Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Dec 19 08 08:01 GMT |

EURO Due to the pair failing to close above 1.4620 on the four hour charts, it entered a downside channel that took it back to the 50% correction at 1.4210 - 1.4250 but at the same time price is still within an ascending channel with a key support at 1.4115. Despite us seeing a need for further declines, a rebound from the 1.4210 - 1.4250 to the upside is still possible. The trading range for today is among the key support at 1.3945 and the key resistance at 1.4620 The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2340 and 1.2225 We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions Support: 1.4210, 1.4175, 1.4115, 1.4090, 1.4025 Resistance: 1.4250, 1.4285, 1.4315, 1.4380, 1.4485 GBP After updating our recommendation yesterday, the pair did follow our expectations where we now see trading above the 50 percent correction after rebounding from the 61.8% correction at 1.4950 which wasn't breached on the four hour charts. However, the price currently is above the 100 day MA at 1.5040 where we expect trading for today to remain of high volatility. If trading remains below 1.5170, this could keep the pair to the downside. The trading range for today is among the key support at 1.4800 and the key resistance at 1.5460 The general trend is to thw downside as far as 1.9400 remains intact with targets at 1.4435 and 1.4095 We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions Support: 1.5010, 1.5065, 1.5000, 1.4950, 1.4885 Resistance: 1.5140, 1.5170, 1.5215, 1.5245, 1.5345 Recommendation: Sell the pair below 1.5140 with targets at 1.5065 and 1.4960 and stop loss with a four hour close above 1.5230 JPY The upside wave was initiated as it was supported by the 87.30 level for the past tast where the pair is currently appreciating but up to this moment, it failed to build a solid base above 89.70. The pair might decline in an attempt to gather bullish momentum once again on the short term as it retests the critical level mentioned above. The trading range for today is among the key support at 86.70 and the key resistance at 90.55 The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60 We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions Support: 88.75, 88.35, 87.75, 87.50, 87.30 Resistance: 89.05, 89.45, 89.85, 90.15, 90.55 Recommendation: Buy the pair above 88.35 with targets at 89.70 and stop loss with a four hour close below 87.70 CHF The pair witnessed a sharp decline yesterday as it is being heavily oversold whereas the 1.0570 level was strong enough to result in the pair to lose some of the bearish momentum. Due to the minor support levels, the pair failed to close below the key support in the image and is now trading to the upside. The trading range for today is among the key support at 1.0470 and the key resistance at 1.1160 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2570 and 1.2780 We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions Support: 1.1745, 1.6080, 1.6045, 1.0575, 1.0555 Resistance: 1.0810, 1.0840, 1.0895, 1.0995, 1.1075 CAD The pair reached the 76.4% as we expected yesterday but was still trading below the key resistance for the descending channel at 1.2110 but still above the 61.8% correction at 1.2050. Technical indicators still show that the pair will be able to breach the resistance to continue inclining but for the time being, monitor the 1.2050 and 1.1980 level where if it didn't close below these levels, it will confirm the incline The trading range for today is among the key support at 1.1845 and the key resistance at 1.2410 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3305 and 1.3465 Support: 1.2050, 1.1980, 1.1930, 1.1880, 1.1860 Resistance: 1.2110, 1.2150, 1.2225, 1.2260, 1.2310 Recommendation: Buy the pair above 1.2050 with targets at 1.2225 and stop loss with a four hour close below 1.1950 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.