EURO
The pair declined yesterday to continue the correction towards 1.2890 yet couldn't reach levels below 1.2925 as it was supported by the 61.8% Fibonacci correction resulting in a rebound to the upside above 1.3000. Trading on the intraday remains to the upside targeting 1.3130 to support the short term trend towards 1.3325 as far as 1.2925 remains intact.
The trading range for today is among the key support at 1.2830 and the key resistance at 1.3325
The general trend is to the downside as far as 1.2220 remains intact with targets at 1.2220 and 1.2120
Support: 1.3010, 1.2950, 1.2925, 1.2890, 1.2860
Resistance: 1.3075, 1.3130, 1.3175, 1.3245, 1.3295
Recommendation: According to our analysis, we believe its good to buy the pair above 1.3010 with targets at 1.3130 and stop loss with a four hour close below 1.2925
GBP
The decline witnessed yesterday was expected after breaching 1.4040 yet the 1.3960 level was able to halt further losses towards 1.3885. The pair continues to be pressured to the upside as it nears the key resistance for the downside channel at 1.4165 supported by positive signs on the stochastic indicator. We are now facing a critical level that will determine the short term trend as follows: the pair will incline to breach 1.4165 before facing a pivot level at 1.4205 where if breached will open the way towards 1.4675 and 1.4825. However a decline below 1.4000 will be the breach of a neckline for a bearish technical pattern as seen in the above picture with targets at 1.3750 and 1.3685. The short term and intraday trends will be confirmed with the breach of either pivot level: the 1.4205 to the upside or the 1.4000 to the downside
The trading range for today is among the key support at 1.3685 and the key resistance at 1.4345
The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3440 and 1.2960
Support: 1.4000, 1.3935, 1.3885, 1.3855, 1.3750
Resistance: 1.4090, 1.4165, 1.4205, 1.4260, 1.4320
Recommendation: According to our analysis, we believe its good to sell the pair below 1.4000 with targets at 1.3885 and stop loss with a four hour close above 1.4095
JPY
Trading remains steady above the breached resistance level that has shifted to 97.95 where it is among the above mentioned level and the next target resistance (the key support for the previously breached ascending channel) at 99.55. We still see the intraday trend to the upside supporting the short term trend as it targets 100.30 and 102.00. This incline remains as far as 96.90 is unbroken.
The trading range for today is among the key support at 94.10 and the key resistance at 102.00
The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60
Support: 97.95, 97.30, 96.90, 96.35, 95.65
Resistance: 98.90, 99.55, 100.00, 100.30, 101.15
Recommendation: According to our analysis, we believe its good to buy the pair above 97.95 with targets at 99.55 and stop loss with a four hour close below 96.90
Daily Forex Technicals | Written by Mizuho Corporate Bank |
EURUSD Comment: Inching higher again to the bottom of a large Ichimoku 'cloud'. Moving averages have crossed to bullish and more short covering is probably likely on a sustained break above 1.3200. Could do a better if a few other currencies helped it along.
Strategy: Buy at 1.3050 but only if prepared to add to 1.2835; stop below 1.2750. Add to longs on a sustained break above 1.3100 for 1.3200 and eventually 1.3600.
Direction of Trade: ↗
Support Resistance
1.3000 " 1.3066/1.3072
1.2932 1.3100*
1.283 1.318
1.2765* 1.321
1.26 1.3335
GBPUSD Comment: Hovering between the 9-day moving average and the 26-day one and momentum is nil. A narrower Ichimoku 'cloud' is the only ray of hope that prices might manage a squeeze higher.
Strategy: Strategy remains unchanged: attempt longs at 1.4045; stop below 1.3700. Short term target 1.4200, eventually 1.4500.
Direction of Trade: ↗
Support Resistance
1.4029 " 1.4139
1.3965 1.4234
1.3895 1.4306
1.3700* 1.4385
1.3655* 1.4475
USDJPY Comment: Still holding rather unsteadily above the 97.00 area. Bullish momentum has collapsed completely and the US dollar is certainly no longer overbought. Allow for more of the same today and maybe all week.
Strategy: Attempt small shorts 98.50; stop above 99.25. Add to shorts on a sustained break below 97.00 for 96.00 short term and probably 93.00.
Direction of Trade: →
Support Resistance
98.28 " 98.86
98.09 98.98
97.55 99.19
97 99.69*
96.57 100
Daily Forex Technicals | Written by FXtechtrade | Mar 18 09 06:01 GMT |
Dow Jones Recommended Levels
Today's support: - 7267.50, 7239.37 and 7205.62 (main), where a delay and correction may happen. Break of the latter will give 7160.70, where correction also can be. Then follows 7132.50. Be there a strong impulse, we would see 7087.00. Continuation will bring 7064.38.
Today's resistance: - 7414.50 (main), where a delay and correction may happen. Break would bring 7470.00, where a correction may happen. Then follows 7509.36, where a delay and correction could also be. Be there a strong impulse, we'd see 7567.80. Continuation would bring 7605.17.
Daily Forex Technicals | Written by TheLFB-Forex.com |
Eur/Usd: Big Picture Elliott Wave
The Euro made a retracement after this week’s 1.3070 highs. The daily chart shows that Eur/Usd has already made a 500 pip gain from the black wave A lows that may lead to a retracement to the downside, probably in a wave B) correction. The stochastic oscillator is trading in the over-bought area with signs of a bearish cross. In the long-term we are watching for huge black wave B correction with possible structure of zig-zag pattern with resistance shown at the 38.2% and 50% of wave A. In the near-term we are looking for a long break of the 100 day SMA area at 1.3020 to test the upside resistance that could start off the moves mentioned
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