Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Dec 23 09 07:37 GMT |

GBP/JPY The GBP/JPY pair is still moving below 76.4 % Fibonacci level, signaling that the flat correction of our detected Elliott count is still in progress. Therefore, we keep our intraday outlook to the downside over intraday basis as this correction is to be seen as the completion of the second wave over short term basis. Thus, the downside [IM] wave-the third- is under preparation. Stochastic supports this overview. Trading range for today is among key support at 141.50 and key resistance at 151.60. The general trend is to the downside as far as 167.40 remains intact with target at 116.00. Support 145.50 145.00 144.15 143.60 142.70 Resistance 146.65 147.00 147.40 148.00 148.60 Recommendation Based on the charts and explanations above our opinion is, selling the pair from 146.45 targeting 144.15 and stop loss above 148.20 might be appropriate EUR/JPY On the secondary four-hour chart; the EUR/JPY is trapped within a very narrow range but succeeded to form a bearish candlestick structure. Thereby, the bigger daily picture of our suggested CD leg for the AB=CD pattern might continue to the downside on the intraday basis. A break of 130.05- value of SMA 50- will be able to accelerate this highly anticipated bearishness. Trading range for today is among key support at 127.90 and key resistance now at 133.60. 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 130.05 129.40 128.90 128.40 127.90 Resistance 131.05 131.60 132.00 132.50 133.15 Recommendation Based on the charts and explanations above our opinion is, selling the pair from 130.60 targeting 128.90 and stop loss above 131.80 might be appropriate. EUR/GBP The royal pair is still moving steadily above the pivotal support arrears of 0.8905; forming a bullish candlestick formation on the four-hour chart. Thus, the positive effect obtained from our previous explained ideal [BAT] pattern is still in progress. Therefore, we keep our overview to the upside on the intraday basis. Presently, the path is clear towards the second technical objective areas at 0.9005, followed by 0.9030. The trading range is among the key support at 0.8690 and key resistance now at 0.9115. 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 0.8960 0.9005 0.9030 0.9070 0.9115 Recommendation Based on the charts and explanations above our opinion is, buying the pair from 0.8925 targeting 0.9030 and stop loss below 0.8840 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