Daily Technical Report : September 25, 2013

EUR/USD - European Session

The pair extended the negative trading and stabilized below 78.6% correction at 1.3505. Meanwhile, the pair failed to stabilize below the previous top 1.3452 and is still stable above Linear Regression Indicators. Therefore, we prefer to remain neutral over intraday basis to monitor how the pair will react between 1.3505 and 1.3452 levels.

The trading range for today is among the key support at 1.3345 and key resistance at 1.3605.

The general trend over short term basis is sideways with daily closing between 1.2775 and 1.3600.

GBP/USD

Linear Regression Indicators managed to halt the downside move keeping the possibility of an upside move. Meanwhile, trading again above 78.6% correction is important to prove the return of the upside move; therefore bullishness is valid today as long as the pair stabilized above 1.6015. Breaking 1.5930 could fail the intraday positive expectations.

The trading range for today is among the key support at 1.5875 and key resistance at 1.6170.

The general trend over short term basis is to the upside as far as areas of 1.5280 remains intact targeting 1.6540.

USD/JPY

The pair is trying to move to the downside stabilizing below Linear Regression Indicators and below 50% correction at 98.65. Meanwhile, we cannot bet on extended bearishness while the pair is stable above key support of the ascending channel and above 38.2% correction. Therefore, we will remain neutral in the European session to see how the pair will react with levels between 98.65 and 98.00.

The trading range for today is among key support at 97.15 and key resistance at 99.95.

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 upside move is still limited below the broken ascending support level -turned to resistance- and below 0.9185. Therefore, the bearish possibility is still valid today and trading below 0.9185 will be considered negative. Of note, breaking 0.9110 and stabilizing below it is significant to prove the return of the downside move.

The trading range for today is among key support at 0.8955 and key resistance at 0.9215.

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

USD/CAD

The upside move is still limited below the broken ascending support level -turned to resistance- and below 0.9185. Therefore, the bearish possibility is still valid today and trading below 0.9185 will be considered negative. Of note, breaking 0.9110 and stabilizing below it is significant to prove the return of the downside move.

The trading range for today is among key support at 0.8955 and key resistance at 0.9215.

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

AUD/USD

The pair remains in a corrective mode, pushing to the broken resistance-turned-support around 0.9385 area, a rebound remains probable, however, over intraday basis, a break below 0.9365 may lead to a deeper correction , while the overall bullish scenario will remain valid so long as 0.9220 is intact.

NZD/USD

The pair moved sharply lower within the past couple of days, extending the correction and approaching 0.8210 support, and the 200-days SMA, very close to invalidating our previously suggested bullish rebound scenario. However, price should find demand around this cluster of support area. Due to the negativity seen, we prefer to move to the sidelines and wait for a confirmation signal.