EURUSDThe pair continued its upside movement to touch 1.2700 while keeping an eye on the narrow and gradual range of trading, where as we ascend it may form a bullish wedge within the current minor ascending channel shown above. This points out the possibility of the pair to move downwards to touch support of this channel around 1.2570, due to the negative signs appearing on the momentum indicators shown on the four-hour chart.
We can expect a minor bearish followed by resuming the expected bullish intraday in overall; requiring trading above 1.2570. The breach of 1.2720 pushing the pair to the upside without the need for touching the mentioned support.
The trading range for today is among the key support at 1.2570 and the key resistance at 1.2840..The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe sideway range continues controlling the pair’s trading, where it was able to rid of the mentioned negative momentum yesterday. Therefore, we can expect resuming the bullish intraday trend supported additionally by stability above SMA 50, where technical targets start at 1.5230 in an attempt to breach it a pave the way towards 1.5400. It is vital that 1.5080 remains intact to achieve the suggested scenario.
The trading range for today is among the key support at 1.5050 and the key resistance at 1.5360..The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
USDJPYThe pair succeeded in stabilizing once again above 88.20 and build a base above SMA 50, thus making us expect a bullish intraday direction, where primary targets are around 89.50. Momentum indicators have lost bullish momentum and are showing negative signs that will cause the pair to retest 88.20 before heading towards achieving the bullish trend; requiring the four-hour closing to be above 87.80 to insure that it prevails.
The trading range for today is among the key support at 87.00 and the key resistance at 90.00..The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHFThe pair is finding a hard time in breaching pivotal support 1.0500 due to the effect of bullish momentum that appears on the four-hour chart, which could push the pair to ascend and touch 1.0560 before returning to resume the mentioned bearish direction. We can expect a bearish intraday direction in overall that requires the four-hour closing below 1.0560 to head towards 1.0425 then 1.0350.
The trading range for today is among the key support at 1.0350 and the key resistance at 1.0665..The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
USDCAD
The pair approached yesterday’s awaited main target around 1.0340 and bullishly rebound to be wedged between 50% and 38.2% Fibonacci correction. Stochastic is attempting to show a negative crossover that make us expect more bearish intraday movement that will initially start with the breach of 1.0405 and head towards 1.0305 then 1.0265. It is vital that stability is achieved below 1.0480 to insure chances of achieving these expectations.
The trading range for today is among the key support at 1.0265 and the key resistance at 1.0550..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