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Edition:  English |   عربي 
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Daily Reports  Monday August 23 , 2010 06:12 GMT
Technical Cross
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Great British Pound vs. Japanese Yen (GBP / JPY)


Weekly Report 23/08 – 27/ 08 / 2010

 

The bullish harmonic butterfly pattern is still in favor as the areas between 127.2% and 161.8% Fibonacci levels of XA leg, which still offer a solid support to the pair as seen on the provided four-hour chart.  The candlestick structure could be an indication that the harmonic downtrend line or rather the upper line of the descending channel could be touched and a break of it could bring additional positive actions. Thus, we still see chances for achieving ascending movements during this week.

The trading range for this week is among key support at 128.40 and key resistance at 137.30.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Previous Report



Support132.25131.65131.00129.80128.40

Resistance133.60134.25134.80135.50136.20

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 132.50 targeting 136.20 and stop loss below 129.80 might be appropriate.


Euro vs. Japanese Yen (EUR / JPY)


Weekly Report 23/08 – 27/ 08 / 2010

 

The pair is presently building a technical base around the potential reversal zones of our suggested duplicated harmonic pattern as seen on the provided four-hour chart.  These levels represent the combination of Fibonacci 127.2% of XA and 261.8% of BC. We see chances for achieving potential upside actions during this week, where there are two technical factors that could assist the pair to incline as follows:

1-Bullish candlestick formation was formed already.

2-Stochastic is very close to the oversold areas and might reverse at sooner.  

The trading range for this week is among key support at 105.90 and key resistance now at 111.60.

The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.

Previous Report



Support108.00107.60107.25106.85106.50

Resistance109.00109.50110.00110.50111.60

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 108.50 targeting 110.80 and stop loss below 107.00 might be appropriate.


Euro vs. Great British Pound (EUR / GBP)


Weekly Report 23/08 – 27/ 08 / 2010

 

Another bullish harmonic butterfly with an ideal XA correction at 76.4% has been formed successfully on the four-hour chart for the royal pair. Presently, the Fibonacci level of 161.8% projection for BC leg resides around the present levels that match 127% of XA; therefore, possible ascending movements could be seen during this week, supported by the clear oversold sign appearing on Stochastic.

The trading range for this week is among the key support at 0.7995 and key resistance now at 0.8320.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.

Previous Report



Support0.81400.81050.80850.80600.7995

Resistance0.81800.82050.82350.82550.8295

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8135 targeting 0.8255 and stop loss below 0.8060 might be appropriate.


 
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