Technical Analysis for Major Currencies

Daily Forex Technicals | Written by ecPulse.com | Jun 04 09 06:47 GMT |

EURO The pair was incapable of setting a breach for the minor resistance level yesterday and declined strongly presenting focal support at 1.4105. The positive momentum shown on indicators might push the pair to the upside which might reach 1.4225-45 from where the pair might indulge in a new intraday downside move to breach the mentioned support level at 1.4105 which in role might drive the pair towards 1.3900, noting that despite this downside move the short-term trend continues to the upside. It is of the essence to pay attention to fundamentals from the euro area today especially as we await the ECB's rate decision. The trading range for today is at the key support at 1.4105 and the key resistance at 1.4620. The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120. Support: 1.4105, 1.4080, 1.4030, 1.3980, 1.3945 Resistance: 1.4180, 1.4225, 1.4245, 1.4320, 1.4395 Recommendation: According to our analysis, sell the pair below 1.4105 with targets at 1.3900, stop loss with four-hour closing above 1.4180 GBP The dollar recouped much of its acquired losses versus Sterling, as the pair plummeted yesterday by more than 400 pips reaching the minor support level for the ascending channel at 1.6255. We can see that the pair is destined for further losses by the clear continuation negative slope which was seen after the pair set the resistance level for the upside channel, and the chance is open for the pair to decline towards the channel's support level at 1.5700 where the upside wave remains valid as far as this level remains intact. We await the BoE's rate decision today at 11:00 GMT which might cause heightened volatility and fluctuations for the pair. The trading range for today is among the key support at 1.5700 and the key resistance at 1.6475. The general trend is to the upside as far as 1.4840 remains intact with targets at 1.4840 and 1.6600. Support: 1.6175, 1.6105, 1.6075, 1.6015, 1.4975 Resistance: 1.6270, 1.6320, 1.6360, 1.6430, 1.6475 Recommendation: According to our analysis, sell the pair below 1.6175 with targets interlude at 1.6075 and 1.5975, stop loss with four-hour closing above 1.6270 JPY The pair continued the mixed trading within the ends of a Symmetric Triangular Technical Model, where its ends are tightening gradually and breaching any of those ends will accelerate the pair's move which we expect is to be a breach for the resistance level at 96.35 driving the pair to the upside towards the critical resistance level at 97.60. The short-term trend continues to the downside shall the mentioned resistance level remain intact. The trading range for today is among the key support at 91.90 and the key resistance at 99.40. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60. Support: 95.90, 95.35, 94.75, 94.50, 94.10 Resistance: 96.35, 96.55, 97.40, 97.70, 98.10 Recommendation: According to our analysis, buy the pair above 96.35 with targets at 97.60, stop loss with four-hour closing below 95.35 CHF The pair managed to reach the long awaited resistance level at 1.0745 to rebound to the downside in a correctional move towards the 50% correction at 1.0675. Negative momentum is seen on indicators which might pressure the pair to extend the intraday downside move which might reach 1.0625-1.0615 and might then revert to the upside in attempts to breach the mentioned 1.0745 resistance level targeting 1.0930 levels within its trading within the current major downside channel. The short-term trend remains to the downside as far as 1.0930 resistance level remains intact. The trading range for today is among the key support at 1.0450 and the key resistance at 1.0930. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245. Support: 1.0625, 1.0555, 1.0500, 1.0470, 1.0450 Resistance: 1.0690, 1.0745, 1.0800, 1.0820, 1.0860 Recommendation: According to our analysis, buy the pair above 1.0625 with target at 1.0745, stop loss with four-hour closing below 1.0555 CAD The pair rushed to the upside in yesterday's trading setting more than 300 pips incline after breaching the resistance level at 1.0970 easily setting the target for this breakout near 1.1550. According to the minor image we can notice a bearish harmonic pattern where we await the intraday decline confirmation with the coming candlestick's bearish closing, as we see the pair can indulge in a downside correction for yesterday's upside wave that might extend towards 1.0970 before reverting to the upside in an attempt to reach the downside channel's major resistance at 1.1310. The short-term trend continues to the downside was far as the latter mentioned resistance level is intact. The trading range for today is among the key support at 1.0780 and the key resistance at 1.1335. The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300. Support: 1.1085, 1.1015, 1.0970, 1.0930, 1.0880 Resistance: 1.1150, 1.1195, 1.1230, 1.1255, 1.1310 Recommendation: According to our analysis, sell the pair below 1.1085 with targets at 1.0970, stop loss with four-hour closing above 1.1185 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