EURUSD
The pair managed to breach support for the ascending channel that has organized the bullish correction wave, where its breached now and turned into resistance at 1.2315. We could witness some fluctuation that will help the mentioned level to be retested before heading towards the expected bearish intraday trend; main targets start at 1.2175 and require the four- hour closing below 1.2365 to be achieved.
The trading range for today is among the key support at 1.2100 and the key resistance at 1.2365.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSD
The pair was not able to stabilize above pivotal resistance 1.4530 so the retest level for the previously breached rising wedge shown above. The stochastic is pointing to the loss of bullish momentum for the pair on the four-hour chart, thus encouraging us to
expect a bearish intraday direction; targeting first pivotal support 1.4390. MA 100– currently at 1.4585 – will protect the current bearish wave, where building a base above it will make the expected bearish trend scenario fail.The trading range for today is among the key support at 1.4340 and the key resistance at 1.4585.The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
USDJPY
The pair stabilized below the retest level shown yesterday at 91.45, accompanied by negative signs from momentum indicators that remain on yesterday’s suggested scenario. From here,
expectations for today are bearish ; targets start at 90.00 and require trading to remain below 92.30 to continue.The trading range for today is among the key support at 90.00 and the key resistance at 92.30.The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHF
The pair is close to touching support for the main ascending channel that organizes short term trading, where this support is at 1.1480. The positive signs appearing through the stochastic, in addition to stability above MA 50 are factors that will
expect a bullish intraday direction; targeting 1.1600 then 1.1695. Keep in mind that the breach of 1.1480 and stabilizing above it will reverse the direction to the downside.The trading range for today is among the key support at 1.1370 and the key resistance at 1.1695.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.
USDCAD
After touching the awaited target yesterday at 1.0390 – achieving its lowest at 1.0410 – trading managed to rebound to the upside so the pair could breach resistance for the current descending channel, which is turned into support at 1.0450. Momentum indicators are showing bullish signs that make us
expect a bullish intraday direction; main targets are at 1.1565 then 1.0680 and point to a breach of 1.0390, paving the way towards achieving the bearish correction trend.The trading range for today is among the key support at 1.0390 and the key resistance at 1.0680.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir Mubarak
Main Technical Analyst
yasir.mubarak@ecpulse.com
