Technical Analysis for Major Currencies & Crosses

EURO

A sharp incline for the pair yesterday and a reverse from the key resistacne at 1.2775 which is the 61.8% correction where it seems to be heading for further declines. From here we see that our outlook remains as far as 1.2675 and 1.2745 remain intact and the target is at 1.2505 where a four hour close below it will confirm the bearish wave The trading range for today is among the key support at 1.2330 and the key resistance at 1.2850 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2330 and 1.2100

Support: 1.2560, 1.2525, 1.2505, 1.2425, 1.2395
Resistance: 1.2630, 1.2670, 1.2705, 1.2725, 1.2755
Recommendation: According to our analysis, we see that its good to sell the pair below 1.2650 with targets at 1.2505 and stop loss with a four hour close above 1.2725

GBP

The pair continued to trade within the expected levels and climbed to hit the key resistance at 1.4430 (the 38.2% correction) before reversing back to the downside on the intraday basis attempting to breach the 1.4140 support level and head towards 1.4040. Momentum indicators are giving signals that the pair may retest 1.4260 and 1.4310 before continuing to decline. The trading range for today is among the key support at 1.3890 and the key resistance at 1.4515 The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3540 and 1.2960

Support: 1.4220, 1.4180, 1.4140, 1.4095, 1.4040
Resistance: 1.4260, 1.4310, 1.4365, 1.4430, 1.4455

Recommendation: According to our analysis, we see that its good to sell the pair below 1.4310 with targets at 1.4260 and 1.4140 and stop loss with a four hour close above 1.4430

JPY

The incline yesterday took the pair to 94.40 as expected before reversing to the key resistance (now support) for the ascending channel which has shifted now near 94.00 - 94.20. We pointed out the importance for the daily close and as the price closed at the level, this keeps the trend undetermined yet we expect a slight decline on the intraday charts to 93.45 to exit an overbought area and then rebound to 94.85 and 97.45 The trading range for today is among the key support at 86.15 and the key resistance at 97.45 The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60

Support: 93.45, 93.15, 92.70, 92.40, 92.00
Resistance: 94.10, 94.40, 94.85, 95.05, 95.75

Recommendation: According to our analysis, we see that its good to buy the pair above 93.45 with targets at 94.85 and stop loss with a four hour close below 92.70.

CHF

Trading is limited within our previously mentioned levels and after it breached the key support for the minor ascending channel, it has returned to trade at levels near it where it seems like the intraday trend is to the upside and is currently facing a resistnace at 1.1830 where if broken will open the way for the pair to 1.1920 -1.1955. Momentum indicators are on the verge of entering an overbought area noting that high volatility may be witnessed around 1.1830. The trading range for today is among the key support at 1.1460 and the key resistance at 1.1955 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1955 and 1.2055

Support: 1.1730, 1.1705, 1.1645, 1.1615, 1.1580
Resistance: 1.1830, 1.1895, 1.1920, 1.1955, 1.2055

Recommendation: Trading is limited within our previously mentioned levels and after it breached the key support for the minor ascending channel, it has returned to trade at levels near it where it seems like the intraday trend is to the upside and is currently facing a resistnace at 1.1830 where if broken will open the way for the pair to 1.1920 -1.1955. Momentum indicators are on the verge of entering an overbought area noting that high volatility may be witnessed around 1.1830.

CAD

The pair was able to build a solid base at 1.2475 and is currently nearing the target at 1.2660 where if breached will reach 1.2805 therefore our outlook for inclining on the intraday basis remains. Momentum indicators show the pair being overbought and is close to showing negative signs that could result in a downside correction to 1.2565 before rebounding to the upside. The trading range for today is among the key support at 1.2370 and the key resistance at 1.2805 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.2935 and 1.3065

Support: 1.2565, 1.2525, 1.2470, 1.2405, 1.2380
Resistance: 1.2660, 1.2700, 1.2735, 1.2760, 1.2805

Recommendation: According to our analysis, we see that its good to buy the pair above 1.2565 with targets at 1.2660 and stop loss with a four hour close below 1.2470

Technical Analysis for Crosses

EUR/JPY

With a clear negative divergence formed on STOCKSTICK as shown on the above chart we can say that the top of this week might have been be placed already as the pair couldn't move steadily above 38.2 Fibonacci influenced technically by the obvious overbought signal appeared on William % R indicator therefore today's outlook will remain to the downside as far as 120.30 remains intact.
Trading range for today is among key support at 115.50 and key resistance now at 121.85.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

Support: 118.00, 117.55, 116.60, 115.80, 114.82
Resistance: 119.00, 119.50, 120.20, 121.02, 121.85

Recommendation: According to our analysis, we believe that it is good to sell the pair with a four hour close below 118.20 with targets at 116.50 and stop loss with a four hour close above 119.60.

GBP/JPY

As we explained yesterday in our mid-day report the pair was preparing for forming the negative divergence which is confirmed by 2 clear 4 h closes below 135.50, now its testing the broken resistance turned into support, our outlook for today is bearish particularly if it succeeded to breach 133.08 areas represent 23.6% Fibonacci of the whole upward started at 119.20 and placed a top at 137.33, this intraday bearish overview will not change as far as 136.40 remains unbroken , WILLIAM %R AND STOCKSTICK support this outlook.
Trading range for today is among key support at 127.50 and key resistance at 137.30.
The general trend is to the downside as far as 148.20 remains intact with target at 116.00 levels.

Support: 133.00, 132.40, 131.27, 130.20, 129.30
Resistance: 134.30, 135.20, 136.17, 137.42, 138.05

Recommendation According to our analysis, we believe that it is good to sell the pair with a four hour close below 133.10 with targets at 131.00 and stop loss with a four hour close above 134.80

EUR/GBP

The pair is famous for slow price actions so that we think that the right shoulder of the bullish pattern as explained before is still in progress, its now moving around SMA 20 trying to build a new base to accelerate the move towards 0.8985 as a first target for the previous mentioned bullish candlestick formation and a break of which will confirm the move towards the target areas of the Wolfe's wave target , hence we expect today's move will be to the upside as far as 0.8650 remains unbroken ,AC indicator supports our outlook strongly.
Trading range is among the key support 0.8650 and key resistance now at 0.9206.
The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

Support: 0.8800, 0.8760, 0.8720, 0.8680, 0.8635
Resistance: 0.8900, 0.8955, 0.9005, 0.9070, 0.9150

Recommendation: According to our analysis, we believe that it is good to buy the pair with a four hour close above 0.8860 with targets at 0.8975 and stop loss with a four hour close below 0.8750.

Analysis by :

Crown Forex