The pair moved to the upside yesterday in some bullish correction as expected but failed to hold on to its gains and dropped again. The pair is under a negative pressure as the downside move might extend. Linear Regression Indicators are negative supporting the possibility of bearishness unless levels 1.2970 were breached.
The trading range for today is among the key support at 1.2745 and key resistance at 1.2990.
The general trend over short term basis is to the downside targeting 1.2560 as far as areas of 1.3270 remains intact.
Support: 1.2860, 1.2835, 1.2805, 1.2780, 1.2745
Resistance: 1.2880, 1.2905, 1.2940, 1.2970, 1.2990
Recommendation Based on the explanations above, our opinion is selling the pair below 1.2880 targeting 1.2805, 1.2780 then 1.2745 and stop-loss with four-hour closing below 1.2970 might be appropriate
GBP
The pair achieved two of the suggested targets of the bullish correction, and when the pair moved back to the downside it remained limited above 1.5220. Stability above 1.5220 represented in 50% correction gives the possibility of moving to the upside again. Stochastic is showing a positive bias of the momentum forcing us to expect another upside correction attempt. Breaking 1.5190 levels and stability below it might push the further to the downside.
The trading range for today is among key support at 1.5100 and key resistance at 1.5385.
The general trend over short term basis is to the downside as far as areas of 1.5770 remains intact targeting 1.4355.
Support: 1.5220, 1.5190, 1.5175, 1.5115, 1.5100
Resistance: 1.5270, 1.5310, 1.5340, 1.5385, 1.5400
Recommendation Based on explanations above, our opinion is buying the pair above 1.5220 targeting 1.5270, 1.5310 then 1.5340 and stop-loss with four-hour closing below 1.5190, and in case of stop-loss, selling the pair below 1.5190 targeting 1.5115 and 1.5100 and stop-loss with four-hour closing above 1.5220 might be appropriate
JPY
The pair is trading in a sideways range that tends to the upside, which is normal in light of stability above Linear Regression Indicators and being in an ascending channel. Stability above 102.15 forces us to expect an extension to the bullish move; this possibility remains valid by stabilizing above 101.70 during today's session.
The trading range for today is among key support at 101.15 and key resistance at 103.75.
The general trend over short term basis is to the upside as far as areas of 96.50 remain intact targeting 105.60.
Support: 102.15, 101.70, 101.15, 100.85, 100.35
Resistance: 102.40, 102.80, 103.10, 103.50, 103.95
Recommendation Based on explanations above, our opinion is buying the pair above 102.15 targeting 102.80, 103.10 then 103.50 and stop-loss with four-hour closing below 101.70 might be appropriate today
CHF
The pair is in great volatility but managed to stay positive. Levels 0.9610 halted the bullish momentum and brought positivity back, we think that stability above 0.9610 is enough to keep our positive expectations today. We should point out that watching the pair around 0.9770 levels as they determine the trend.
The trading range for today is among key support at 0.9515 and key resistance at 0.9865.
The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
Support: 0.9650, 0.9610, 0.9570, 0.9515, 0.9495
Resistance: 0.9685, 0.9720, 0.9770, 0.9835, 0.9865
Recommendation Based on the explanations above, our opinion is buying the pair above 0.9650 targeting 0.9720, 0.9770 then 0.9835 and stop-loss with four-hour closing below 0.9570 might be appropriate
CAD
The pair continued its upside rally and breached 1.0215 levels. Breaching 1.0215 levels increases positivity and might extend the bullish move today, as Linear Regression Indicators supports these expectations. Momentum indicators are showing intraday overbought signals, which make it necessary to stabilize above 1.0185 levels in order not to trigger the negative signals.
The trading range for today is between the key support at 1.0140 and the key resistance at 1.0355.
The general trend over short term basis is to the upside with steady daily closing above levels 0.9800 targeting 1.0485.
Support: 1.0215, 1.0200, 1.0185, 1.0140, 1.0100
Resistance: 1.0245, 1.0270, 1.0295, 1.0310, 1.0355
Recommendation Based on the explanations above, our opinion is buying the pair above 1.0215 targeting 1.0270, 1.0295 then 1.0355 and stop-loss with four-hour closing below 1.0185 might be appropriate
AUD
The AUD/USD's downtrend extended further after breaking 0.9825, or 161.8% Fibonacci. The bearish trend is expected to extend beyond that level 200% perhaps even to 224% Fibonacci at 0.9745 and 0.9535 respectively. Stability below 0.9825 is vital to maintain the proposed negative outlook.
Trading range expected today is between the key support at 0.9670 and the key resistance 0.9935.
Short-term trend is donwside targeting 0.9400 if 1.0710 remains intact.
Support: 0.9740, 0.9710, 0.9690, 0.9660, 0.9600
Resistance: 0.9770, 0.9825, 0.9860, 0.9880, 0.9900
Recommendation Based on tha analysis above, we recommend selling the pair below 0.9900, targeting 0.9860, 0.9825 and 0.9770 and stop-loss with 4-hour closing above 0.9975.
NZD
The NZD/USD plunged sharply on Thursday, closing a daily candlestick below 0.8105, as seen in the sub-image on the graph above. Breaking that level could cause the extension of the downtrend all the way to the psychological barrier at 0.8000, then conduct a potential attempt of touching 0.7930. Currently, and due to oversold sgnals reflected by momentum indicators, we require to see the pair stabilizing below 0.8160 to maintain bearish expectations.
Trading range expected today is between the key support at 0.7930 and the key resistance 0.8225.
Short-term trend is bullish targeting 0.8845 if 0.8130 remains intact.
Support: 0.8100, 0.8080, 0.8040, 0.8025, 0.8000
Resistance: 0.8135, 0.8160, 0.8200, 0.8225, 0.8280
Recommendation Based on tha analysis above, we recommend selling the pair below 0.8135, targeting 0.8080, 0.8040 and 0.8000 and stop-loss at 4-hour closing above 0.8200.
IMOH, Clement I.
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