Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | May 05 09 06:24 GMT |

GBP/JPY Sterling versus Japanese yen is still forming the bearish structure slowly below 88.6 Fibonacci of the Bat pattern's CD leg (located at 148.67 zones). Now additional bearishness is still in favor based on the overall negative candlestick structure and the continuous overbought signs appearing on (William%R, Stochastic and CCI-RVI combination). Carefully note that if a clear breakout occurs below 147.60 areas, this will activate our prediction on the intraday basis. Trading range for today is among key support at 143.85 and key resistance at 152.75. The general trend is to the downside as far as 156.20.remains intact with target at 116.00. Support: 147.60, 146.95, 146.20, 145.50, 144.60 Resistance: 148.70, 149.45, 150.00, 150.60, 151.50 Recommendation: According to our analysis, sell the pair at 148.20 with targets at 145.50 and stop loss at 150.50. EUR/JPY The previous expected bearishness is still under construction for the time being as the pair is still struggling below 61.8% Fibonacci of the whole decline that started at 137.40 and bottomed out at 124.40 zones while the overall candlestick structure is bearish below 132.50. Hence we still keep our outlook to the downside on the intraday basis supported by the clear overbought signal appearing on Stochastic, William and CCI while AROON also started to be activated for the time being. A break of 131.50-Envelopes value- will accelerate this negative scenario. Trading range for today is among key support at 129.35 and key resistance now at 135.50. 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: 131.50, 130.90, 130.10, 129.60, 128.85 Resistance: 132.50, 133.15, 133.80, 134.25, 134.80 Recommendation: According to our analysis, sell the pair at 132.20 with targets at 129.85 and stop loss at 134.00 EUR/GBP The royal pair is trapped inside a very tight range area below the Alligator forming a bearish candlestick structure that helps us to say that the pair is about to move to the downside particularly if it succeeds to breach the 61.8% Fibonacci of the last rise started at 0.8785 and was topped out at 0.9080 zones while the bulls and bears indicator shows that the bears power is increasing gradually; supporting our anticipated bearishness on the intraday basis. Carefully note that a breakout below the range area will accelerate this scenario. 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: 0.8890, 0.8855, 0.8825, 0.8800, 0.8760 Resistance: 0.8935, 0.8965, 0.9005, 0.9030, 0.9070 Recommendation: According to our analysis, sell the pair at 0.8915 with targets at 0.8825 and stop loss at 0.8990. 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