Technical Analysis for Crosses
GBP/JPY
GBP/JPY dropped to a low at 142.78 last week, and before touching 142.60 it rebounded upwards back into the rising channel, as seen on the graph. Stochastic reflects a bullish bias on momentum however, the pair trades below Linear Regression Indicators as to this moment. Relative Strength Index shows weakness in the uptrend – the event that requires trading back within the aforesaid channel. Hereon, we prefer to stand aside in our Weekly Report, searching for signs of a specific direction.
The trading range expected for this week is between the key support at 142.60 and the key resistance at 149.60
The short-term trend is downside targeting 112.00 if 150.00 remains intact
Support: 145.00, 144.65, 144.15, 143.55, 143.10
Resistance: 146.00, 146.85, 147.25, 147.40, 148.25
Resistance: 146.00, 146.85, 147.25, 147.40, 148.25
Recommendation Based on the above graph and explanation, we recommend neutrality in our Weekly Report
EUR/JPY
EUR/JPY rebounded bullishly from levels surrounding the uptrend's key support, and it has settled above Linear Regression Indicators. Nonetheless, Stochastic is in overbought areas, and the pair is influenced by a bearish technical setup, or correction. Breaching 126.15 is necessary to assert the continuity of the bullish surge but since the pair is trading back within the rising channel, we propose a bullish trend this week. In order for the outlook to stand valid, stability above 123.50 is required.
The trading range expected for this week is between the key support at 122.15 and the key resistance at 128.75
The short-term trend is upside targeting 128.75 if 116.15 stands intact at weekly closing
Support: 125.00, 124.85, 124.50, 123.85, 123.20
Resistance: 125.75, 126.15, 126.65, 127.40, 127.90
Resistance: 125.75, 126.15, 126.65, 127.40, 127.90
Recommendation Based on the above graph and explanation, we recommend buying the pair above 124.50 targeting 125.75, 126.15 and 127.40 and stop-loss at four-hour closing below 123.20
EUR/GBP
Extension of the bearish correction did not succeed last week as we have seen the pair hovering around 0.8575 before rising to settle above the Exponential Moving Average 50, as well as above Linear Regression Indicator 55. LRI 55 and 34 are trading positively – circumstance we think will deliver a potential uptrend this week. The forecasted trend may attempt to touch levels around 0.8700 however if the pair breaks and resides below 0.8575, chances of the extension of the correction will be restored.
The trading range expected for this week is between the key support at 0.8480 and the key resistance at 0.8740
The short-term trend is upside targeting 1.0370 if 0.7785 remains intact
Support: 0.8600, 0.8575, 0.8535, 0.8500, 0.8480
Resistance: 0.8650, 0.8675, 0.8700, 0.8720, 0.8740
Resistance: 0.8650, 0.8675, 0.8700, 0.8720, 0.8740
Recommendation Based on the above graph and explanation, we recommend buying the pair above 0.8600 targeting 0.8675, 0.8700 and 0.8740 and stop-loss at four-hour closing below 0.8575 this week
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