EURUSD
Comment: Wake-up time as the Euro manages one of its strongest weekly closes since October though within normal retracement parameters. As we move towards the pivotal 1.4200 area we feel that implied volatility should leap higher (and bullish momentum too). Strategy: Buy at 1.3985 but only if prepared to add to 1.3800; stop well below 1.3700. Short term target 1.4050, then a lot more with a first measured target at 1.4200 then 1.4550.Direction of Trade: →↗
Chart Levels:
Support Resistance
1.3943 " 1.4023
1.3875 1.4051/1.4060*
1.375 1.41
1.3727 1.4125
1.3700* 1.4200*
GBPUSD
Comment: Clearly the strongest weekly close since November though still well within retracement parameters from 2007's high. Moving averages have turned bullish, implied volatility likewise, and bullish momentum is increasing. Strategy: Buy at 1.5900, adding to 1.5750; stop well below 1.5500. Add to longs on a sustained break above 1.5955 for 1.6100/1.6200 short term.Direction of Trade: →↗
Chart Levels:
Support Resistance
1.5860 " 1.5949*
1.5835 1.6
1.575 1.6100*
1.562 1.6200*
1.5514* 1.64
USDJPY
Comment: Difficult price action last week ending with a 'doji' candle, at retracement support, with the lowest weekly close since late February. Open interest in the futures contract is running at about one third of 2007's peak, underlining the disillusion with the 'carry trade'. Implied volatility is expected to pick up over the next two weeks as prices look for direction. We continue to favour a move lower. Strategy: Attempt small shorts at 94.80 but only if prepared to add to 96.00; stop above 97.00. First target 93.55, then 92.50. Direction of Trade: →
Chart Levels:
Support Resistance
94.50 " 95.08
94.25 95.3
93.85 95.65
93.55* 96.22
92.5 96.71*
Daily Forex Technicals | Written by ecPulse.com
EURO
The Euro versus Dollar pair continues to correct to the downside towards 1.3850 to build a solid base before rebounding back to the upside to reach the short term upside targets at 1.4180. It is important for the 1.3770 level to remain intact for the incline to continue on the intraday. The trading range for today is among the key support at 1.3580 and the key resistance at 1.4380. The general trend is to the downside as far as 14710 remains intact with targets at 1.2120
Support: 1.3970, 1.3850, 1.3770, 1.3740, 1.3705
Resistance: 1.4050, 1.4115, 1.4180, 1.4215, 1.4300
Recommendation: According to our analysis, sell the apri below 1.3970 with targets at 1.3850 and stop loss with four hour closing above 1.4050
GBP
Trading remains narrow ranges for the Cable since yesterday yet the pair was able to breach the key support for the minor ascending channel as seen in the above image. We will wait for the next four hour closing to confirm the break which may take the pair to as low as 1.5790 to gather bullish momentum before rebounding back to the upside targeting 1.6100. This incline remains on the short term as far as 1.5650 is intact. The trading range for today is among the key support at 1.5650 and the key resistance at 1.6200. The general trend is to the upside as far as 1.4840 is intact with targets at 1.6600
Support: 1.5845, 1.5790, 1.5745, 1.5700, 1.5645
Resistance: 1.5890, 1.5950, 1.5995, 1.6030, 1.6100
Recommendation: According to our analysis, buy the pair above 1.5790 with targets at 1.5890 and 1.5995 and stop loss with four hour closing below 1.5700
JPY
After breaching the key resistance for the descending channel, the USD/JPY pair failed to breach the resistance level at 95.20 resulting in a reversal to the downside once again to retest the previously broken resistance level. The pair seems to be forming a bullish technical pattern with a neckline at 95.02 where a breach of this level will take the pair to 96.00 before reversing back to the downside as we pointed out yesterday (click here for yesterday's report). This scenario remains valid unless a decline occurs below 94.25 which may result in further declines. The short term trend remains to the downside with targets at 93.50 and 92.40 as far as 97.10 remains intact. The trading range for today is among the key support at 91.90 and the key resistance at 97.10 The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 94.25, 93.95, 93.50, 92.95, 92.40
Resistance: 95.20, 96.00, 96.45, 97.10, 97.60
Recommendation: According to our analysis, sell the pair below 94.25 witht argets at 93.50 and 92.40 and stop loss with four hour closing above 95.20
CHF
The Dollar versus Swissy continued to trade within narrow ranges yesterday yet with tendency towards the key support for the descending channel at 1.0800. We still believe that the pair is to correct to the upside to reach 1.0960 in an attempt to gather bearish momentum to target 1.0745 and 10.570 on the short term as far as 1.070 is intact. The trading range for today is among the key support at 1.0745 and the key resistance at 1.1205. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245
Support: 1.0800, 1.0770, 1.0745, 1.0710, 1.0655
Resistance: 1.0900, 1.0960, 1.1040, 1.1070, 1.1125
Recommendation: According to our analysis, sell the pair below 1.0960 with targets at 1.0800 and stop loss with four hour closing aboev 1.1040
Daily Forex Technicals | Written by FXtechtrade
DOW JONES INDEX
Today's support: - 8251.87, 8223.70 and 8190.00(main), where a delay and correction may happen. Break of the latter will give 8174.11, where correction also can be. Then follows 8143.32. Be there a strong impulse, we would see 8121.10. Continuation will bring 8097.20.Today's resistance: - 8325.36, 8368.70 and 8413.60(main), where a delay and correction may happen. Break would bring 8438.60, where a correction may happen. Then follows 8474.25, where a delay and correction could also be. Be there a strong impulse, we'd see 8507.77. Continuation would bring 8528.40.
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