Daily Technical Report : October 25, 2013

EUR/USD - European Session

The pair approached 113% correction at 1.3835 levels shown on graph and is trading close to it now. Breaching this level is required to push the pair further to the upside today. Momentum indicators are showing overbought signals but Linear Regression Indicators are positive which requires breaching the referred to level to prove extending bullishness. Anyhow, we will benefit from stabilizing above 1.3710 to suggest further bullishness today.

**The trading range for today is among the key support at 1.3710 and key resistance at 1.3970.

**The general trend over short term basis is to the upside with daily closing between 1.3385 and 1.3970.

GBP/USD

The pair was trapped between Linear Regression Indicators and momentum indicators are still showing overbought signals. Stability below 1.6265 keeps the effect of the bearish harmonic Crab Pattern, as we will benefit from approaching the referred to level to suggest a downside move affected by the mentioned pattern. Of note, breaching 1.6265 will trigger a bullish wave and fail the harmonic pattern.

**The trading range for today is among the key support at 1.6100 and key resistance at 1.6370.

**The general trend over short term basis is to the upside with daily closing between 1.5280 and 1.6540.

USD/JPY

The pair broke 97.15 levels increasing the possible negativity during today’s session. Linear Regression Indicators covers the pair’s movement from the upside, and trading below 97.50 keeps the bearish possibility. Breaking 96.55 levels increases the bearish push.

**The trading range for today is among key support at 96.10 and key resistance at 97.80.

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

USD/CAD

The pair touched key support level of the downside move as shown on graph which triggered a slight rebound that didn’t last, whereas the pair is still facing a negative pressure. Stability below 0.8960 will keep the negative pressure; despite the oversold signals showing on momentum indicators, stabilizing below the referred to level might trigger further bearishness towards 0.8840 levels at least.

**The trading range for today is among key support at 0.8765 and key resistance at 0.9000.

**The general trend over short term basis is to the downside targeting 0.8860 as far as 0.9775 remains intact.

USD/CAD

The pair managed to prove stabilizing above 1.0380 yesterday which is positive and might extend the upside move today. Stability above the referred to level forces us to expect a new high above 1.0607 levels in the upcoming period in light of trading within the ascending channel showing on graph. Breaking 1.0355 levels could fail today’s expectations.

Of note: The overall trend relies on 1.0235, we count on 1.0355 over intraday basis to keep our expectations.

**The trading range for today is between the key support at 1.0335 and the key resistance at 1.0585.

**The general trend over short term basis is to the upside with steady daily closing above 1.0100 targeting 1.0775.

AUD/USD

The pair extends the downside towards the ascending support for the overall bullish wave, where the downside correctional scenario unfolds. A retest of the previous high at 0.9527 is likely, and accordingly, we maintain our negative scenario.

NZD/USD

The pair remains under pressure, unloading the bearish divergence on Momentum indicators, as price extends the downside, where we still see further downside towards 0.8200 areas. Accordingly, the bearish scenario remains favored for today.