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Technical Major Currencies
Written by article default Friday, 30 December 2011 10:22
Morning Report
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The pair inclined slightly yesterday, but it wasn’t able to settle above 1.3000, where consolidation below the mentioned level suggests the extension of the downside move. Stochastic is within overbought areas, and attempts now to provide a negative crossover which supports our bearish outlook.
The trading range for today is among the major support at 1.2720 and the major resistance at 1.3220.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.2900 | 1.2875 | 1.2845 | 1.2790 | 1.2720 |
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| Resistance | 1.2955 | 1.3000 | 1.3045 | 1.3080 | 1.3220 |
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| Recommendation | Based on the charts and explanations above, our opinion is selling the pair below 1.3000, and take profit in stages at (1.2875 and 1.2790) and stop loss with 4-hour closing above 1.3120 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
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The pair is slightly correcting yesterday's sharp decline that took it towards 1.5360 zones, but having a deeper look at the provided daily graph will show that the closing was achieved below the pivotal support of 1.5420. At the same time, Stochastic remains negative despite approaching oversold areas; whilst SMA 20 and SMA 50 are covering the aggressive downside wave from 1.5690 zones. In result, we hold onto our bearish predications over intraday basis; noting that, a break of 1.5360 will accelerate declines.
The trading range for today is among key support at 1.5180 and key resistance at 1.5680.
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 | 1.5375 | 1.5335 | 1.5270 | 1.5180 | 1.5125 |
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| Resistance | 1.5460 | 1.5490 | 1.5515 | 1.5555 | 1.5630 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5450 targeting 1.5270 and stop loss above 1.5680 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
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The pair couldn't hit SMA 50 and SMA 100 combination yesterday where it moved once again to the downside re-attacking the pivotal support of the recently established sideways areas as seen on the provided four-hour chart. In the interim, momentum indicator becomes very close to oversold zones designating a potential rebound to the upper line of the range trading areas. Hence, we prefer staying aside over intraday basis. We remind you; sometimes staying aside is a position.
The trading range for today is among key support at 76.60 and key resistance now at 78.80.
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 | 76.75 | 78.00 | 78.10 | 78.30 | 78.45 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside today until an actionable setup presents itself to pinpoint the intraday direction. | ||||
Swiss Franc (CHF)
Morning Report
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The incline seen left the pair above the exponential moving averages 20 and 50, while stability above 0.9400 supports our expectations for an upside move to remain valid. Stochastic provides a positive crossover in oversold areas which confirms our positive scenario.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9660.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9400 | 0.9375 | 0.9330 | 0.9290 | 0.9260 |
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| Resistance | 0.9440 | 0.9490 | 0.9520 | 0.9590 | 0.9620 |
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| Recommendation | Based on the chart and explanations above, our opinion is buying the pair around 0.9400, and take profit in stages at (0.9490, 0.9590 and 0.9660) and stop loss below 0.9290 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
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The pair traded narrowly yesterday, yet it was negatively biased. But, this slight decline failed to pressure the pair below 1.0205 and 1.0185, which in result supports our bullish expectations to remain valid. Stochastic is positive, while forming the triangle structure is still available and supports the return of the upside move. Stability below 1.0185 weakens our bullish outlook, while coming below 1.0070 will negate our expectations.
The trading range for today is among the major support at 1.0070 and the major resistance at 1.0490.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0205 | 1.0185 | 1.0140 | 1.0100 | 1.0070 |
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| Resistance | 1.0255 | 1.0275 | 1.0305 | 1.0375 | 1.0400 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0205, and take profit in stages at (1.0305 and 1.0400) and stop loss with 4-hour closing below 1.0100 might be appropriate | ||||
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