Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
U.S. MARKETS
EURO MARKETS
ASIA MARKETS
Daily Reports  Monday April 18 , 2011 05:26 GMT
Technical Cross
Great British Pound vs. Japanese Yen (GBP / JPY)


Weekly Report 18/04 – 22/ 04/ 2011

 

The pair is presently penetrating 50% Fibonacci retracement of CD leg of our captured bearish harmonic butterfly pattern after clearing 38.2% as suggested during the previous week. Now, the path is clear for additional bearishness during this week, targeting 61.8% followed by the first extended technical objective at 76.4%. This scenario is supported by breaching the lower line of Keltner channel and the negative candlestick formation on the secondary image.

The trading range for this week is among key support at 130.50 and key resistance at 139.75.

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



Support134.20133.60133.15132.50131.60

Resistance135.50136.20136.80137.30138.90

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 135.55 targeting 132.50 and stop loss above 137.60 might be appropriate.


Euro vs. Japanese Yen (EUR / JPY)


Weekly Report 18/04 – 22/ 04/ 2011

 

In line with our previous report, the pair collapsed after breaching the neckline areas of the bearish classical pattern. Moving freely below SMA 50 along with the bearish candlestick structure over bigger time frames argues us to stay on the short side during this week. Coming below 118.65 will open the door up for achieving the extended technical targets of the pattern starting from 116.80 zones, followed by 115.60 areas. RSI 14 may cause some kind of fluctuation but we don't think that it has the ability to change the obvious bearish direction.

The trading range for this week is among key support at 114.75 and key resistance now at 123.15.

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



Support119.10118.65117.85117.45116.80

Resistance119.45120.00120.50121.05121.45

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 119.50 targeting 116.80 and stop loss above 121.50 might be appropriate.


Euro vs. Great British Pound (EUR / GBP)


Weekly Report 18/04 – 22/ 04/ 2011

 

The royal pair is still gathering the required momentum around the uptrend line that carried the movements from D point as seen on the provided four hour graph. In the interim, RSI 14 becomes very close to oversold areas as it is currently valued at 35.00. Therefore, the short term uptrend continues dominating the pair affected by the efficient bullish harmonic "5-0" pattern. Technical targets reside at 361.8% Fibonacci projection of CD at 0.8950, followed by 423.6% at 0.9030.

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



Support0.88000.87800.87300.87000.8685

Resistance0.88500.88750.89150.89650.9000

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8800 targeting 0.8950 and stop loss below 0.8685 might be appropriate.


 
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