Daily Technical Report: Major And Cross Currencies - June 19, 2013

EUR/USD - European Session

The pair managed to stabilize above 61.8% correction yesterday, and we can also see the Linear Regression Indicator 34 above that correction residing at 1.3345. Stability above this level might extend intraday positivity today. We will ignore overbought signals on momentum indicators due to stability above the mentioned 1.3345.

The trading range for today is among the key support at 1.3225, and key resistance at 1.3505.

The general trend over short term basis is to the upside, targeting 1.3600 as far as areas of 1.2970 remain intact.

GBP/USD

The pair faced negative pressure yesterday, but wasn’t enough to confirm four-hour stability below 1.5605. The positive possibility is still valid for today. The pair has to stabilize now above 1.5685 to confirm the bullish wave, but we will count on the positive Linear Regression Indicators to expect a new attempt to the upside.

The trading range for today is among key support at 1.5500, and key resistance at 1.5880.

The general trend over short term basis is to the upside as far as areas of 1.5150 remain intact, targeting 1.5975.

USD/JPY

Linear Regression Indicators are positively affecting the pair, but the pair is trading within the overall bearish bias we suggested to manage the downside wave shown on graph. Stability below 95.50 forces us to hold on to our negative expectations today.

The trading range for today is among key support at 93.55 and key resistance at 96.35.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact, targeting 93.50.

USD/CHF

The pair consolidated below 0.9210 levels and bottom C of the AB=CD bearish harmonic Pattern. Based on the technical harmonic analysis, stability below 0.9210 favors the extension of the bearish move. Linear Regression Indicators are negative, and Stochastic is showing a negative crossover attempt below line 50 supporting our expectations.

The trading range for today is among key support at 0.9035 and key resistance at 0.9340.

The general trend over short term basis is to the downside, stable at levels 0.9775 targeting 0.8860.

USD/CAD

The pair stabilized above 1.0200 which is positive, but has to confirm that by stabilizing above 1.0215 represented in the 50% correction shown on graph. Trading above 1.0165 will be considered positive, supported by the ascending channel shown on the graph. Linear Regression Indicators are negative, and the RSI is still trading below 50 which requires areas of 1.0165 to hold, so that the pair doesn’t have to head towards the key support level of the ascending channel.

The trading range for today is between the key support at 1.0055 and the key resistance at 1.0325.

The general trend over short term basis is to the upside, with steady daily closing above levels 0.9800 targeting 1.0485.

AUD/USD

The AUD/USD pair's downtrend has stopped without breaking Linear Regression Indicator 34 – a positive event on intraday basis. However, the pair resides below 0.9535 and Stochastic maintains its negative momentum. We prefer to maintain neutrality in the European Session.

Trading range expected today is between the key support at 0.9360 and the key resistance 0.9650.

Short-term trend is downside, targeting 0.9000 if 1.0000 remains intact.

NZD/USD

The NZD/USD received solid support at 0.7920 as it withstood against all of the pair's bearish attempts, helping us to propose an uptrend. The pair must settle above 0.8065 in order to confirm the uptrend's return; the pair will surge above linear regression indicators and above the Broadening Wedge Pattern (positive setup) main resistance.

The expected trading range for today is between the key support at 0.7800 and the key resistance 0.8135.

Short-term trend is downside targeting 0.7715 if 0.8400 remains intact.

GBP/JPY

The GBP/JPY pair maintains the gradual rebound after testing the major support level around 147.90. This support area will be a good re-entry point in the context of the overall uptrend, as a break below it may signal a downside reversal. We'll maintain our bullish view as long as 147.90 is holding.

EUR/JPY

The EUR/JPY pair extended the anticipated rebound, as price reached 128.00-128.10 resistance, which could temporarily halt the bullish rebound, and push price lower. However on a break above it, a retest of the 50-days SMA around 129.30-129.50 will be more likely. The bullish scenario could extend a bit further, given that 125.00 key support remains intact.

EUR/GBP

The EUR/GBP pair extended the bullish rebound to 0.8583 yesterday. A break above 0.8600 is now needed to clear the way towards 0.8635 key high. We'll maintain our bullish view for the pair for today, as long as the 0.8470 level is intact.