Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Nov 11 08 08:00 GMT |

EURO The euro lead the first attempt to breakthrough the support levels and end the triangular sideways correction after it rebounded from the resistance levels at 1.29; today the 1.2705 is the major support level for the correctional model and the downside wave is approaching and for validation we need to see clear trading below the mentioned level for the pair to start the downside wave which targets 1.2545 at least. The trading range is among the key resistance level at 1.3055 and the key support level at 1.2510. The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2480 and 1.2340. Support: 1.2705, 1.2665, 1.2655, 1.2590, 1.2545 Resistance: 1.2760, 1.2800, 1.2800, 1.2990, 1.3055 Recommendation: Sell euro below 1.2760 with targets at 1.2590, stop loss above 1.2887 GBP A new technical pattern was formed yesterday as the pair failed to trade below 1.5560, as now the triangular model the pair is trading within set its major resistance level at 1.5800; heavy selling saturation is seen over the Stochastic indicator on a four-hour basis and also valid on hourly basis and for that we might witness an upside correction despite that the short term is still to the downside as far as the mentioned resistance level is intact. The trading range is among the key resistance level at 1.5980 and the key support level at 1.5425. The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.5450 and 1.5175. Support: 1.5640, 1.5595, 1.5545, 1.5500, 1.5425 Resistance: 1.5690, 1.5720, 1.5780, 1.5800, 1.5885 Recommendation: Sell sterling below 1.5710 and also sell below 1.5780, with targets at 1.5780, stop loss above 1.5897 JPY The pair's heavy fluctuations failed the expected upside move to settle for almost 99.50 levels which has become a very strong resistance level for the pair; today the heavy buying saturation on Stochastic and trading below the 100 Hours MA at 95.25 will keep trading to the downside while generally we do not rule out the high fluctuations for the pair. The trading range for today is among the key resistance level at 100.60 and the key support level at 95.75. The general trend is to the downside as far as 104.60 remains intact; targets are set at 91.95 and 89.30 Support: 97.20, 97.05, 96.90, 96.75, 96.45 Resistance: 98.25, 98.35, 98.60, 99.50, 99.90 Recommendation: Sell the pair below 98.25 with targets at 95.75, stop loss above 99.57 CHF The pair's trading is still consolidating around the pivot levels at 1.1800 which is the separating barrier among the upside and downside waves, the Stochastic Indicator is reflecting heavy buying saturation which leads to high volatility ahead of an upside burst if the pair manages to trade steadily above the mentioned level; due to the buying saturation we favor a downside move in correction to ease the buying pressures and adjust momentum as the ADX indicator is still providing an upside signal over the short term. The trading range is among the key resistance level at 1.2020 and the key support level at 1.1625. The general trend is to the upside as far as 1.0570 remains intact; targets are set at 1.1945 and 1.2065. Support: 1.1765, 1.1745, 1.1715, 1.1685, 1.1655 Resistance: 1.1835, 1.1860, 1.1895, 1.1915, 1.1950 Recommendation: Withhold yesterday's positions (buy the pair above 1.1745 with targets at 1.1915, stop loss below 1.1643) CAD As expected the pair was capable of trading above the technical pattern's resistance and now the chance is valid to form a new upside pattern which might be valid if the pair was steady above 1.2025; today the high fluctuations are clear as the pair might retest 1.1800 levels which were breached yesterday yet the 1.2025-45 is now logical on all time frames which is the first target for the upside wave. The trading range is among the key resistance level at 1.2200 and the key support level at 1.1730. The general trend is to the upside as far as 1.1780 remains intact; targets are set at 1.3305 and 1.3465. Support: 1.1930, 1.1895, 1.1860, 1.1825, 1.1800 Resistance: 1.1990, 1.2025, 1.2545, 1.2095, 1.2100 Recommendation: Buy the pair above 1.1895 with targets at 1.2000, stop loss below 1.1791 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.