Members login
Technical Major Currencies
Written by article default Wednesday, 04 January 2012 09:33
Morning Report
|
|
The pair is stable above 1.3000, which represents 161.8% Fibonacci and the exponential moving average 50. Furthermore, the pair breached the main resistance of the downside movement, which indicates that the pair could perform an upside correction, taking the pair towards 1.3120 and maybe 1.3210. The negativity seen on Stochastic could trigger heavy fluctuations during the upside correction.
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 | 1.3000 | 1.2955 | 1.2900 | 1.2875 | 1.2845 |
|
|
|||||
| Resistance | 1.3045 | 1.3080 | 1.3120 | 1.3160 | 1.3220 |
|
|
|||||
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.3000, and take profit in stages at (1.3120 and 1.3220) and stop loss with 4-hour closing below 1.2900 might be appropriate today | ||||
Great British Pound (GBP)
Morning Report
 |
The pair has continued its upside recovery where it succeeded in surpassing SMA 20-colored in green- and now, the struggle continues around SMA 50 as seen on the provide daily graph. Actually, we do have three technical factors that argue us to suggest potential downside move over intraday basis to complete the short term bearishness started at 1.6100 zones as follows:
-
The shooting star pattern, appearing on the four-hour interval.
-
The clear overbought sign appearing on RSI 14 over four-hour chart.
-
The solidity of the 1.5780 areas which should be the ceiling for any upside rallies.
Ultimately, areas of 1.5585 should be breached to confirm the awaited downside wave.
The trading range for today is among key support at 1.5360 and key resistance at 1.5880.
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 | 1.5555 | 1.5515 | 1.5460 | 1.5420 |
|
|
|||||
| Resistance | 1.5680 | 1.5720 | 1.5780 | 1.5820 | 1.5880 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5585 targeting 1.5270 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
 |
The trading continued between 61.8% and 76.4% Fibonacci retracement of the upside wave from 75.80 to 79.50 zones as seen on the provided four-hour chart. Stochastic is on its way to give off a potential crossover inside oversold areas; whilst Vortex continues supporting the bearish trend. We still believe that, risk versus reward ratio is too high for the time being; thus, we will stay aside until we see how the pair will behave around the current sensitive levels. Setbacks should be well supported at 75.80 for bulls and areas of 77.30 should the ceiling for sellers.
The trading range for today is among key support at 75.50 and key resistance now at 77.90.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.60 | 76.40 | 76.10 | 75.80 | 75.50 |
|
|
|||||
| Resistance | 76.95 | 77.30 | 77.60 | 77.90 | 78.30 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, staying aside since the risk versus reward ratio is very high. | ||||
Swiss Franc (CHF)
Morning Report
|
|
The pair is trading outside the scope of the short-term upside move as shown above on the chart, but 23.6% Fibonacci correction at 0.9315 was able to stop the pair’s negative momentum. Stochastic could trigger some bullishness to retest the exponential moving averages 20 and 50 around 0.9375, and maybe the pair could extend the bullishness towards 0.9400. However, any trading below 0.9440 supports the downside correctional movement to remain valid.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9520.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
| Support | 0.9330 | 0.9290 | 0.9260 | 0.9235 | 0.9195 |
|
|
|||||
| Resistance | 0.9375 | 0.9400 | 0.9440 | 0.9490 | 0.9520 |
|
|
|||||
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair below 0.9400, and take profit in stages at (0.9315, 0.9290 and 0.9235) and stop loss above 0.9490 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
|
|
The pair declined sharply yesterday and reached the level of 1.0070, but this level was above to stop the pair’s negative momentum. Stochastic and RSI are still negative and are trading below the 50-point level. Consolidation below the previously breached ascending main support and also below the level of 1.0185 led us to remain neutral today, awaiting further confirmation, where stability above 1.0185 supports the return of the positivity, while a breakout below 1.0070 could support the extension of the downside movement.
The trading range for today is among the major support at 0.9970 and the major resistance at 1.0275.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0100 | 1.0070 | 1.0025 | 1.0000 | 0.9970 |
|
|
|||||
| Resistance | 1.0140 | 1.0185 | 1.0205 | 1.0255 | 1.0275 |
|
|
|||||
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
|
||||||||||||