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EUR/USD Emerging Signal

admin — Mon, 26 Sep 2011 21:39:05 +0000

The pair is still biased to the downside, where consolidation below 1.3665 supports the bearishness that could lead the pair to test 1.3320 and maybe towards 1.3110. Our expectations are based on the breach of 61.8% Fibonacci correction as shown above; in addition to the possible harmonic formation that is likely a Bat pattern which will be completed at 88.6% Fibonacci correction of CD leg at 1.3110. In result, we expect the downside movement to extend this week.

The trading range for this week is among the major support at 1.3110 and the major resistance at 1.3840

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Support: 1.3395, 1.3320, 1.3250, 1.3180, 1.3110
Resistance: 1.3480, 1.3530, 1.3600, 1.3665, 1.3720

Recommendation Based on the charts and explanations above, we recommend selling the pair around 1.3480, and take profit in stages at (1.3320 and 1.3110) and stop loss with a daily closing above 1.3600 might be appropriate.

GBP/USD Emerging Signal

admin — Mon, 26 Sep 2011 21:38:19 +0000

The pair is still mildly correcting the sharp declines that occurred during the previous period, where the secondary image of the four-hour interval suggests that the upside actions from the pivotal support of 1.5330 should be treated as a recovery. The bearishness is still favored during this week due to the negativity of the weekly time scale as the pair didn’t reach the scientific technical objective of the double top formation. We might see some kind of fluctuation due to the oversold sign on Stochastic, but if 1.5330 is taken, the pair will neglect this sign.

The trading range for this week is among key support at 1.5000 and key resistance at 1.5820.

The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.

Support: 1.5390, 1.5330, 1.5255, 1.5180, 1.5075
Resistance: 1.5515, 1.5630, 1.5690, 1.5780, 1.5820

Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.5495 targeting 1.5180 and stop loss above 1.5690 might be appropriate.

USD/JPY Emerging Signal

admin — Mon, 26 Sep 2011 21:37:32 +0000

The pair has slightly declined after approaching the key resistance level of 76.95, forcing Stochastic to offer a negative sign once more. Henceforth, we believe that staying aside will be the best technical choice until it breaches the aforesaid resistance to make sure that our suggested Elliott count is accurate enough to send the pair higher. A break of 75.80 with a four-hour closing below it will negate the reversal possibility and will trigger a panic sell-off.

The trading range for this week is among key support at 74.85 and key resistance now at 78.45.

The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.

Support: 76.10, 75.80, 75.60, 75.25, 74.85
Resistance: 76.65, 76.95, 77.20, 77.60, 77.90

Recommendation Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.

USD/CHF Emerging Signal

admin — Mon, 26 Sep 2011 21:36:39 +0000

The pair is still trading positively, affected by the mentioned harmonic structure, while the pair is currently trading above the structure’s first target, which represents 38.2% Fibonacci correction at 0.8850. Therefore, the upside move could extend this week; however, a downside correction is possible before the pair rebounds to the upside.

The trading range for this week is among the major support at 0.8850 and the major resistance at 0.9400.

The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400

Support: 0.9035, 0.8920, 0.8880, 0.8850, 0.8780
Resistance: 0.9150, 0.9190, 0.9230, 0.9335, 0.9400

Recommendation Based on the chart and explanations above, we recommend buying the pair around 0.9035, and take profit in stages at (0.9230 and 0.9400) and stop loss with daily closing below 0.8920 might be appropriate.

USD/CAD Emerging Signal

admin — Mon, 26 Sep 2011 21:35:51 +0000

We can see a clear breach of 61.8% Fibonacci correction at 1.0300, affected by trading outside the descending channel as shown above, where the pair consolidated above 0.9970-1.0010. Now, we expect the upside movement to continue towards 76.4% Fibonacci correction at 1.0510, while our positive expectations remain strong as long as the pair is stable above the mentioned correction.

The trading range for this week is among the major support at 0.9970 and the major resistance at 1.0690

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

Support: 1.0290, 1.0225, 1.0185, 1.0125, 1.0085
Resistance: 1.0375, 1.0400, 1.0500, 1.0550, 1.0690

Recommendation: Based on the charts and explanations above, we recommend buying the pair around 1.0290, and take profit in stages at (1.0400, 1.0510) and stop loss below 1.0185 might be appropriate

GBP/JPY Emerging Signal

admin — Mon, 26 Sep 2011 21:35:05 +0000

The pair retested the 118.85 awaited level, and reversed to the downside supported by the negativity on stochastic over four-hour basis. Therefore, we expect the resumption of the downside move for this week targeting 116.00. A breach above 118.85 may delay achieving the suggested targets.

The expected trading range for the week is among the key support at 115.00 and the key resistance at 120.35.

The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.

Support: 118.00, 117.35, 116.90, 116.00, 115.40
Resistance: 118.85, 119.60, 120.35, 120.80, 121.30

Recommendation Based on the charts and explanations above we recommend selling the pair around 118.85 targeting 116.00 and stop loss with four-hour closing above 119.60 may be appropriate.

EUR/JPY Emerging Signal

admin — Mon, 26 Sep 2011 21:34:06 +0000

The pair continues to test the support of the descending channel shown on image, and this is considered a negative sign that supports the downside bias. The 50 EMA continues to pressure intraday and short term trading negatively, in addition to the overbought stance on stochastic. Accordingly, we hold onto our expectations for a downside move this week targeting the psychological level at 100.00 and may extend to 99.40. Taking into consideration that stability below 103.75 is required to achieve these targets.

The expected trading range for the week is among the key support at 99.40 and the key resistance at 104.30.

The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.

Support: 102.40, 101.35, 100.90, 100.00, 99.40
Resistance: 102.75, 103.45, 103.75, 104.30, 105.10

Recommendation Based on the charts and explanations above we recommend selling the pair with four-hour closing below 102.40 targeting 100.00 and stop loss above 103.75 may be appropriate.

EUR/GBP Emerging Signal

admin — Mon, 26 Sep 2011 21:33:15 +0000

The pair continues to trade negatively within the downside correction shown on image. Now, a negative technical pattern has appeared and the neckline for the pattern reside at 0.8680, and this may be another factor to achieve more bearishness targeting the support of the main ascending channel at 0.8590 and may extend to reach 0.8570. This pattern will be confirmed with a four-hour closing below the aforementioned neckline, however stochastic is providing positive signs that may prevent completing the pattern. Therefore, we prefer being neutral for now and following the upcoming reports for more confirmations.

The expected trading range for the week is among the key support at 0.8455 and the key resistance at 0.8885.

The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.

Support: 0.8680, 0.8645, 0.8590, 0.8500, 0.8455
Resistance: 0.8690, 0.8730, 0.8790, 0.8845, 0.8885

Recommendation: Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.

EUR/USD Emerging Signal

admin — Thu, 22 Sep 2011 22:18:06 +0000

After the pair ideally respected yesterday’s scenario and reached the awaited targets, the euro declined strongly affected by the FOMC decision to return to trade within the main descending channel shown above, in addition to breaching the critical support at 1.3590. Those factors alongside trading below the MA 50 make us favor an intraday downside move today targeting mainly 1.3360; breaching areas of 1.3590 might delay the awaited targets while breaching 1.3700 might revive the upside move once again.

The trading range for today is among the major support at 1.3320 and the major resistance at 1.3700.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Support: 1.3530, 1.3480, 1.3435, 1.3360, 1.3320
Resistance: 1.3590, 1.3645, 1.3700, 1.3760, 1.3805

Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.3590 targeting 1.3360 and stop loss with hourly closing above 1.3700 might be appropriate

GBP/USD Emerging Signal

admin — Thu, 22 Sep 2011 22:17:17 +0000

The pair fell freely after stabilizing below the neckline areas of our caught double top formation of the weekly studies. Our classical pattern has proved its efficiency during this week, taking the pair towards the first short technical objective at 1.5475. Since we previously defined 1.5475 to be the first target for the current bearishness, we will talk today about the next targets as we still believe that the bearishness will continue over intraday basis, where 1.5335 becomes under our technical microscope. In fact, the scientific technical targets of the pattern reside below the psychological levels of 1.5000, but the pair should clear 1.5335, followed by 1.5180; whilst another potential harmonic support is seen at 1.5255 -check the harmonic outlook-. The long black candlestick formation of the daily basis supports our bearish overview.

The trading range for today is among key support at 1.5180 and key resistance at 1.5780.

The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.

Support: 1.5390, 1.5345, 1.5255, 1.5230, 1.5180
Resistance: 1.5515, 1.5545, 1.5630, 1.5690, 1.5780

Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.5495 targeting 1.5180 and stop loss above 1.5700 might be appropriate.