Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Nov 09 09 07:30 GMT |

GBP/JPY The GBP/JPY pair declined sharply, reaching the first objective of the short term bearish scenario at 148.35. Presently, it is re-testing the key resistance level of 150.60, while forming a Gap. We think that the mentioned gap is to be covered over the intraday basis around 149.30 zones. A break will confirm the potential downside continuation of the short term Elliott sequence. The secondary image shows that, a bearish engulfing candlestick pattern is supporting our overview. Trading range for today is among key support at 145.50 and key resistance at 154.60. The general trend is to the downside as far as 167.40 remains intact with target at 116.00. Support: 150.00, 149.35, 148.60, 147.80, 146.85 Resistance: 150.60, 151.25, 151.75, 152.30, 153.40 Recommendation Based on the charts and explanations above our opinion is, selling the pair from 150.60 targeting 148.70 and stop loss above 151.75 might be appropriate. EUR/JPY The pair has reached the first technical target for the projected short term bearish scenario at 132.50. Presently, it is preparing for a downside continuation, which is based on the suggested short term Elliott over the short term basis to for wave[C], where we believe that CD leg of a harmonic pattern is underway, seen on the provided four-hour chart. Therefore we keep our proposed negative scenario on the intraday basis; retargeting the areas between 132.50 and 132.10. Trading range for today is among key support at 131.60 and key resistance now at 137.40. 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, 132.00 Resistance: 134.85, 135.50, 136.00, 136.40, 137.00 Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 134.60 targeting 132.70 and stop loss above 135.95 might be appropriate. EUR/GBP The royal pair has formed a bullish candlestick pattern on the four-hour chart, along with a positive overlapping of Stochastic-secondary image-; supporting the potential upside expectation over the intraday basis as the short tern Elliott fifth wave of the [IM] is under way -main adily chart-. Areas of 0.8820 should hold to protect our Elliott count; otherwise a breakout below should be reconsidered. The trading range is among the key support at 0.8760 and key resistance now at 0.9175. 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: 0.8905, 0.8865, 0.8820, 0.8790, 0.8760 Resistance: 0.8980, 0.9000, 0.9030, 0.9070, 0.9115 Recommendation: Based on the charts and explanations above our opinion is, buying the pair from 0.8940 targeting 0.9050 and stop loss below 0.8860 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