Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Sep 01 09 06:15 GMT |

GBP/JPY Despite the bearish structure of the double top formation which pushed the pair below the up trend line as we discussed before, but the pair is currently in a stage of stability as the momentum indicators have reached oversold areas. Hence we expect consolidation areas between 153.60 and 149.80. An upside correction -to retest the mentioned resistance- is needed on the intraday basis before resuming the downside rally. Trading range for today is among key support at 146.80 and key resistance at 156.30. The general trend is to the downside as far as 167.40 remains intact with target at 116.00. Support: 151.00, 150.45, 149.80, 149.00, 148.35 Resistance: 152.30, 153.00, 153.60, 154.65, 155.00 Recommendation: Based on the charts and explanations above our opinion is, buying the pair from 151.20 targeting 153.50 and stop loss below 149.25 might be appropriate EUR/JPY The pair is supported around the critical support level of 132.50 that assisted it to show the ability to form an intraday bullish structure. Hence we think that the pair is to move mildly upwards, testing the upper line of the descending channel before resuming the major downside rally of [C] wave of our suggested Elliott sequence. Trading range for today is among key support at 129.50 and key resistance now at 136.10. 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: 133.00, 132.50, 131.55, 131.00, 129.50 Resistance: 133.70, 134.15, 134.85, 135.50, 136.10 Recommendation: Based on the charts and explanations above our opinion is, buying the pair from 133.30 targeting 134.80 and stop loss below 132.10 might be appropriate. EUR/GBP The royal pair has been capable of forming a continuation pattern [Pennant] as seen on the above four-hour chart. Therefore we will keep our outlook to the upside over the intraday basis, targeting 0.8905 area- 161.8% Fibonacci expansion level of our captured harmonic bullish pattern-. A breakout above 0.8825 areas, which represents the upper line of Keltner channel, will accelerate these upside movements. Trading range is among the key support at 0.8615 and key resistance now at 0.8960. 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: 0.8790, 0.8760, 0.8720, 0.8700, 0.8650 Resistance: 0.8830, 0.8845, 0.8875, 0.8905, 0.8960 Recommendation: Based on the charts and explanations above our opinion is, buying the pair from 0.8780 targeting 0.8890 and stop loss below 0.8700 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