Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | May 01 09 06:29 GMT |

GBP/JPY The British pound versus Japanese yen is still battling the areas of 61.8% Fibonacci of CD leg -target of the bullish harmonic pattern- which we speculate that it will be able to force the pair to show correctional declining movements affected also by facing the upper line of the Bollinger bands while the overall candlestick structure is bearish as shown on the above chart. The overbought signs appear on (William%R, Stochastic and CCI-RVI combination) can be activated strongly with a breakout occurs below 145.50 zone. Therefore we will keep our overview to the downside on the intraday basis. Trading range for today is among key support at 142.50 and key resistance at 150.00. The general trend is to the downside as far as 156.20.remains intact with target at 116.00. Support: 145.50, 144.60, 143.85, 143.30, 142.75 Resistance: 146.30, 146.90, 147.70, 148.35, 149.00 Recommendation: According to our analysis, sell the pair at 146.10 with targets at 143.35 and stop loss at 148.25. EUR/JPY The European currency versus the Japanese yen is facing a pivotal resistance zone around 131.25 while the Stochastic, William and CCI indicators show that the pair is moving inside an overbought area and as we discussed in our previous reports that we are ahead of seeing a correctional movement as a normal technical effect from forming a continuous long upper shadow for the previous 5 candles claiming that it doesn't have enough momentum to continue up trending. This anticipated bearishness is protected by 61.8% Fibonacci of the last drop started at 137.45 zones at 132.50. Trading range for today is among key support at 127.40 and key resistance now at 134.20. 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: 130.75, 130.00, 129.40, 128.65, 128.00 Resistance: 131.80, 132.50, 133.20, 133.80, 134.40 Recommendation: According to our analysis, sell the pair at 131.20 with targets at 129.00 and stop loss at 133.00. EUR/GBP After the expected bearishness that appeared on the royal pair yesterday, it succeeded to find a strong support around 0.8920 that pushed the pair forming a long white candlestick that turned yesterday's downward movements into an upward direction on the intraday basis supported by the obvious oversold signs appear on the CCI and AC indicator. A clear breakout occurs above 61.8% Fibonacci Arc at 0.8985 will accelerate today's anticipated upside actions. Trading range is among the key support 0.8760 and key resistance now at 0.9180. 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: 0.8950, 0.8905, 0.8860, 0.8815, 0.8760 Resistance: 0.9000, 0.9030, 0.9070, 0.9130, 0.9180 Recommendation: According to our analysis, buy the pair at 0.8965 with targets at 0.9050 and stop loss at 0.8895. 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