EURUSD
The pair attempted to breach the awaited support level at 1.2290, where it continues to fluctuate around it. Stochastic provided a negative crossover and accordingly our morning expectations remain intact unless the pair stabilizes above 1.2390 – 1.2420.
The trading range for today is among the key support at 1.2170 and the key resistance at 1.2420.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSD
The pair is attempting to breach the pivotal support at 1.4330 with a strong rebound to the upside shown in the image above, which in its own role will form a minor bearish pattern where its neckline is at the support level awaited to be breached. Momentum indicators are still showing negative signs that support the our morning scenario as we await a bearish intraday move to targets set in the previous report. The trading range for today is among the key support at 1.4150 and the key resistance at 1.4460.The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
USDJPY
The pair is still wedged within the same range mentioned this morning and therefore no change is mentioned on our morning scenario. We expect a bearish intraday move that requires trading to remain below 91.15.The trading range for today is among the key support at 88.40 and the key resistance at 91.15.The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHF
The pair negatively pressured 1.1590 support and heading towards the 76.4% Fibonacci correction once more. Momentum indicators are still showing positive signs that support the bullish intraday direction; keep in mind that the breach of 1.0505 will lead to a quick drop targeting levels around 1.1400.The trading range for today is among the key support at 1.1460 and the key resistance at 1.1790.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.
USDCAD
The pair is currently at the support for the ascending channel shown this morning at 1.0665, accompanied by positive signs on Stochastic that support the suggested morning scenario. In return, RSI is showing overbought signs that may cause some mixed fluctuation before insuring the awaited bullish wave. The breach of support levels between 1.0665 – 1.0640 could lead to more bearish correction that may reach 1.0480.The trading range for today is among the key support at 1.0565 and the key resistance at 1.0895.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir MubarakMain
Technical Analyst
yasir.mubarak@ecpulse.com
