EURUSDThe pair continued fluctuating around pivotal 1.2830, accompanied by the stochastic entering overbought areas and therefore pointing to chances of resuming the expected bearish overall direction this week. From here, we expect a bearish intraday trend that targets attacking pivotal support 1.2730; requiring first achieving stability below 1.2830. Pointing out the expected bearish scenario requires trading to stabilize below 1.2900 – 1.2950 to prevail.
The trading range for today is among the key support at 1.2700 and the key resistance at 1.2950.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe pivotal resistance 1.5710 showed resilience in front of the pair yesterday, pushing it as trading remains below this level and above SMA 50. The negativity of momentum indicators alongside mentioned resistance are factors that make us expect a bearish intraday direction, where targets start at support for the bullish channel at 1.5580 then attempt to breach and resume the key bearish direction. Keep in mind that closing the four hour candlestick above 1.5710 will weaken chances of achieving bearish expectations for today.
The trading range for today is among the key support at 1.5530 and the key resistance at 1.5815. The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
The pair retested the previously breached resistance that has currently turned into support and descended towards 85.05, accompanied by this test momentum indicators reaching oversold areas, thus encouraging us to expect the bullish intraday direction to start; targeting initially pivotal resistance 86.20 that represents the suggested neckline for the bullish technical pattern that is currently being formed, shown in our previous reports.As far as the trading stabilizes above 85.05, our scenario will be valid.
The trading range for today is among the key support at 84.00 and the key resistance at 87.35.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
The pair neared support for the sideway range leaning to the downside at 1.325 and has started a bullish rebound; whereas we think that it is heading towards resistance for this range at 1.0595. Momentum indicators appear to be showing positive signs that encourage us to expect a bullish intraday direction that requires the breach of 1.0460 to make the pair’s attempt at achieving the bullish trend scenario that is expected, where its targets extend to reach 1.0745. Keep in mind that the daily closing above 1.0325 to maintain chances of achieving the suggested ascend.
The trading range for today is among the key support at 1.0325 and the key resistance at 1.0595.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.
USDCADThe pair continued trading outside the previously breached bullish channel shown below, where the pair has found a strong resistance barrier yesterday around 1.0470 pushing it to the downside; whereas the bearish technical pattern on the hourly basis, showed its neckline at 1.0345. These factors alongside stability below SMA 50 make us expect a bearish intraday direction that will be activated with the breach of the mentioned neckline and head towards 1.0260 then 1.0190. Keep in mind that this scenario requires trading below 1.0470 to prevail.
The trading range for today is among the key support at 1.0190 and the key resistance at 1.0530.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