Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Aug 26 09 06:26 GMT |

GBP/JPY The pair finally succeeded to breach the daily bullish trend line of the ascending channel, supporting the short term Elliott sequence discussed during the past days -check it here-. The pair is offering the probability of forming a double top formation. Hence we keep the short term and intraday basis to the downside. RSI 14 bullish channel has been broken and AROON is signaling a bearish sign. Trading range for today is among key support at 149.70 and key resistance at 159.35. The general trend is to the downside as far as 167.40 remains intact with target at 116.00. Support: 153.00, 152.30, 151.60, 151.00, 150.00 Resistance: 154.30, 155.10, 155.85, 156.70, 157.35 Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 154.30 targeting 151.60 and stop loss above 156.40 might be appropriate EUR/JPY The pair has formed a shooting star candlestick pattern which we see will be able to assist the pair to breach the harmonic bullish trend line in order to activate the short term bearish scenario of Elliott sequence, particularly after the breakout which occurred to the bullish momentum trend lines. Hence we keep our overview to the downside on the intraday basis. A break of 134.15 will accelerate the negative scenario. Trading range for today is among key support at 130.00 and key resistance now at 137.30. 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: 134.15, 133.60, 133.00, 132.50, 131.50 Resistance: 135.25, 135.70, 136.65, 137.00, 137.30 Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 134.80 targeting 132.60 and stop loss above 136.40 might be appropriate. EUR/GBP The royal pair has reached the second suggested target of the harmonic bullishness at 0.8760 areas. Now, a slight correction is urgently needed to relieve the indicators and we think that this downside correction will be limited around 0.8700 -0.8720 but it will not affect the major bullish scenario. A break of 0.8780 will delay this correction and will bring an upside rally resumption towards the extreme target of the harmonic structure at 0.8905 [161.8% Fibonacci expansion]. Trading range is among the key support at 0.8600 and key resistance now at 0.8860. 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: 0.8720, 0.8700, 0.8670, 0.8615, 0.8585 Resistance: 0.8790, 0.8820, 0.8875, 0.8905, 0.8930 Recommendation: Based on the charts and explanations above our opinion is, buying the pair from 0.8725 targeting 0.8820 and stop loss below 0.8650 might be appropriate. 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