Technical Analysis for Crosses

Written by ecPulse.com |  Mar 24 09 07:17 GMT | 

GBP/JPY

The pair is steadily moving upward inside our suggested Pitchfork's channel particularly after it succeeded to breach the full correction level of the short term trading range at 141.70 areas but we think that facing the middle line of the channel and the clear overbought signals appearing on stochastic, RSI which is valued at (83.00) and CCI will force the pair to pull back retesting the mentioned level before resuming the upside action. Hence these expected corrective actions encourage us to keep our intraday overview to the downside targeting 142.00 areas.

Trading range for today is among key support at 140.00 and key resistance at 148.70.
The general trend is to the downside as far as 148.70 remains intact with target at 116.00

Support: 144.30, 143.65, 142.50, 141.70, 141.00
Resistance: 145.50, 146.50, 147.30, 148.00, 148.70

Recommendation: According to our analysis, we believe that it is good to sell the pair at 144.85 with targets at 142.25 and stop loss at 146.60.

EUR/JPY

The pair is moving freely above the full correction level of short term trading range but simply speaking it needs to relieve the indicators especially stochastic and CCI before any upside resumption. So that we expect some kind of corrective actions based on approaching the Fibonacci expansion level around 134.85 which probably will force the pair to respect this overview on the intraday basis. A clear break occurs below 132.75 will activate the previous mentioned overbought signals aggressively.

Trading range for today is among key support at 130.00 and key resistance now at 137.30.
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: 133.80, 133.00, 132.50, 131.95, 131.00
Resistance: 134.85, 135.50, 136.30, 136.80, 137.30

Recommendation: According to our analysis, we believe that it is good to sell the pair at 134.50 with targets at 132.75 and stop loss at 136.00

EUR/GBP

The pair is being forced to move downside with every try to stabilize above 76.4% Fibonacci level of the whole decline started at 0.9520 areas but studying the hourly chart shows that the pair is totally oversold on the intraday basis and we notice that(RSI, A-C) ,CCI and William %R started to open the way for a violent upside move particularly if it succeeds to pass the 0.9310 initial resistance area. Hence we will keep our overview to the upside today as far as 0.9205 remains unbroken.

Note: SMA 20 is valued at 0.9330, a break of which will accelerate our bullish scenario.
Trading range is among the key support 0.9070 and key resistance now at 0.9520.
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: 0.9250, 0.9205, 0.9165, 0.9130, 0.9070
Resistance: 0.9330, 0.9380, 0.9420, 0.9460, 0.9520

Recommendation: According to our analysis, we believe that it is good to buy the pair at 0.9295 with targets at 0.9400 and stop loss at 0.9205.

Ecpulse