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EUR/USD
The Euro registered a high of 1.3045 (1.3075 trendline, IKK &
Fibbo resistance) but later dipped to break key supports at 1.2970
(trendline, cloud density & renko support) & 1.2930 (Fibbo,
Gann arc & renko support) to form a low of 1.2864 (1.2845 Fibbo
retracement, parabolic & MACD support). The bearish downtrend
has resumed with a sustained bearish engulfing break & close
under 1.2940 to mount a challenge to target 1.2845 (IKK, cloud density
& renko support) & later 1.2775 (William's %R & pitchfork
support). However, the bullish forces would strengthen with a persistent
piercing penetration & close past 1.3075 (weekly closing) for
sterner attempts on 1.3140 (IKK & detrend resistance) &
later 1.3230 (elliot wave target & trendline resistance). Daily stochastics & candles hint at a southwards
bias. We prefer to buy the Euro on dips to 1.2800-1.2790 with a
stop at 1.2750 for a target of 1.2900-1.2910 while selling the Euro
on rises to 1.2930-1.2940 with a stop at 1.2975 for a target of
1.2850-1.2840.
USD/CHF
The dollar rallied to a high of 1.2117 (1.2135 trendline, cloud
density & IKK resistance) after having broken key resistances
at 1.2040 (trendline, crest & renko resistance) & 1.2075
(William's %R & pitchfork resistance) from an earlier low of
1.1951 (1.1935 crest, fibbo & Gann angle support). The broader
bearish trend would entrench itself with a sustained close under
1.1875 (crest & renko trough formation) with targets set on
1.1750 (trendline, oscillator & Gann arc support) & later
1.1615 (double bottom, William's %R & pitchfork support). The
bullish corrective rise has cemented its strength with a persistent
penetrative close past 1.2045 (bullish engulfing) for fresh challenges
to 1.2175 (mid bolinger & cloud density resistance) & 1.2235
(chart point & triangle resistance). Daily stochastics &
candles in the daily charts shows a northwards bias. We prefer to
buy the dollar on dips to 1.2075-1.2065 with a stop at 1.2020 for
target of 1.2160-1.2170 while selling the dollar on rises to 1.2210-1.2220
with a stop at 1.2250 for a target of 1.2140-1.2130.
USD/JPY
The dollar recorded a high of 104.62 ( 104.35 IKK & cloud density
resistance) but later dipped to break key supports at 104.75 (cloud
density, mid bollinger & IKK support) to form a low of 103.51
(103.35 trendline, double bottom & crest support). The yen's
broader bearish trend returns with renewed strength through a persistent
maintenance under 103.35 (stochastics, MACD & pitchfork support)
sets the tone for aggressive rallies towards 101.30 (trendline &
Gann angle support) & later 98.60 (chart point, William's%R
& gann arc support). The intra-term bullish corrective rise
requires a re-emergent & successive close above 104.75 that
leads to a targetting of 106.35 (Elliot wave target & Gann angle
resistance) & 107.35 (trendline, crest & renko resistance).
Daily stochastics & candles point at sideways southwards bias.
We prefer to buy the dollar on dips to 103.50-103.40 with a stop
at 103.10 for a target of 104.50-104.60 while selling the dollar
on rises to 105.10-105.20 with a stop at 105.50 for a target of
104.20-104.10.
GBP/USD
The cable registered a high of 1.8917 (1.8925 cloud density &
oscillator resistance) but later dipped to break key supports at
1.8875 (Gann arc & renko support) & 1.8830 (William's 5R
& pitchfork support) to form a low of 1.8730 (1.8725 Fibbo retracement,
parabolic & renko support). The breakage & close above 1.8920
(bullish rising/piercing pattern) is necessary to maintain the bull
trend with targets set on 1.9150 (MACD & cloud density resistance)
break of which would lead to targetting 1.9330 (elliot target &
detrend resistance) & later 1.9550 (trendline, Fibbo fan &
flagging congestion top resistance). However, the bearish momentum
cycle has re-surfaced with a persistent penetration (bearish engulfing)
under 1.8775 that re-inforces the bearish bias for attacks towards
1.8645 that later threatens for dives towards 1.8550 (cloud density
& William's %R support) & 1.8420 (trendline & IKK support).
Daily & stochastics & candles hint at a southwards bias.
We prefer to buy the cable on dips to 1.8645-1.8635 with a stop
at 1.8600 for a target of 1.8710-1.8720 while selling the cable
on rises to 1.8790-1.8800 with a stop at 1.8835 for a target of
1.8720-1.8710.
DISCLAIMER:
The views expressed in this report are for discussion
purposes only. Opinions & trading recommendations are for the
purpose of analysis only and should be looked at as such. No claims
shall be accepted for any losses incurred on account of the information
provided.
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