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Daily Technical Report: July 16, 2013

ByICN.com
Published 07/16/2013, 06:00 AM
Updated 07/09/2023, 06:31 AM

EUR/USD - European Session
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The pair is proving its ability to consolidate above the ascending key support level once again. It stabilized above 1.2975 during its downside attempts yesterday, keeping the possibility of an upside move. The pair might move to the upside today if it stabilizes above the above mentioned 1.2975 support.

The trading range for today is among the key support at 1.2975 and key resistance at 1.3270.

The general trend over short term basis is to the downside targeting 1.2675 as far as areas of 1.3170 remain intact.
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GBP/USD
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Despite moving to the downside yesterday, the pair failed to break 1.5030 and moved back to the upside today. However, the pair stabilized below the previously broken support level followed by 61.8% correction at 1.5185, so we cannot favor a bullish move. We prefer to remain neutral waiting for confirmation signals.

The trading range for today is among key support at 1.4940 and key resistance at 1.5350.

The general trend over short term basis is to the downside as far as areas of 1.5605 remain intact targeting 1.4550.
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USD/JPY
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The pair moved to the upside yesterday, achieving a four-hour closing above 99.70 and 99.95 then moved back below these levels. By examining the graph, we notice that the pair has stabilized above Linear Regression Indicator 34 and 55, but on the other hand Stochastic is biased negatively. We prefer to remain neutral to see how the pair will react around the 99.95 and 99.70 levels.

The trading range for today is among key support at 98.75 and key resistance at 100.70.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.
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USD/CHF
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The pair failed yesterday to stabilize above 0.9515, and is back to the downside. The bearish move might return after the breakout of the ascending channel, also supported by stabilizing below Linear Regression Indicator 55. Trading below 0.9515 and 0.9530 today will be considered negative.

The trading range for today is among key support at 0.9265 and key resistance at 0.9605.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
USDCHF_S&R
USD/CAD
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The pair's upside move yesterday wasn’t enough to push it to stabilize above 1.0430, keeping the possibility of a downside move again. Trading below 1.0495 today will be considered negative, but we prefer stability below 1.0430 to better support this outlook.

The trading range for today is between the key support at 1.0270 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.
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AUD/USD
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Momentum indicators are showing strong bullish divergence, while MACD completed a bullish crossover. Meanwhile, price failure at 0.9000 forces us to move to sidelines, and monitor price action around 0.9190 resistance.
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NZD/USD
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The pair bounced back higher, where the sideways trade continues to dominate, meanwhile, price remains below the key resistance at 0.7865(daily closing), and the bearish bias continues to be favored.
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