Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Nov 28 08 08:42 GMT |

EURO Yesterday witnessed tight and low volume trade, the euro continued to trade around the 23.6% correction at 1.2920 yet mostly traded below it and for that the euro continued biased to the downside as far as 1.3080; yet signs of a strong upside wave to be seen soon are starting to form yet after the downside correction is complete and as far as 1.2450 remains intact; if the correction begins the euro targets 1.2820 and extends towards 1.2735. The trading range is among the key resistance level at 1.3220 and the key support level at 1.2690. The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225. Support: 1.2885, 1.2820, 1.2800, 1.2770, 1.2735 Resistance: 1.2965, 1.2985, 1.3030, 1.3070, 1.3120 Recommendation: Sell euro below 1.2930 with targets at 1.2820, stop loss with hourly closing above 1.3080 GBP Trading is still sideways below the 23.6% correction which precedes the major resistance level for the downside which declined today to 1.5625; the pair still need a downside correction to gather enough momentum to resume to the upside to breakthrough the multiple resistance levels ahead. The trading range is among the key resistance level at 1.5740 and the key support level at 1.5180. The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095. Support: 1.5395, 1.5365, 1.5320, 1.5275, 1.5230 Resistance: 1.5475, 1.5520, 1.5595, 1.5625, 1.5675 Recommendation: Sell Sterling below 1.5475 with targets at 1.5365, stop loss above 1.5520 JPY The pair continued the sideways correction trading mostly below the 20 4-hour MA at 95.44; continued trading below the key resistance for the downside wave over the short term at 95.90 and below the Upper Bollinger Band at 96.15 will keep the down trend valid over the short term. The trading range for today is among the key resistance level at 97.40 and the key support level at 92.25. The general trend is to the downside as far as 104.60 remains intact; targets are set at 91.95 and 89.30. Support: 95.05, 94.90, 94.60, 94.45, 94.10 Resistance: 95.70, 95.90, 96.15, 96.85, 97.10 Recommendation: Sell the pair below 95.45 with targets at 94.75, stop loss above 96.15 CHF The sideways trading contained the pair below the 38.2% correction and for that the negativity resumed for the pair though we expect an upside move in the coming period yet for that the pair needs to consolidate above 1.2015; the pair still acquires downside momentum and for that the pair will head to the downside today even if it was a tight move which might take the pair to the major support for the upside trend at 1.1915 which if remains intact we expect the upside reversal. The trading range is among the key resistance level at 1.2150 and the key support level at 1.1790. The general trend is to the upside as far as 1.0570 remains intact; targets are set at 1.2570 and 1.2780. Support: 1.1950, 1.1915, 1.1875, 1.1840, 1.1790 Resistance: 1.2015, 1.2060, 1.2120, 1.2150, 1.2205 Recommendation: Buy the pair at 1.1920 with targets at 1.2000, stop loss below 1.1860 CAD The pair continues trading among the 61.8% and 38.2% correction at 1.2050 and 1.2400 respectively, yet the range has tightened further above 50.0% correction at 1.2225 and the downside technical pattern has not changed which can take the pair in a strong bearish wave which will be validated if a breach was seen on 1.2100 and then the 61.8% correction breach and the scenario remains valid as far as 1.2475 remains intact. The trading range is among the key resistance level at 1.2475 and the key support level at 1.2050. The general trend is to the upside as far as 1.1780 remains intact; targets are set at 1.3305 and 1.3465. Support: 1.2305, 1.2295, 1.2260, 1.2225, 1.2150 Resistance: 1.2375, 1.2400, 1.2475, 1.2525, 1.2610 Recommendation: Sell the pair at 1.2375 with targets at 1.2265, stop loss above 1.2450 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.