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Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
U.S. MARKETS
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Daily Reports  Monday April 4 , 2011 05:30 GMT
Technical Cross
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Great British Pound vs. Japanese Yen (GBP / JPY)


Weekly Report 04/04 – 08/ 04/ 2011
 

 

The pair succeeded in achieving a positive daily closing above 100% Fibonacci-full correctional level- CD leg for our efficient bullish harmonic structure and thus we are forced to follow the extended technical objectives of this harmonic sequence. We currently are looking forward to seeing the pair touching 127.2% Fibonacci projection of CD leg at 138.70 zones. Some kind of fluctuation could be seen since RSI 14 and Stochastic are approaching overbought areas but AROON reflects the strength of the bullishness; particularly after breaching the harmonic resistance line that connects A'C and their extensions. Any setbacks should be limited above 132.50 areas.

The trading range for this week is among key support at 132.50 and key resistance at 140.40.

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



Support135.00134.25133.60133.15132.50

Resistance136.20136.80137.30138.70139.75

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 135.20 targeting 138.70 and stop loss below 132.50 might be appropriate.


Euro vs. Japanese Yen (EUR / JPY)


Weekly Report 04/04 – 08/ 04/ 2011
 

 

The EUR/JPY pair is still soaring after breaching the neckline areas of the previous suggested rounding bottom pattern, which we discussed several times before. This breakout which activated C wave of our captured Elliott sequence took the pair towards the psychological level of 120.00, and now some kind of consolidation is expected before touching the awaited technical target at 121.05. A break of which will bring more positive actions towards 125.00 zones. To recap, our bullish mixture of classical and Elliott is still in favor during this week, supported by the obvious bullish sign of Vortex.

The trading range for this week is among key support at 115.90 and key resistance now at 123.35.

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



Support119.10118.65117.85116.75115.90

Resistance120.00120.50121.05122.45123.35

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 119.10 targeting 122.40 and stop loss below 117.20 might be appropriate.


Euro vs. Great British Pound (EUR / GBP)


Weekly Report 04/04 – 08/ 04/ 2011
 

 

The royal pair succeeded in achieving a weekly closing above 0.8815 zones, where Fibonacci projection level of 261.8% of our previous discussed bullish harmonic "5-0" pattern; hence, the bullishness is still in favor during this week targeting 361.8% Fibonacci at 0.8950-0.8960.We should note that a break of these areas might change the short and may be the medium term basis. The efficient bullish scenario is still classically protected by the upside channel that organizes achieving the extended technical targets of the harmonic pattern. The negative divergence may take the royal pair towards 0.8760 zones to retest the support of our captured channel. SMA 50 is carrying the royal pair from below as well. 

The trading range for this week is among the key support at 0.8605 and key resistance now at 0.9070.

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

EUR/GBP Classical



Support0.87800.87300.87150.87000.8660

Resistance0.88400.88700.89100.89600.9000

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8760 targeting 0.8960 and stop loss below 0.8605 might be appropriate.


 
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