EURUSD
Comment: Will we ever get lift-off? Bouncing again from the top of the 'cloud' and the nine-day moving average, squeezing to a new recent high at 1.3471. Similar patterns can be seen in a series of major currencies suggesting generalised US dollar weakness this month and eventually the Euro should be dragged higher. A weekly close above 1.3600 should add significantly to current bullish momentum.
Strategy: Buy at 1.3400, adding to 1.3245; stop below 1.3090. Add to longs on a sustained break above 1.3475 for 1.3575/1.3600 and more further out.
Direction of Trade: →↗Chart Levels:
Support Resistance
1.3342 " 1.3412
1.3245 1.344
1.32 1.3471*
1.3100/1.3090* 1.352
1.3 1.3582*
GBPUSD
Comment: Retreating from a recent high at 1.5198, just under January's high at 1.5375. Cable should re-group today in order to mount another upside attack next week. A weekly close above 1.5150 should add to bullish pressure, though maybe not convincingly.Strategy: Buy at 1.5015; stop below 1.4800. Add to longs on a sustained break above 1.5200 for 1.5375 short term and then 1.5725/1.5800
Direction of Trade: →↗Chart Levels:
Support Resistance
1.5000 " 1.5055
1.4968/1.4942 1.5115
1.4835 1.5200*
1.47 1.5375*
1.4500* 1.5535
USDJPY
Comment: A small 'spike high' yesterday at 99.80 might mean that we hold below here again today and drift down to the Ichimoku 'cloud'.Strategy: Attempt shorts at 99.25; stop above 99.85. Short term target 97.75, maybe 97.15.
Direction of Trade: →Chart Levels:
Support Resistance
98.94 " 99.42
98.3 99.57
97.94 99.80**
97.7 100
97.15/96.90* 100.74
EURJPY
Comment: Conflicting messages as we trade very broadly sideways roughly between 126.00 and 134.00. We feel the latest rally might stall around the 133.00 area but be prepared to be very flexible short term and probably for the whole of this year.
Strategy: Attempt small shorts at 133.00; stop above 134.50. Add to shorts on a sustained break below 130.70 for 128.85 and maybe 126.65.Direction of Trade: →
Chart Levels:
Support Resistance
132.15 " 133.23
130.7 133.58
129.85 134
128.5 134.33/134.50*
126.45* 135.5
India Forex
Euro
mic stabalization after taking the important cluster support around 1.3250 . The daily and 4-hourly charts are turning mid-way to indicate further upside in Euro. Decisive break of 1.3450 can push Euro to 1.3680. Look for buying opportunities at dips.(Eur/Usd:1.3389). Bullish above 1.3190.
Pound: Cable plunged almost 250 pips to 1.4942 (38.2% of the recent rally) even though BoE kept rates unchanged at 0.5%. Support remains around 1.49 levels, holding above which can bring a pull back to 1.5150 and then to 1.5350 levels. Look for buying cable around those levels for 100 pips. Alternatively, sell around 1.5350 levels for 100-150 pips as the daily charts are highly overbought. (Gbp/Usd: 1.5020). Short Term Bullish.
Yen: The Usd/Jpy pair moved higher upto 99.75 yesterday. The charts have become neutral. Support remains at 98.00 where going long on the pair could be considered for 80-100 pips. Decisive break above 100 can push the pair to 101.70 resistance. (Usd/Jpy: 99.25).
Australian Dollar: Aussie surged 160 pips to 0.7615 levels yesterday. All the major charts have flattened in the overbought region. Sustaining above 0.7550 can push Aussie to 0.7798 levels (100 & 200 Weekly EMA). Selling around 0.7760 for 70-80 pips could be considered. (Aud/Usd: 0.7542).
Gold: Gold surged to $925 ($16) yesterday to take the 61.8% Retracement Resistance. The view for gold still remains bullish as far as $895 support is strong. The 4-hourly charts are getting oversold, thus buying around $902 levels could be considered. Near term bias for Gold - Range-bound . (Gold: $913.60).
Dollar index: The Dollar Index has weakened as it broke the 84 support once again. It is now heading towards 83.25 as the next target-support. Bearish. (84.14). RANGE-BOUND to Bearish.
Daily Forex Technicals | Written by ecPulse.com
EURO
The Euro versus Dollar pair failed to breach the key resistance for the ascending channel at 1.3465 as it resulted in a decline of almost 100 pips. We still hold our outlook to the upside with the breach of the 1.3480 level to open the way towards 1.3585 and 1.3700 yet it is important to watch closely the fundamentals to be released from the US at 12:30 GMT as it may result in heavy volatility in the markets. The trading range for today is among the key support at 1.2800 and the key resistance at 1.3700. The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120
Support: 1.3340, 1.3310, 1.3255, 1.3210, 1.3125
Resistance: 1.3430, 1.3480, 1.3525, 1.3585, 1.3625
Recommendation: According to our analysis, buy the pair above 1.3480 with targets at 1.3585 and 1.3700 and stop loss with four hour closing below 1.3340
GBP
The Cable continued to be pressured to the downside after breaching the key support for the minor downside channel before rebounding back to the upside in an attempt to maintain levels above 1.4975. This adjustment to the upside helps us hold our outlook on the short term targeting 1.5300 as an initial target before heading towards 1.6000 as far as 1.4820 remains intact. The trading range for today is among the key support at 1.4470 and the key resistance at 1.5400. The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3440
Support: 1.4975, 1.4915, 1.4845, 1.4820, 1.4765
Resistance: 1.5060, 1.5115, 1.5165, 1.5190, 1.5270
Recommendation: According to our analysis, buy the pair above 1.5060 with targets at 1.5190 and stop loss with four hour closing below 1.4975
JPY
The USD/JPY pair declined yesterday after touching 99.55 to currently trade within narrow ranges among the 98.85 and 99.40 levels where we still believe the pair has enough momentum to breach the above mentioned resistance and target 100.65 and 101.45 on the intraday basis before heading towards 103.00 on the short term. This incline remains as far as 96.00 is intact. The trading range for today is among the key support at 96.00 and the key resistance at 103.00
The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Support: 98.90, 98.65, 98.05, 97.15, 96.35
Resistance: 99.55, 100.25, 100.65, 101.00, 101.45
Recommendation: According to our analysis, buy the pair above 99.55 with targets at 100.65 and stop loss with four hour closing below 98.65
CHF
Once again the 1.1395 resistance level halted further inclines for the Dollar versus Swissy pair as it reversed back the downside to reach 1.1270. Our outlook remains to the downside targeting 1.1165 and 1.0980 as far as 1.1395 remains intact today and 1.1535 on the short term.The trading range for today is among the key support at 1.0980 and the key resistance at 1.1800. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245
Support: 1.1240, 1.1165, 1.1100, 1.1055, 1.0980
Resistance: 1.1355, 1.1395, 1.1420, 1.1535, 1.1585
Recommendation: According to our analysis, sell the pair below 1.1240 with targets at 1.1165 and 1.1100 and stop loss with four hour closing above 1.1355
CAD
The 61.8% correction at 1.1750 stopped the Dollar versus Loonie from inclining which keeps the downside trend valid targeting the 1.1500 level after confirming the breach of 1.1655. Concerning today, the 1.1815 level must remain intact for the decline to occur where a breach of this level to the upside will open the way for the pair towards 1.1975 and 1.2175 respectively. Trading may be volatile today due to the major fundamentals released from Canada.
The trading range for today is among the key support at 1.1450 and the key resistance at 1.2175The general trend is to the upside as far as 1.1500 remains intact with targets at 1.3400
Support: 1.1650, 1.1580, 1.1515, 1.1450, 1.1370
Resistance: 1.1750, 1.1815, 1.1875, 1.1900, 1.1975
Recommendation: According to our analysis, sell the pair below 1.1650 with targets at 1.1515 and stop loss with four hour closing above 1.1750
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