EURUSD
The pair touched 1.2240 – 38.2% Fibonacci correctional level– ,moving according to the suggested midday scenario yesterday on its way to complete forming the bearish technical pattern shown below. We currently await some upside movement; targeting 1.2330 – 23.6% Fibonacci that turned into resistance -.
This ascend it due to the positivity of momentum indicators and when it had reached this level, where we should
observe the pair more precisely. The bearish reversal has completed the suggested head and shoulders pattern flawlessly to head towards the downside, where breaching it will make the breached bullish trend’s previous pace.
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The trading range for today is among the key support at 1.2170 and the key resistance at 1.2450.
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The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSD
The pair succeeded in achieving yesterday’s suggested targets flawlessly ending at pivotal resistance 1.4850. Keep in mind that the minor image above show that the four hour closings are all above support for the current ascending channel; therefore pointing to the bullish wave prevailing. The stochastic is showing bearish signs could put negative pressure on the pair, where some fluctuation is expected in overall as we await
the bullish intraday direction; targets mainly start at 1.4930 – 1.4960 and requires achieving stability above 1.4730.
The trading range for today is among the key support at 1.4730 and the key resistance at 1.5010.
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The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
USDJPY
The pair managed to stabilize below the pivotal support between 90.80 – 90.60; while reinforcing the bearish trend’s expectations previously shown. The minor descending channel and achieving stability below the MA 50, alongside the breach of mentioned support levels are all factors that encourage us to
expect a bearish intraday direction; first key target is around 89.00. Keep in mind that the breach of 91.20 will weaken chances of achieving today’s downside move.
The trading range for today is among the key support at 89.00 and the key resistance at 91.60.
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The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHF
The negative pressure on the pair continued due to the effect of support for the previously breached bearish intraday trend that has turned into resistance, as it maintains pushing the pair to move to the downside shown above in the chart – the blue spaced line -. The triangular pattern currently appearing is showing signs that
the expected bearish intraday direction will prevail, but fluctuation within this triangle is required to gain enough bearish momentum to support expectations. The awaited main targets are around 1.0970 – 1.0925, although keep in mind that the breach of resistance between 1.1115 – 1.1140 could postpone the expected descend and push the pair towards levels that may directly reach 1.1260.
The trading range for today is among the key support at 1.0925 and the key resistance at 1.1215.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
USDCAD
The pair managed to reach midway towards yesterday’s awaited target, although trading rebounded to the upside to breach resistance for the descending channel that organizes the last bearish wave’s trading, due to minor bullish technical pattern that will carry the pair to retest the previously breached neckline for the bearish technical pattern once again as shown above at 1.0330. Momentum indicators are entering overbought areas, thus making us expect the pair to achieve
the expected bearish overall trend today; the first main target is at 1.0100. It is vital that a base is built above 1.0330 to postpone the expected bearish direction and carry the pair upwards to reach and retest support for previously breached bullish short term trend, which has turned into resistance at 1.0450.
The trading range for today is among the key support at 1.0100 and the key resistance at 1.0450.
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The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com
