Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Nov 07 08 07:50 GMT |

EURO We still see the downside trend on the pair targeting newer bottoms where the sideways trend the pair is currently trading in is takin the shape of a contracting triangle preparing to decline further as far as trading remains below the 1.3075 level. We expect to witness slight upside movements today before reversing back to the downside. Trading below the 1.2620 level will end the correctional wave and initiate a new downside wave but it seems like the pair is currently attempting to complete the correction before declining once again. The trading range for today is among the key support at 1.2510 and the key resistance at 1.3075 The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2480 and 1.2340 Support: 1.2710, 1.2690, 1.2635, 1.2595, 1.2560 Resistance: 1.2785, 1.2840, 1.2865, 1.2975, 1.3040 GBP The pair was able to breach the key support for the sideways channel to continue the downside trend towards the neckline at 1.5800. We expect the pair to enter a steep wave after completing the sideways correction adn initiating the mentioned trend but we might witness high volatility today as the short term trend remains to the downside. The pair is targeting the 1.5420 level as an initial target as far as trading is below the 1.5800 level with hourly closings. The trading range for today is among the key support at 1.5275 and key resistance at 1.5985 The general trend is to the downside as far as 1.99400 remains intact with targets at 1.5450 and 1.5175 Support: 1.5640, 1.5595, 1.5545, 1.5490, 1.5420 Resistance: 1.5690, 1.5740, 1.5810, 1.5885, 1.5930 JPY The pair continues to slide after the breaching the resistance level where the pair is currently fluctuating between fibonacci corrections starting with the 38.2% correction at 96.90. The high volatility around the resistance level complicates movements for the pair; where despite us expecteing to see slight upside movements on the short term, the pair will experience more volatility on the intraday charts due to the downside pressures from the MACD indiator and the stochastic indicator showing the pair being oversold. The trading range for today is among the key support at 94.60 and the key resistance at 99.85. The general trend is to the downside as far as 104.60 remains intact with targets at 91.95 and 89.30 Support: 97.15, 96.90, 96.75, 96.30, 95.60 Resistance: 97.90, 98..45, 98.60, 99.05, 99.40 Recommendation: Buy the pair above 97.20 with targets at 98.20 and stop loss below 96.59 CHF The pair continued to incline as we expected yesterday where today we see the upside direction linked to the 1.1825 level. The breach of this level will open the way for the pair to extend the gains taking us to about 1.1970. As the pair is being overbought on the stochastic indicator and showing negative potantial on the relative strength indicator yet the ADX is still showing the possibility for upside movements where from here we expect the overall trend to be to the upside which could be disrupted by a downside correction. The upside direction is confirmed as far as trading remains above the 1.1825 level. The trading range for today is among the key support at 1.1500 and the key resistance at 1.2020. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1795 and 1.1850 Support: 1.1715, 1.1650, 1.1630, 1.1590, 1.1565 Resistance: 1.1805, 1.1865, 1.935, 1.1970, 1.2020 Recommendation: Sell the peir below 1.1790 with targets at 1.1715 and 1.1670 and stop loss above 1.1825. Then buy the pairabove 1.1670 with targets at 1.1800 and stop loss below 1.1614 CAD The pair was able to breach the 1.1905 level yet is currently trading below the key resistace at 1.1990. Despite we see an upside direction, remain cautious of the 1.2025 level where if the pair fails to build a solid base above the mentioned level, the upside trend will not be seen. The trading range for today is among the key support at 1.1615 and the key resistance at 1.2240. The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3305 and 1.3465. Support: 1.1930, 1.1895, 1.1815, 1.1795, 1.1765 Resistance: 1.1990, 1.2025, 1.2080, 1.2100, 1.2195 Recommendation: Buy the pair above 1.1905 with targets at 1.2060 and stop loss below 1.1860 Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.