EURUSD
The pair was able to achieve the awaited breakout yesterday strongly as it closely neared 61.8% Fibonacci correction at 1.3045, where it reversed to the downside to resume some bearish correction for the volatile bullish wave; however, at the same time retest the previously broken pivotal level at 1.2915 due to the negative affect of momentum indicators. We still see that the pair has more expected bullish intraday movement after the mentioned retest, where upcoming targets are at 1.3100. Keep in mind that these expectations require a daily closing above 1.2915 to prevail.
The trading range for today is among the key support at 1.2825 and the key resistance at 1.3145.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe pair inclined strongly, according to expectations, but once again managed to touch pivotal resistance 1.5555 that continues impeding the pair’s attempts to ascend, thereby supporting its clear overbought movement appearing on momentum indicators. This makes us expect some fluctuation and bearish slant that may build a base on SMA 50 at 1.5435 before heading towards resuming the expected bullish intraday trend, where its targets will start attacking 1.5555 to pave the way towards 1.5620 then 1.5700. The importance of the daily closing remaining above 1.5345 will maintain chances of resuming these expectations.
The trading range for today is among the key support at 1.5345 and the key resistance at 1.5700.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
USDJPYThe pair moved to the upside while Japanese trading markets opened today and thereby breaching resistance for the bearish channel at 84.75,a accompanied by momentum indicators close to overbought areas; therefore, we might witness instability in the pair’s trading in the upcoming short term period. We recommend observing upcoming trading where we require insuring if the breach of the mentioned resistance is assured, then rebound to the short term upside or return to stabilize below it to resume the bearish trend in a natural manner.
The trading range for today is among the key support at 83.45 and the key resistance at 86.35.The short term trend is to the downside as far as 91.55 remains intact with targets at 79.60.
USDCHFThe pair after nearing support for the bearish channel rebounded to the upside in an attempt to retest the previously breached pivotal support at 1.0085, where it is nearing SMA 50 that is near to touching; therefore, adding additional strength to this level that has turned into resistance which we think will lead the pair towardsresuming the expected bearish intraday direction. Key targets start at 0.9905. Note that observing the pair’s actions when reaching the suggested target, where it forms a vital level that is key to insuring the pair’s short term direction.
The trading range for today is among the key support at 0.9880 and the key resistance at 1.0155.The short term trend is to the upside as far as 0.9905 remains intact with targets at 1.1120.
USDCAD
The pair rebounded to the upside from 1.0215 due to the positive affects by momentum indicators, where it nears the pivotal level 1.0345 that the pair will retest this level before reversing to the downside to resume the bearish wave that had started after the breach of support for the bullish short term channel. We expect a bearish intraday trend that will target mainly 1.0215 then towards 1.0105. Keep in mind the importance of the daily closing remaining below 1.0345 is vital to maintain chances of resuming expectations.
The trading range for today is among the key support at 1.0105 and the key resistance at 1.0425.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
yasir.mubarak@ecpulse.com
www.ecpulse.com