Daily Forex Technicals | Written by Mizuho Corporate Bank
EURUSD
Comment: Stuck below the top of the Ichimoku 'cloud' and note that it gets very thin next week. A sustained break above 1.3400 might turn momentum bullish.
Strategy: Buy at 1.3185; stop well below 1.3100. Add to longs on a sustained break above 1.3400 for 1.3600 and then more.Direction of Trade: ↗
Support Resistance
1.3171 " 1.327
1.3125 1.331
1.3100* 1.34
1.3 1.3518
1.2985 1.3582/1.3600*
GBPUSD
Comment: A pity Cable did not manage a daily close above the psychological level at 1.5000, but maybe not that surprising considering it's had no help from other major currencies. With a little luck a weekly close above here will send many off to re-think UK plc.Strategy: Buy at 1.4995, adding to 1.4825; stop below 1.4550. Short term target 1.5050, then a lot more.Direction of Trade: →↗
Support Resistance
1.4964 " 1.504
1.49 1.5069*
1.482 1.51
1.47 1.5155/1.5185
1.4580* 1.5375*
USDJPY
Comment: Yesterday's small 'hammer' against first retracement support hints that we may have formed an interim high. If not today then hopefully by Friday a close above the 9-day moving average at 99.79 might add to bullish momentum. Note also that the lagging Chikou Span currently has support from the candles between 99.00 and 98.00.
Strategy: Attempt longs at 98.85; stop below 98.00. First target 99.70, then 100.70.
Direction of Trade: →
Support Resistance
98.83/98.74 " 99.52
98.15 99.68/99.79
97.50* 100
97.1 100.75
96.5 101.45*
Daily Forex Technicals | Written by India Forex
Rupee: Rupee is moving as per our expectation. It strengthened to 49.63 against the greenback taking the trendline and 14 DMA resistance around 50.05 in the early trade yesterday. The bias for the local currency remains strong with immediate target of 48.90 and then to our target of 47.80. On the upside 50.20 has now become a crucial resistance above which the bias would turn neutral. Please refer to the USD INR Chart in our homepage for a clearer technical view. Bullish as long as it holds below 50.
Euro: Euro broke the rising trendline yesterday and plunged to 1.3146 (55 Daily EMA) despite the other currencies remaining strong against the buck. This suggests further downside pressure on Euro is still prevailing due to quantitative easing policy expectation from Eurozone. Sustaining below 1.3250 (21 & 100 Daily EMA) would bring a test of 1.3075. Look for short opportunities at every rise. (Eur/Usd:1.3200). Bearish.
Pound: Cable broke past the key resistance of 1.4930 (21 Weekly EMA) yesterday and surged to 1.5068 high. The charts are getting overbought, yet no clear sell signal is emerging at this point. Resistance comes around 1.5435 (38.2% of the fall) where shorts could be considered for 100-130 pips. The intraday view remains slightly bullish only a strong break below 1.4550 (55 Daily EMA) would change the view of pound to bearish again. Initiate longs around the 21 Hourly EMA at 1.4985 for intraday gain of 70 pips. (Gbp/Usd: 1.4990). Slightly bullish.
Yen: The Usd/Jpy pair retraced to 98.20 levels (as expected) where it gained support from the daily trendline and is again aiming to touch the 61.8% Retracement at 101.50. The weekly and 4-hourly stochastic is overbought and flat. Only IF Yen breaks 98.00 and holds then downside upto 96.01 (38.2%) could be observed. (Usd/Jpy: 98.25).
Australian Dollar: Aussie recovered from 0.7147 and moved higher to 0.7314 levels maintaining well above the trendline support. The daily and 4-hourly charts are getting overbought and a correction upto 0.7050-0.7120 could be seen. Initiate shorts around 0.73 levels for 70-80 pips. Alternatively, look for entering long at dips around 0.7090- 0.7120 levels for 100 pips. (Aud/Usd: 0.7158).
Gold: Gold is holding steadily below the daily and weekly trend lines and crucial moving averages. It is likely to be bearish in short term. Sell at retracements around 900 to 910 levels and book profits around $875 -$880 levels Bearish (Gold: $890.10)
Dollar index :The dollar index strengthened last week and closed above 55 days EMA, due to weakness in Euro. While it's still limited below near term resistance of 86.13, the case for resuming rally from 82.63 has been building up. We're still maintaining the view that key support of 82 level (cluster support of 61.8% retracement of 77.69 to 89.62 at 82.24 and 38.2% retracement of 70.70 to 89.62 at 82.39, as well as long term rising trend line at 82.03) intact. Break above 86.13 will set the stage for retesting 89.62 high. Though a break below 84.93 will dampen the bullish case and bring more sideway trading before an upside break out. Bullish.
Daily Forex Technicals | Written by ecPulse.com |
EURO
The Euro versus the dollar continued yesterday's fluctuations in an attempt to decline to reach the key support at 1.3110. The resistance levels continue to reverse movements to the downside which makes us believe to witness a breakout to the downside to target levels near 1.2500. The short term decline remains valid as far as 1.3460 remains intact.The trading range for today is among the key support at 1.2980 and the key resistance at 1.3740.The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120.
Support 1.3160 1.3110 1.3065 1.3035 1.2990
Resistance 1.3295 1.3330 1.3375 1.3405 1.3475
Recommendation According to our analysis, sell the pair below 1.3295 with targets at 1.3160 and stop loss with four-hour closing above 1.3375
GBP
The GBP/USD pair attempted once again to breach the minor resistance to reach the 1.5100 level yet was limited near 1.5070 before reversing to the downside in correctional movements. We expect this correction to take the pair towards 1.4970 – 1.4945 near the 1.4960 pivotal resistance in an attempt to gather bullish momentum on the four hour charts before rebounding back to the upside targeting 1.5130 where a successful breach of this level will open the way towards the key resistance for the channel at 1.5400. It is important to note that this incline remains as far as 1.4690 remains intact.The trading range for today is among the key support at 1.4345 and the key resistance at 1.5460. The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3440
Support: 1.4960, 1.4880, 1.4815, 1.4765, 1.4735
Resistance: 1.5070, 1.5130, 1.5235, 1.5300, 1.5350
Recommendation: According to our analysis, buy the pair above 1.4960 with targets at 1.5130 and stop loss with four-hour closing below 1.4880
JPY
The Dollar versus the Japanese yen inclined as expected to reach the previously broken support line turned into resistance at 99.40 (neckline) before reversing to the downside once again. Our outlook for today remains to the downside targeting 97.40 before reaching levels below 96.00. This short term trend remains as far as 100.35 remains intact.The trading range for today is among the key support at 9+6.10 and the key resistance at 101.45.The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Support: 98.80, 98.15, 97.40, 96.50, 96.00
Resistance: 99.40, 99.95, 100.35, 101.00, 101.45
Recommendation: According to our analysis, sell the pair below 99.40 with targets at 97.40 and stop loss with four-hour closing above 100.35
CHF
The Dollar versus the Swissy continued to incline gradually in an attempt to breach the key resistance at 1.1630. Trading remains within a minor ascending channel with key support at 1.1395 and key resistance at 1.1515, keeping our intraday trend to the upside as it supports the short term trend as well as far as 1.1290 remains intact. A breach of this level, will take the pair towards the pivotal support at 1.1165.The trading range for today is among the key support at 1.0975 and the key resistance at 1.1900.The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245.
Support: 1.1395, 1.1350, 1.1290, 1.1240, 1.1205
Resistance: 1.1515, 1.1630, 1.1725, 1.1810, 1.1900
Recommendation: According to our analysis, buy the pair above 1.1395 with targets at 1.1515 and stop loss with four-hour closing below 1.1290
No comments:
Post a Comment