EUR/USD - European Session
The pair approached the ascending key support level 1.2970 at 23.6% correction before rebounding to the upside. Stochastic is showing oversold signals forcing us to suggest a bullish rebound today affected by key support level that took the pair from the bottom at 1.2039. Stability below 1.2970 will fail any upside attempt.
The trading range for today is among the key support at 1.2870 and key resistance at 1.3170.
The general trend over short term basis is to the upside targeting 1.3600 as far as areas of 1.2970 remains intact.
The pair dropped again to stabilize below 1.5380 which is negative and might extend bearishness to test 1.5290 at least. A breakout below 1.5290 will support the downside move and extend bearishness within the descending channel shown on graph.
The trading range for today is among key support at 1.5290 and key resistance at 1.5605.
The general trend over short term basis is to the upside as far as areas of 1.5150 remains intact targeting 1.5975.
The pair is still trading in a sideways range and currently stable above 97.55 levels indicating a new attempt to the upside, as breaking the descending channel shown on graph is a main support for the bullish move. On intraday basis, stability above 96.80 is a main catalyst to keeping the positive expectations.
The trading range for today is among key support at 96.10 and key resistance at 99.30.
The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.
The pair is still trading positively and is still stable above 38.2% correction and above Linear Regression Indicators; as the 34 line is also positive. Therefore, we think that the upside move might extend today as trading above 0.9360 will be considered positive.
The trading range for today is among key support at 0.9300 and key resistance at 0.9525.
The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
The pair achieved a downside move in the past two days affected by its bearish rebound from key resistance level of the ascending channel. Today we think the possibility of a downside move is still valid, whereas momentum indicators are still showing negativity. Trading below 1.0530 is negative and might extend the bearish correction, but we have to see the pair hold today below 1.0475 for this possibility to remain strong.
The trading range for today is between the key support at 1.0355 and the key resistance at 1.0530.
The general trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0775.
The AUD/USD pair rose gradually and is now close to the resistance 0.9360, rendering Risk/Reward Ratio advantageous for us to suggest the return of the downtrend once again. The pair, however, must go back to confirm a break to LRI 34 in order to cancel LRIs positivity. One thing shakes the foundation of negativity, which is breaching key bearish channel resistance level 0.9465.
**Trading range expected today is between the key support at 0.9115 and the key resistance 0.9460.
**Short-term trend is downside targeting 0.9000 if 1.0000 remains intact.
The NZD/USD pair rises gradually but we cannot rely on it to propose a certain movement because the pair is still traded within a bearish price channel. The MACD is likely to offer a positive signal, the RSI is trading positively above the 50-point line and LRIs are reflecting positivity as well. As a result, we prefer to assume neutrality on intraday basis because the pair is within the aforesaid channel.
**Trading range expected today is between the key support at 0.7525 and the key resistance 0.7885.
**Short-term trend is downside targeting 0.7590 if 0.9725 remains intact.
The GBPJPY pair rebounds after retesting areas at the main ascending trend line for the overall bullish trend as shown on chart. Accordingly, the overall bullish rebound scenario is still valid. Only a break below the trend line shall start to concern us.
The EURJPY pair is attempting to break the minor descending channel show on the four-hour chart above, and heads towards the main descending resistance for the overall bearish wave. A break above that resistance will be our confirmation for a move higher, and thus we remain on the sidelines until then.
The EURGBP pair fails so far to break 0.8470 support level, and thus maintains the possibilities of an upside rebound. 0.8510 is the intraday key resistance level, and managing to hold back above it would indicate further upside. On the other hand 0.8470 remains the key level to the downside.