Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Oct 20 09 07:58 GMT |

GBP/JPY As we discussed yesterday, the Fibonacci level of 261.8% proved its strength, claiming that the allover bearish harmonic AB=CD pattern is in progress. The candlesticks bearish formation alongside the bearish signs that are appearing on OsMA, RSI 14 and AROON helps us keep our intraday overview to the downside. A breakout below 147.10 will bring a panic sell-off action. Trading range for today is among key support at 142.25 and key resistance at 155.80. The general trend is to the downside as far as 167.40 remains intact with target at 116.00. Support: 147.65, 147.10, 146.20, 145.50, 144.75 Resistance: 148.30, 148.90, 149.35, 150.00, 150.80 Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 148.20 targeting 145.60 and stop loss above 150.50 might be appropriate EUR/JPY Same case appears on the EUR/JPY chart as 261.8% Fibonacci has forced the pair to form a bearish engulfing candlestick pattern as seen on the above four-hour chart. A breakout below 134.70 will accelerate the intraday bearish harmonic scenario of AB=CD, targeting 133.60 and we think that it will extend further towards the key support level of 132.50. Indicators support our scenario while the bears power are increasing. Trading range for today is among key support at 132.50 and key resistance now at 138.20. 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: 134.70, 134.15, 133.60, 133.00, 132.50 Resistance: 135.25, 135.90, 136.35, 136.80, 137.40 Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 135.20 targeting 133.00 and stop loss above 137.00 might be appropriate. EUR/GBP Having a look at the daily time scale we will find that the royal pair is on its way to form the internal [b] of the bigger 4th while forming the allover impulsive wave. The technical target of the aforesaid internal [b] wave resides at 0.9260. Hence we keep our intraday outlook to the upside, supported by the bullish harmonic formation appearing on Stochastic. Trading range is among the key support at 0.8930 and key resistance now at 0.9340. 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: 0.9100, 0.9070, 0.9030, 0.9000, 0.8960 Resistance: 0.9140, 0.9175, 0.9205, 0.9260, 0.9300 Recommendation: Based on the charts and explanations above our opinion is, buying the pair from 0.9100 targeting 0.9205 and stop loss below 0.9010 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