Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Apr 29 09 06:39 GMT |

GBP/JPY Affected by the obvious hammer candlestick which we mentioned in our mid-day report yesterday-check it here- The British pound versus Japanese yen went upward above 61.8% Fibonacci level as a technical result for the (D-Reversal) zone of the bullish bat harmonic pattern placing a temporary high at 142.75 zones whereas our yesterday's target has been reached. Now we expect a reactionary wave on the intraday basis before resuming the major upside direction. So that based on the bearish hourly structure accompanied by RSI -currently valued at 70.00- as appearing on the secondary image we will keep our outlook to the downside on the intraday basis. Trading range for today is among key support at 138.15 and key resistance at 147.30. The general trend is to the downside as far as 156.20.remains intact with target at 116.00. Support: 142.00, 141.50, 140.50, 139.65, 139.25 Resistance: 143.00, 143.85, 144.60, 145.00, 145.50 Recommendation: According to our analysis, sell the pair at 142.50 with targets at 140.25 and stop loss at 144.45. EUR/JPY The Elliott sequence is still in progress as the Euro versus the Japanese yen inclined reaching our target as a normal technical effect for the heavy negative divergence-Check it here- forming the possible first leg of the anticipated bigger (B) of the whole anticipated Zigzag (5-3-5) correction that touched the upper line of the minor descending channel . Hence we expect an internal second downward wave correction on the intraday basis support by the overbought signal appearing on the RSI. Trading range for today is among key support at 123.85 and key resistance now at 131.50. 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: 127.30, 126.50, 126.00, 125.35, 124.65 Resistance: 128.30, 129.00, 129.75, 130.50, 131.05 Recommendation: According to our analysis, sell the pair at 127.90 with targets at 125.60 and stop loss at 129.75. EUR/GBP After the sharp decline occurred yesterday towards 0.8880 zones whereas it was supported again and was followed by a bullish engulfing candlestick structure revives the potentiality of breaching 61.8% Fibonacci Arc as the royal pair is supported above Ichimoku cloud and above the previous consolidation areas. Hence we see further strength on the intraday basis. Carefully note that a break of 0.8840 can change this bullish prediction Trading range is among the key support 0.8760 and key resistance now at 0.9130. 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: 0.8930, 0.8900, 0.8855, 0.8815, 0.8765 Resistance: 0.9000, 0.9030, 0.9070, 0.9130, 0.9180 Recommendation: According to our analysis, buy the pair at 0.8960 with targets at 0.9060 and stop loss at 0.8875. 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