Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Jun 30 09 06:31 GMT |

GBP/JPY The pair has inclined, respecting our detected short term bullishness-check it here-. Now, the classical head & shoulders top pattern came back into focus as seen on the above chart while it's forming a shooting star candlestick pattern around 61.8%. Hence a bearish action will be in favor on the intraday basis, activating the mentioned pattern. RSI 14 is trending downwards while AROON also started to show a negative sign supporting our expectation. Trading range for today is among key support at 154.70 and key resistance at 162.75. The general trend is to the downside as far as 167.45 remains intact with target at 116.00. Support: 158.90, 158.00, 157.30, 156.55, 155.80 Resistance: 159.35, 160.00, 160.75, 161.50, 162.25 Recommendation: According to our analysis, sell the pair at 159.30 with targets at 156.60 and stop loss at 161.50. EUR/JPY The European currency vs. Japanese yen has respected our previous explained bullish scenario which pushed it towards our detected target around 61.8% Fibonacci, whereas the pair started to form a reversal signal represented by a shooting star candlestick formation which was confirmed by a long black candle. Therefore we think that the pair is to move downwards on the intraday basis before resuming the major direction towards the technical target of the structure around 137.35 zones. Trading range for today is among key support at 132.50 and key resistance now at 138.25. 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: 134.80, 134.15, 133.75, 133.15, 132.50 Resistance: 135.30, 136.00, 136.30, 137.35, 138.20 Recommendation: According to our analysis, sell the pair at 135.30 with targets at 133.15 and stop loss at 137.20. EUR/GBP In addition to our yesterday's explained hourly harmonic formation, the market is forming an inverted four-hour head & shoulders pattern as seen on the above chart. Therefore we keep our intraday outlook to the upside for the royal pair targeting the areas of the neckline around 0.8580 zones, while being supported by the oversold sign appears on RSI and the positive signal appears on AROON oscillator. Note that the right shoulder might be completed around 0.8440-0.8420 zones. Trading range is among the key support at 0.8300 and key resistance now at 0.8630. 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: 0.8450, 0.8420, 0.8400, 0.8370, 0.8350 Resistance: 0.8500, 0.8520, 0.8590, 0.8635, 0.8660 Recommendation: According to our analysis, buy the pair at 0.8450 with targets at 0.8560 and stop loss at 0.8360. 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