EURUSD
he pair achieved that awaited primary targets around 1.2900 after insuring the bullish technical pattern shown previously, while momentum indicators have entered overbought areas; where we expect some fluctuation and a slant towards some minor bearish correction to rid of this negative momentum. In overall, we can expect a bullish week due to the affect of building a base above the MA 50, alongside the bullish technical pattern that have not been achieved yet. We point to some chances of the awaited bullish trend to be achieved; requiring stability above 1.2770.
The trading range for today is among the key support at 1.2670 and the key resistance at 1.3145.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSD
The pair continued its bullish pressure where it managed to initially breach resistance for the bearish short term direction, alongside SMA 50 shown through the chart below. In return, we find that momentum indicators are giving off overbought signs that may negatively pressure the pair to attempt to retest it and reverse to the downside. From here, we recommend observing trading today, specifically the daily closing for the breached resistance level at 1.5440 that holds the keys for insuring the upcoming intraday direction.
The trading range for today is among the key support at 1.5230 and the key resistance at 1.5700.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
USDJPY
The pair touched resistance for the bearish short term channel and reversed to the downside quickly maintaining the previously suggested bearish scenario intact. By returning below SMA 50, we expect a bearish intraday direction that targets initially support for this bearish channel around 82.65; whereas it requires the daily closing below 85.15 to prevail.
The trading range for today is among the key support at 81.60 and the key resistance at 86.00.The short term trend is to the downside as far as 91.55 remains intact with targets at 79.60.
USDCHF
The pair attempted to ascend last Friday, although SMA 50 stood as a strong barrier in front of the upside movement; supported by the negativity of momentum indicators, the pair declined to breach the minor bullish channel that carried the pair’s ascend in the past few days. This we think will push the pair towards achievingmore bearish movement this week, which initially targets support for the current bearish channel at 1.0010. We point out that the expected bearish direction will remain intact as long as stability below 1.0270.
The trading range for today is among the key support at 0.9915 and the key resistance at 1.0300.The short term trend is to the upside as far as 1.0010 remains intact with targets at 1.1120.
USDCAD
The pair succeeded in achieving the awaited bearish trend, alongside strongly breaching support for the bullish channel appearing through the image below, which is currently turning into resistance at 1.0420. We expect the pair to head towards retesting this level due to the positive affect appearing through the four hour chart, before heading towards the expected bearish trend this week. The technical targets start at 1.0245, keeping in mind the importance of the daily closing stabilizing below 1.0505 to maintain chances of achieving expectations.
The trading range for today is among the key support at 1.0130 and the key resistance at 1.0570.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