Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Nov 19 08 07:42 GMT |

EURO The sideways trend with slight tendency to the downisde is dominating trading on the short term between the resistance level at 1.2730 and the support level at 1.2405. We see that the 100 day MA average on the four hour charts is at the resistance level. Momentum indicators have adjusted to show neutral momentom on the same time frame suggesting that if trading remains below the mentioned resistance level, the trend will be to the downside in an attempt to breach the support level. The trading range for today is among the key support at 1.2405 and the key resistance at 1.2920. The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2340 and 1.2225. Support: 1.2605, 1.2585, 1.2525, 1.2485, 1.2430 Resistance: 1.2730, 1.2745, 1.2785, 1.2835, 1.2885 Recommendation: Sell the pair below 1.2685 with targets at 1.2490 and stop loss with hourly close above GBP The 1.5075 resistance was able to reverse the pair to the downside after the 23.6% correction level at 1.5050 halted further gains before reaching the key resistance. We still expect the downisde trend for the pair yet volatility could be evident. Only if the pair was able to build a solid base above the 38.2% correction at 1.5140 will it be able to reverse the trend. The trading range for today is among the key support at 1.4690 and the key resistance at 1.5215. The general trend is to the downside as far as 1.9400 remains intact with targets at 1.4435 and 1.4095. Support: 1.4910, 1.4890, 1.4840, 1.4760, 1.4715 Resistance: 1.4985, 1.5040, 1.5075, 1.5105, 1.5140 Recommendation: Buy the pair below 1.4980 with target at 1.4890 and 1.4840 and stop loss with hourly close above 1.5050 JPY The trading range has narrowed and today we see the support level is now at 95.70 and the resistance is at 97.20 supported by the key resistance at 97.40. It could be hard to determing a trend for today yet the mentioned support and resistance levels will help specify the direction where if the pair breached the support level it will continue to decline and vise versa. However, up till now, the short term trend is to the downisde as it is still within a clear decending channel. The trading range for today is among the key support at 94.85 and the key resistance at 99.50. The general trend is to the downside as far as 104.60 remains intact with targets at 91.95 and 89.30. Support: 96.20, 96.00, 95.70, 95.50, 95.15 Resistance: 96.80, 97.20, 97.40, 97.70, 98.25 Recommendation: Sell the pair below 96.80 with targets at 95.95 and stop loss above 97.70 CHF The pair reached the key support for the ascending channel at the 161.8% correction near the 1.2075 - 1.2085 levels and as long as trading is below this level, we will see a clear downside trend in the upcoming period in short term term correction movements within the medium term ascending channel. This all depends on the pair being able to build a solid base above the 1.2085 level. The trading range for today is among the key support at 1.1840 and the key resistance at 1.2235. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2085 and 1.2195. Support: 1.2015, 1.1945, 1.1920, 1.1905, 1.1890 Resistance: 1.2070, 1.2085, 1.2140, 1.2185, 1.2235 Recommendation: Sell the pair below 1.2070 with targets at 1.1975 and 1.1870 and stop loss above 1.2140 CAD The upside wave that has been initiated in the past two days has now been confirmed where the pair is currently trading above the 23.6% correction and the 100 day MA at 1.2280 is helping the pair gather bullish momentum before reaching the key support for the ascending channel at 1.2250. We see that trading above the key support will rebound the pair to the upside. The trading range for today is among the key support at 1.2095 and the key resistance at 1.2550 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3305 and 1.3465 Support: 1.2280, 1.2250, 1.2150, 1.2115, 1.2095 Resistance: 1.2390, 1.2415, 1.2445, 1.2495, 1.2510 Recommendation: Buy the pair above 1.2280 with targets at 1.2440 and stop loss with hourly close below 1.2200 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.