact to the upside and 0.8525 to the downside.
The trading range for the week may be among the 0.8460 support and 0.8765 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.
| Support | 0.8560 | 0.8525 | 0.8485 | 0.8450 | 0.8400 |
|
|
|||||
| Resistance | 0.8615 | 0.8640 | 0.8660 | 0.8700 | 0.8725 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8650 targeting 0.8600 and 0.8550 ,stop loss with four-hour closing above 0.8665 may be appropriate | ||||
|
||||||||||||