EURUSD
Comment: Still toying with this year's highs (1.3801 on the 8th January and 1.3739 on the 19th March). It is just a matter of time before we rally through here, with the Swiss franc snapping close on the Euro's heels, behind the Yen. Strategy: Buy at 1.3690, adding to 1.3600; stop below 1.3400. Add to longs on a sustained break above 1.3750 for 1.3800 and then 1.4000.Direction of Trade: →↗Chart Levels:
Support Resistance
1.3642 " 1.3722
1.3588 1.3739*
1.3557 1.38
1.3465 1.385
1.3400* 1.3965
GBPUSD
Comment: Cable is not overbought and momentum is steadily bullish. Consolidating just under some of the highest prices so far this year (high 1.5375 8th January). We expect this to be tested some time this week noting that the slower and steadier the rallies the further they will go and the longer they will continue.Strategy: Buy at 1.5290, adding to 1.5100; stop well below 1.5000. Add to longs on a sustained break above 1.5375 for 1.5500 short term and then 1.5725/1.5800.Direction of Trade: →↗
Support Resistance
1.5264 " 1.5331
1.519 1.5354/1.5375*
1.5069 1.5535
1.5 1.5725
1.4940* 1.58
USDJPY
Comment: Dropping quickly into a large Ichimoku 'cloud', below the moving averages which are signalling a short position, and testing trendline support. Expect prices to try and hold above 95.63 (April's low) this morning and maybe all day as the US dollar is close to oversold. Over the coming fortnight, maybe for a month, we now expect the Yen to outperform other currencies so that dollar/yen and yen crosses move lower.Strategy: Attempt shorts at 96.45 but only if prepared to add to 98.00; stop above 98.65. Short term target 95.65 and then 94.50.Direction of Trade: →
Support Resistance
96.00 " 96.7
95.78/95.63* 97.35
94.95 97.95
94.15 98.83
93.55* 99.69*
Daily Forex Technicals |
EURO
The Euro versus Dollar pair continued to incline to reach levels above 1.3700 before reversing back to the key support at 1.3585. We still hold our outlook to the upside with targets at 1.3815 ahead of the critical 1.3855 level which may determine the medium term trend where a breach of this level will take the pair to as far as 1.4200. This short term incline remains as far as 1.3440 is intact. The trading range for today is among the key support at 1.3440 and the key resistance at 1.4050
The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120
Support: 1.3630, 1.3585, 1.3560, 1.3500, 1.3440
Resistance: 1.3710, 1.3735, 1.3775, 1.3810, 1.3855
Recommendation: According to our analysis, buy the pair above 1.3630 with targets at 1.3735 and stop loss with four hour closing below 1.3560
GBP
After successfully breaching the resistance levels yesterday, the Cable was able to build a solid base on the intraday and short term trend to gradually incline as it targets 1.6000. However, the pair must breach the 1.5485 level and maintain levels above 1.5190 to continue the upside trend yet we may witness a slight downside correction towards 1.5155 in an attempt to breach it and head towards 1.4850. The trading range for today is among the key support at 1.4860 and the key resistance at 1.5525 The general trend is to the upside as far as 1.4850 remains intact with targets at 1.6600.
Support: 1.5235, 1.5190, 1.5155, 1.5070, 1.5030
Resistance: 1.5300, 1.5345, 1.5380, 1.5480, 1.5505
Recommendation: According to our analysis buy the pair above 1.5235 with targets at 1.5345 and stop loss with a four hour closing below 1.5155
JPY
The USD/JPY pair was able to reach the technical targets for the bearish pattern in an attempt to breach the key support at 96.30 yet it rebounded back to the upside to maintain trading above this level. The bullish harmonic pattern seen has been completed yet we are currently waiting for a close above 96.30 to confirm the intraday trend to the upside targeting 97.65 – 98.10 after gathering bullish momentum. This incline remains as far as 95.75 is intact.The trading range for today is among the key support at 94.45 and the key resistance at 101.40. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 96.30, 95.75, 95.20, 94.85, 94.45
Resistance: 97.20, 97.65, 98.10, 98.85, 99.05
Recommendation: According to our analysis, buy the pair above 96.30 with targets at 97.65 and 98.10 and stop loss with four hour closing below 95.75
CHF
The Dollar versus Swissy was able to touch the 1.0980 level, which was yesterday's target; before rebounding back to the upside in an attempt to trade within a minor downside channel as seen in the above image. Our outlook remains to the downside to breach the 1.0980 level before reaching 1.0745 as an initial target before heading towards 1.0570 on the short term. This decline remains as far as 1.1300 is intact. The trading range for today is among the key support at 1.0745 and the key resistance at 1.1400. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245
Support: 1.0980, 1.0920, 1.0855, 1.0795, 1.0745
Resistance: 1.1075, 1.1110, 1.1165, 1.1220, 1.1265
Recommendation: According to our analysis, sell the pair below 1.0980 with targets at 1.0860 and stop loss with four hour closing above 1.1075.
Daily Forex Technicals | Written by India Forex
Rupee: Rupee tested the 49.60 levels yesterday but strengthened immediately with a strong close, boosted by dollar weakenss overseas and fresh bout of selling happening by exporters. Since the currency could not hold to its weakness even for few hours of trade , it shows it will continue to strengthen. Target maintained 48.80 (USD/INR : 49.36). Bullish.
Gold: Gold remained bullish as expected . The short term charts are showing slight correction with $917 as support. Initiate longs within $906-910 levels . Bias of gold remains bullish overall.(Gold- 925.42)
Dollar Index: DI continues to remain weak marking a newer 4 month's low below 82.20 support zone. The bias still remains on the downside heading toward 80 levels in the near term. Neutral to Bearish (DI- 82.20)
Daily Forex Technicals | Written by FXtechtrade
EUR/USD
Today's support: - 1.3654(main), where correction is possible. Break would give 1.3619, where correction also may be. Then follows 1.3594. Break of the latter would result in 1.3668. If a strong impulse, we would see 1.3539. Continuation will give 1.3492.Today's resistance: - 1.3725, 1.3746 and 1.3777(main). Break would give 1.3793, where a correction is possible. Then goes 1.3818. Break of the latter would result in 1.3850. If a strong impulse, we'd see 1.3871. Continuation will give 1.3896.
USD/JPY
Today's support: - 95.40(main). Break would bring 95.20, where correction is possible. Then 94.94, where a correction may also happen. Break of the latter will give 94.68. If a strong impulse, we would see 94.50. Continuation would give 94.28 and 94.16.Today's resistance: - 96.60 and 96.77(main), where a correction may happen. Break would bring 97.08, where also a correction may be. Then 97.21. If a strong impulse, we would see 97.65. Continuation will give 97.88.
DOW JONES INDEX
Today's support: - 8413.58, 8389.68 and 8372.26( main), where a delay and correction may happen. Break of the latter will give 8347.50, where correction also can be. Then follows 8322.20. Be there a strong impulse, we would see 8297.27. Continuation will bring 8288.44. Today's resistance: - 8505.10, 8580.80, 8606.22 and 8642.75(main), where a delay and correction may happen. Break would bring 8680.00, where a correction may happen. Then follows 8708.90, where a delay and correction could also be. Be there a strong impulse, we'd see 8741.20. Continuation would bring 8780.63 and 8811.75.
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