Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | May 08 09 06:13 GMT |

GBP/JPY The British pound versus Japanese yen was limited at 150.90 zones below the areas we defined to change our short term bearish anticipation and from there it retraced sharply forming a bearish candlestick pattern that pushed the pair to move below the middle line of the Bollinger bands and below Dema 5. Now we are waiting for a price explosion and we think that it will be to the downside on the short term basis while having a look on the daily close we can notice that it revives our negative prediction. Trading range for today is among key support at 143.40 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: 148.40, 147.60, 146.80, 146.20, 145.50 Resistance: 149.90, 150.50, 151.00, 151.50, 152.25 Recommendation: According to our analysis, sell the pair at 149.10 with targets at 146.30 and stop loss at 151.50 EUR/JPY The pair has inclined yesterday placing a temporary high at 133.50 zones whereas it retraced once more as the chart shows that it doesn't have enough momentum to continue up trending, protected by the super cluster resistance zone which consists of 38.2% Fibonacci of the whole medium term rally from 169.90 to 111.96 areas and also the 76.4% Fibonacci of the short term decline from 137.40 to 124.40. Therefore we see that the pair is still gathering the momentum it needs to move to the downside while we note that there is a negative divergence under preparation on the four-hour chart. A continuous close below 132.50 zones will confirm this scenario. Trading range for today is among key support at 129.30 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: 132.50, 131.80, 131.05, 130.50, 129.65 Resistance: 133.15, 133.80, 134.30, 135.00, 135.50 Recommendation: According to our analysis, sell the pair at 133.15 with targets at 130.90 and stop loss at 135.00. EUR/GBP The royal pair couldn't penetrate the short term pivotal support around 0.8760 areas whereas it inclined aggressively forming a clear bullish engulfing candlestick which was able to hit 23.6% and 38.2% Fibonacci correctional levels. Now further inclining actions are expected on the intraday basis as a normal result for the bulls power increasing and also at the same time it is a normal effect for entering the previous broken consolidation zone while Alligator supports the direction from below. 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: 0.8900, 0.8855, 0.8815, 0.8795, 0.8760 Resistance: 0.8935, 0.8980, 0.9030, 0.9070, 0.9110 Recommendation: According to our analysis, buy the pair at 0.8915 with targets at 0.9005 and stop loss at 0.8840. 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