EURUSD
The pair is approaching the retesting levels as shown yesterday around 1.2470 and has bullishly rebound due to the positivity of momentum indicators. The
expected direction for today is bullish , supported by momentum indicators, alongside SMA 50 that protects the bullish direction from descending. Keep in mind that chances of achieving these expectations require stability above 1.2400; expected technical targets start at 1.2780.
The trading range for today is among the key support at 1.2400 and the key resistance at 1.2780.
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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 is fluctuating around the key retesting level -valued at 1.5185- with stability within the bullish short term channel shown above. Momentum indicators are nearing oversold areas, thus encouraging us to expect a bullish intraday trend that requires trading above 1.5080 first, then head towards attacking the mentioned key resistance.
The trading range for today is among the key support at 1.4985 and the key resistance at 1.5300.
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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 is fluctuating within a sideway range shown above between support 87.30 and resistance 88.00, but keep in mind that the pair is stabilizing below support for the bearish short term trend since last June 29; thus making us expect currently trading to gain enough bearish momentum to support
resuming the expected bearish intraday direction, as SMA 50 adds more negative pressure that supports this suggested descend. The suggested technical targets will start at 86.40 then 84.75. Keep in mind that the breach of resistance between 88.20 – 88.60 could postpone achieving the expected bearish trend. Momentum indicators are showing positive signs that may maintain the sideway fluctuation situation for some time.
The trading range for today is among the key support at 86.60 and the key resistance at 88.60.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHF
The pair continues trading within the bearish channel that represents the bearish short term trend, while a minor symmetrical triangle formation is appearing, we expect it to breach support and then resume the bearish wave. The stochastic is showing negative crossover signs that encourage us to expect more bearish intraday movement; requiring first the breach of 1.0575 to head towards 1.0500 then 1.0430. In return, keep in mind that the breach of 1.0670 will weaken chances of continuing the suggested descend for today.
The trading range for today is among the key support at 1.0360 and the key resistance at 1.0700.
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The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
USDCAD
The pair touched the mentioned top around 1.0680 as it returned once again to descend to face support amidst the bullish channel shown above, which represents support for the rising wedge pattern , where we expect the pair to breach it with negative support from momentum indicators. The awaited support level that is awaited to be breached is around 1.0615, which paves the way towards 1.0555 then 1.0470. Keep in mind that
the intraday bearish trend will remain intact as long as trading is below 1.0680.
The trading range for today is among the key support at 1.0470 and the key resistance at 1.0720.
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
