Daily Forex Technicals | Written by ICN.com | Feb 19 13 07:38 GMT
Technical Analysis for Major Currencies
EURO
The pair tried to move to the upside yesterday but remained limited below 1.3355 levels, as stability below it keeps the affect of the AB=CD bearish harmonic Pattern valid. The previously mentioned might push the pair to extend bearishness reaching 1.3270 levels as we might see more of the downside move if the mentioned level was broken. The possible negativity remains valid by stabilizing below 1.3440 levels; stability below 1.3380 levels keeps the bearish possibility valid for today.
The trading range for today is among the key support at 1.3235 and key resistance at 1.3440.
The general trend over short term basis is to the upside targeting 1.4375 as far as areas of 1.2990 remains intact.
Support: 1.3310, 1.3270, 1.3235, 1.3200, 1.3235
Resistance: 1.3380, 1.3405, 1.3440, 1.3485, 1.3500
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.3355 targeting 1.3305, 1.3270 then 1.3235 and stop-loss with four-hour closing above 1.3405 might be appropriate
GBP
The pair’s trading stabilized below 1.5525 levels as Linear Regression Indicators tends to be negative now and might extend the bearish move. Stochastic is showing oversold signals which might cause great volatility. Meanwhile trading below 1.5580 levels today might extend the downside move, while stability below 1.5525 levels strengthens this possibility.
The trading range for today is among key support at 1.5340 and key resistance at 1.5610.
The general trend over short term basis is to the downside targeting 1.6875 as far as areas of 1.4225 remains intact.
Support: 1.5455, 1.5415, 1.5380, 1.5365, 1.5340
Resistance: 1.5500, 1.5525, 1.5580, 1.5610, 1.5630
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.5525 targeting 1.5455, 1.5415 then 1.5340 and stop-loss with four-hour closing above 1.5610 might be appropriate
JPY
Stochastic is showing the extension of the negative bias after the pair touched the upside key support that was broken earlier and turned to resistance. The pair should stabilize below Linear Regression Indicators around 93.35 levels. Trading below 94.50 levels keeps the possibility of the negative bias valid, but breaking 93.35 levels is important to confirm negativity.
The trading range for today is among key support at 92.05 and key resistance at 94.85.
The general trend over short term basis is to the upside targeting 100.00 as far as areas of 84.00 remain intact.
Support: 93.35, 93.10, 92.70, 92.50, 92.05
Resistance: 93.80, 94.05, 94.25, 94.85, 95.00
Recommendation Based on the charts and explanations above, our opinion is selling the pair with four-hour closing below 93.35 targeting 92.70, 92.50 then 92.05 and stop-loss with four-hour closing above 94.50 might be appropriate
CHF
The pair stabilized above Linear Regression Indicators yesterday despite moving to the downside, proving that the bullish move is still valid. Stochastic offers some negativity as RSI shows weakness of the upside move; yet since the pair is stable above 0.9130 levels, the possibility of an upside move remains. Stability above 0.9200 levels strengthens the positive outlook, especially that MACD is trending higher eying a breakout above zero line to the upside.
The trading range for today is among key support at 0.9080 and key resistance at 0.9370.
The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
Support: 0.9200, 0.9180, 0.9165, 0.9130, 0.9100
Resistance: 0.9235, 0.9270, 0.9305, 0.9320, 0.9350
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9200 targeting 0.9270, 0.9305 then 0.9370 and stop-loss with four-hour closing below 0.9130 might be appropriate
CAD
The pair stabilized above 1.0085 levels indicating that the upside move might extend. Despite the importance of 1.0120 resistance, stability above 1.0085 levels might extend the bullish move toward 1.0205 levels. Linear Regression Indicators are very positive forcing us to turn bullish after the extension of the bearish correction failed due to stability above 1.0085.
The trading range for today is between the key support at 1.0005 and the key resistance at 1.0205.
The general trend over short term basis is to the downside with daily closing below levels 1.0125 targeting 0.9400.
Support: 1.0085, 1.0055, 1.0030, 1.0005, 0.9980
Resistance: 1.0120, 1.0160, 1.0180, 1.0205, 1.0240
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0085 targeting 1.0120, 1.0160 then 1.0205 and stop-loss with four-hour closing below 1.0025 might be appropriate
AUD
Areas of 1.0275 remained stable against the downside move, confirming the attempts to the upside to retest the ascending channel's broken support -turned to resistance-. Positivity is valid now unless the bearish move extends below the mentioned 1.0275 levels, while breaching 1.0375 levels will extend the upside move.
The trading range for today is among key support at 1.0200 and key resistance at 1.0475.
The general trend over short term basis is to the downside with daily closing below levels 1.0710 targeting 0.9400.
Support: 1.0310, 1.0275, 1.0220, 1.0200, 1.0185
Resistance: 1.0345, 1.0385, 1.0400, 1.0430, 1.0475
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0310 targeting 1.0385, 1.0400 then 1.0475 and stop-loss with four-hour closing below 1.0275 might be appropriate
NZD
The pair proved stability above 0.8400 levels supporting that possibility of positivity again. Stochastic is still moving negatively but we will ignore that unless the pair holds below 0.8355. We suggest an upside move today depending on the ascending channel and stability above the mentioned support, but we prefer stability above 0.8480 levels to further confirm positivity.
The trading range for today might be among key support at 0.8355 and key resistance at 0.8565.
The general trend over short term basis is to the upside with steady daily closing above 0.8130 targeting 0.8845.
Support: 0.8415, 0.8400, 0.8385, 0.8355, 0.8310
Resistance: 0.8450, 0.8480, 0.8500, 0.8535, 0.8565
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8415 targeting 0.8480, 0.8535 then 0.8565 and stop-loss with four-hour closing below 0.8355 might be appropriate
