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Daily Technical Report Of Major And Cross Currencies: December 05, 2012

Published 12/05/2012, 04:52 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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GBP/USD
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USD/JPY
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USD/CHF
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AUD/USD
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EUR/GBP
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USD/CAD
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NZD/USD
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EUR/JPY
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GBP/JPY
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Technical Major Currencies

EUR/USD
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The pair moved to the upside to breach the key support level of the sideways range as shown on the chart threatening the suggested scenario of a possible downside correction. Stochastic shows overbought signals and areas of 1.3170 level remains stable; accordingly we remain neutral in our report waiting for more confirmations.

The trading range for today is among key support at 1.2905 and key resistance at 1.3235 .

The general trend over the short-term is negative targeting 1.1865 as far as areas of 1.3550 remain intact.
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GBP/USD
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Stability above the resistance that turned into support at 1.6065 maintains the positive bias for the pair and Linear Regression Indicators are trading positively supporting the possibility of extending the upside move. Stochastic touched levels around 30 and is trying to move to the upside which is in the interest of extending the upside move.

The trading range for today is among the key support at 1.5910 and key resistance at 1.6265.

The general trend over the short-term basis is to the downside targeting 1.6875 as far as areas of 1.4225 remain intact.
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USD/JPY
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The pair dropped touching levels close to the second suggested target suggested yesterday; the pair turned slightly higher but remains stable below 82.65 keeping the possibility of a downside. Generally, breaching 81.60 will form a clearer downside wave affected by the suggested harmonic formation.

The trading range for today is among key support at 81.45 and key resistance at 83.35.

The general trend over the short-term is to the upside at levels 75.20 targeting 87.45.
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USD/CHF

The pair failed to stabilize above 0.9275 and stability below it confirms the extension of the bearish Butterfly Harmonic Pattern. Therefore, we are expecting a new downside attempt, but breaching 0.9245 is important to trade below Linear Regression Indicators.

The trading range for today is among key support at 0.9130 and key resistance at 0.9395.

The general trend over the short-term basis is to the downside at levels 0.9775 targeting 0.8860.
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USD/CAD
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Returning below 0.9930 revives the effect of the bearish Butterfly Harmonic Pattern, Relative Strength Index is back trading below 50 and the pair is trying to prove stability below Linear Regression Indicators. Therefore, the pair returned to negativity as we may see the pair trying to reach the second target of the harmonic pattern at 0.9855.

The trading range for today is among key support at 0.9800 and key resistance at 1.0040.

The general trend over the short-term basis is to the downside at levels 1.0125 targeting 0.9400.
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AUD/USD
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As shown on the chart, we might see a possible double harmonic technical formation between 1.0555 and 1.0565 levels, then we are in front of a Butterfly Pattern and AB=CD Harmonic Pattern. Stability above Linear Regression Indicators is positive for the pair despite the negative signals on Stochastic, but trading above 1.0390 may extend the upside move over intraday basis.

The trading range for today is among key support at 1.0370 and key resistance at 1.0565.

The general trend over the short-term basis is to the downside below levels 1.0710 targeting 0.9400.
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NZD/USD
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The pair continues to rise gradually as it is trading below the descending trend line of the sideways correctional formation shown on the chart at 0.8270. Returning below 0.8230 again may trigger a new bearish wave yet we should remain cautious until the pair confirms the breach.

The trading range for today is among key support at 0.8135 and key resistance at 0.8355.

The general trend over the short-term is to the upside above 0.7930 targeting 0.8400.
<span class=NZD/USD_S&R" title="NZD/USD_S&R" width="683" height="109">
GBP/JPY
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The pair failed to confirm four-hour closing below 131.85, and has risen once again stabilizing above Linear Regression Indicators. Still with that we cannot confirm the extension of the upside wave because the pair is close to the main resistance of the ascending channel as shown on the chart. Therefore, we prefer staying aside in this report .

The trading range expected for today is between the key support at 130.35 and the key resistance at 133.55 .

The short-term trend is to the downside targeting 112.00 as far as 150.00 remains intact.
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EUR/JPY
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The pair's stability above 107.00 prevented it from confirming a bearish wave, and now we see it approaching the main resistance of the upside movement. Stochastic shows overbought signals, and the price is in levels that might as well complete forming the "BC" leg of the harmonic setup shown on the chart. However, confirmation of a bearish wave requires stability below 107.00.

The trading range expected today is between the key support at 105.75 and the key resistance 109.15.

The short-term trend is to the upside targeting 109.15 as far as 98.75 remains intact at week`s closing.
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EUR/GBP
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Bullishness extends, and it is the normal case in light of continued trading above 0.8100; stability above this level supports the resumption of the bullish wave supported by a technical setup similar to an Inverted Head and Shoulders pattern.

The trading range expected for today is between the key support at 0.8070 and the key resistance 0.8225.

The short-term trend is to the upside targeting 1.0370 as far as 0.7785 remains intact.
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