Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Apr 22 09 07:13 GMT |

GBP/JPY Affected by the Stockstick overlapping the corrected yesterday's bullishness towards 23.6% Fibonacci of the CD leg of the bullish harmonic pattern. Now the upside actions are highly anticipated depending on the stable movements above the mentioned Fibonacci level as the previous mentioned daily studies show that the pair obtained a strong support around the lower line of the minor inclining channel above 23.6% Fibonacci of the medium term descending rally from 251.10 to 118.77 zones supports our positive scenario forming a bullish candlestick. Our overview can be damaged if a breakout occurs below 141.50. Trading range for today is among key support at 140.00 and key resistance at 149.25. The general trend is to the downside as far as 156.20.remains intact with target at 116.00. Support: 143.35, 142.60, 141.70, 140.50, 140.00 Resistance: 144.50, 145.50, 146.00, 146.90, 147.45 Recommendation: According to our analysis, buy the pair at 144.00 with targets at 146.70 and stop loss at 141.80. EUR/JPY The medium term Elliott sequence which we explained before came back into focus again as Euro versus Japanese yen has formed a clear internal 5 waves reviving the probability of placing the bigger (A) wave. Therefore we the Bigger (B) is under construction for the time being and its expected to retest the lower line of the inclining channel within 3 up trending waves .( Elliott wave oscillator – MACD combination ) and CCI indicators support this scenario. Trading range for today is among key support at 123.85 and key resistance now at 131.45. The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels. Support: 127.00, 126.50, 125.70, 125.00, 124.35 Resistance: 127.80, 128.60, 129.30, 130.05, 131.00 Recommendation: According to our analysis, buy the pair at 127.00 with targets at 129.35 and stop loss at 125.00. EUR/GBP The royal pair is trapped in a rectangle pattern as proved on Heiken Ashi – filter tool of the Japanese candle- on the secondary image but we still can't say that may cause a continuation for the downside movements occurred yesterday as a result for the bullish candle appearing on the above image targeting 0.8960 zones and may extend towards the target line of the mentioned Wolfe's wave around 0.9020 zones. A break out above 0.8860 is needed to activate this expected positive scenario. Carefully note that CCI is approaching an oversold area. Trading range is among the key support 0.8660 and key resistance now at 0.9070. The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels. Support: 0.8800, 0.8760, 0.8720, 0.8680, 0.8660 Resistance: 0.8865, 0.8900, 0.8935, 0.9000, 0.9030 Recommendation: According to our analysis, buy the pair at 0.8830 with targets at 0.8925 and stop loss at 0.8750. Ecpulse disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, 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, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk