Technical Analysis for Major Currencies EURO

With the pair's closing above the neckline zones of the double top formation, the bearish effect of this pattern becomes very weak. We can see also how SMA 20 was taken out and that activated positive signs on MACD and Vortex indicators. But, we will stand aside today as the pair is very close to a very hard technical obstacle where 61.8% Fibonacci retracement level of the downside wave from 1.3485 to 1.3040 exists and thus, risk versus reward ratio is inconvenient for the time being.

The trading range for today is among key support at 1.2700 and key resistance at 1.3000.

The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.

Support: 1.2825,1.2790,1.2730,1.2700,1.2680
Resistance: 1.2890,1.2915,1.2955,1.2975,1.3000

Recommendation Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.

GBP

The recovery from 1.5820 stalled at SMA 20 which pushed the pair lower once again as seen on the provided daily chart. RSI 14 is facing a resistance at the value of 50.00 while the falling trend line continues to pressure the correctional movements. Henceforth, we remain bearish over upcoming hours awaiting for a sustained breakout below 1.5925 pivotal support to confirm our scenario.

The trading range for today is among key support at 1.5740 and key resistance at 1.6125.

The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.

Support: 1.5925,1.5880,1.5850,1.5820,1.5780
Resistance: 1.5950,1.5975,1.6000,1.6025,1.6050

Recommendation Based on the charts and explanations above our opinion is, selling the pair below 1.5925 targeting 1.5740 and stop loss above 1.6050 might be appropriate.

JPY

In conformity with our yesterday's proposed negative scenario, traders have pushed the pair to the downside from 76.4% Fibonacci level of the main. However, RSI 14 in a daily graph reflects obvious overbought signal as it is still valued at the value of 73.00 despite yesterday's decline. From here, more downside pressures are awaited over intraday basis mainly targeting 61.8% Fib. level at 81.50. Of note, the major trend over bigger time frames is still bullish while the current bearish movements are classified as a normal correction.

The trading range for today is among key support at 81.25 and key resistance now at 83.65.

The general trend over short term basis is to the upside targeting 87.45 as far as areas 75.20 remain intact.

Support: 82.00,81.80,81.50,81.25,81.00
Resistance: 82.50,82.80,83.00,83.20,83.45

Recommendation Based on the charts and explanations above our opinion is, selling the pair around 82.50 targeting 81.50 and stop loss above 83.20 might be appropriate

CHF

Thin trading governs the market with the Thanksgiving holidays in the United States. The pair breached the main harmonic support and stabile below the second target of the bearish Butterfly Pattern at 0.9365 and accordingly we favor the extension of the downside move . The bearish move depends on intraday stability below 0.9425.

The trading range for today is among the key support at 0.9245 and key resistance at 0.9490.

The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.

Support: 0.9325,0.9305,0.9280,0.9245,0.9200
Resistance: 0.9365,0.9400,0.9425,0.9490,0.9515

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9365 targeting 0.9330, 0.9305 then 0.9245 and stop loss with four-hour closing above 0.9425 might be appropriate

CAD

The pair maintained stability with daily closing below 0.9980 this week from which we expect the downside move to remain valid. Stochastic is trading in oversold areas which limit the downside waves but stability below the mentioned level will keep the bearishness of the negative Butterfly Pattern intact.

The trading range for today is among the key support at 0.9825 and key resistance at 1.0135.

The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.

Support: 0.9930,0.9900,0.9895,0.9855,0.9825
Resistance: 0.9980,1.0000,1.0040,1.0095,1.0100

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9980 targeting 0.9930, 0.9895 then 0.9855 and stop loss with four-hour closing above 1.0040 might be appropriate

AUD

The pair returned above the second target of the bullish Butterfly Pattern at 1.0390 our intraday barrier for today; stability above which will trigger new attempts to return above the main ascending support and eying next a breach of the first extend harmonic target at 1.0420. Stability above 1.0300 makes us hold onto the positive outlook.

The trading range for today is expected among the key support at 1.0300 and resistance at 1.0505.

The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.

Support: 1.0390,1.0370,1.0330,1.0300,1.0290
Resistance: 1.0420,1.0440,1.0460,1.0505,1.0560

NZD

Over four-hour basis the pair is stable between the Linear Regression Indicators but trading with an upside bias. The pair is also holding above the critical barrier at 0.8100 and therefore we expect an upside move to test 0.8205 a breach of which might form an Inverted Head & Shoulders.

The trading range for today is expected among the key support at 0.8080 and resistance at 0.8310.

The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.

Support: 0.8155,0.8135,0.8100,0.8080,1.08040
Resistance: 0.8185,0.8200,0.8220,0.8255,0.8310

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8150 targeting 0.8200, 0.8255 then 0.8310 and stop loss with four-hour closing below 0.8100 might be appropriate

IMOH, Patrick E.
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