EURUSD
SMA 50 was able to halt the pair’s upside push as bearish signs helped it through Stochastic indicator, where the pair is currently heading towards pivotal support around 1.2150; representing the suggested neckline for the bearish technical pattern which is under preparation.
Yesterday’s expectations will remain intact as we expect a bearish intraday direction that requires the breach of 1.2150 to pave the way towards 1.2070 then 1.2000, which will be completed if a base is built below 1.2335.
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The trading range for today is among the key support at 1.2000 and the key resistance at 1.2335.
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The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSD
The bearish pattern has been activated and warns about it today after breaching 1.5010 and currently affects the pair negatively, where the support level for the bullish short term channel is at 1.4920. The pair is trading below SMA 50 and makes us expect more negative pressure on the pair; thus
we expect a bearish intraday trend that will start with the breach of support and heads towards 1.4850 initially. This level is forming a part of the bearish technical pattern scenario that is being formed, shown in the image above. Keep in mind that, momentum indicators are giving off bullish signs, but the bearish direction will remain intact as long as trading is below 1.5010.
The trading range for today is among the key support at 1.4765 and the key resistance at 1.5070.
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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 support for the bearish direction as resistance has descended towards 88.55, thus insuring the bearish direction previously continuing. Momentum indicators are near oversold areas and thus we could witness some fluctuation and retouch the mentioned resistance, before heading towards
continuing the expected bearish intraday trend. Meanwhile, technical targets will start at 87.30 then 86.40 and requires achieving stability below 89.30.
The trading range for today is among the key support at 87.30 and the key resistance at 89.30.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHF
The pair managed to achieve stability below pivotal support 1.0790, where it seems that trading within the bearish short term channel shown above will prevail. Momentum indicators are showing clear oversold signs that could push the pair to ascend and retest the breached pivotal support before resuming the expected bearish intraday direction; where its primary targets are around 1.0600. Keep in mind that the breach of 1.0835 will end trading within the mentioned bearish channel as the pace will make the pair return within the bullish trend once again.
The trading range for today is among the key support at 1.0600 and the key resistance at 1.0835.
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The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
USDCAD
The pair succeeded in achieving yesterday’s suggested scenario as it strongly pushed to the upside after the pivotal support 1.0470 maintains its stance. The pair is currently facing horizontal resistance at 1.0680, accompanied by negative signs appearing momentum indicators; thus forcing the pair to attempt
some bearish correction before heading towards achieving
more expected bullish intraday movement. The bullish technical pattern appearing through the four-hour chart is currently being formed, supported by achieving a short term ascend.
The trading range for today is among the key support at 1.0520 and the key resistance at 1.0825.
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
yasir.mubarak@ecpulse.com
www.ecpulse.com
