Daily Technical Report: June 24, 2013

EUR/USD - Weekly Report
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Monday trading kick started with a downside bias to trade below 1.3115 levels. We cannot bet on extending bearishness until the end of the week, where 1.2970 levels represent the ascending short term support. We will remain neutral in our weekly report, waiting for confirmation signals.

The trading range for this week is among the key support at 1.2880 and key resistance at 1.3440.

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
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The pair started this week trading below 50% correction at 1.5380, as stabilizing below it might extend the downside move. Meanwhile, an opening price gap was formed which requires stability below 1.5470 for the bearish move to remain valid. Linear Regression Indicators are negative, supporting our expectations.

The trading range for this week is among key support at 1.5165 and key resistance at 1.5750.

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
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The pair managed to stabilize above Linear Regression Indicator 34 and 55, reducing negativity shown on the indicators and indicating the possibility of moving to the upside during this week. Volatility and perhaps some bearish corrections could be expected, as the pair is trading in overbought areas over intraday basis as shown on Stochastic. Trading with daily closing above 96.25 will be considered positive this week.

The trading range for this week is among key support at 93.55 and key resistance at 101.15.

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
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The pair moved to the upside but remained limited below the harmonic support level of the AB=CD bearish harmonic Pattern, prohibiting us from favoring the extension of bullishness and confirming the end of the bearish harmonic pattern’s effect. On the other hand, the pair has to confirm trading below 0.9280 again to support the downside move. We prefer to remain neutral in our weekly report, waiting for confirmations.

The trading range for this week is among key support at 0.9125 and key resistance at 0.9525.

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

USD/CAD
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The pair rose sharply last week, approaching the key resistance level of the ascending channel as shown on graph. The resistance level residing at 1.0530 might trigger bearish correction as ideal trading within the channel. Breaching 1.0595 levels and stabilizing above it with four-hour closing might fail any bearish correction, and extend the bullish move.

The trading range for this week is between the key support at 1.0270, and key resistance at 1.0705.

The general trend over the 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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The AUD/USD pair is stable below Linear Regression Indicators and below 127.2% Fibonacci at 0.9295, making us expect the downtrend to extend this week. Despite the oversold signals Stochastic is reflecting, the negativity of LRIs help ups neglect these signals.

The expected trading range for this week is between the key support at 0.8935 and the key resistance 0.9445.

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

NZD/USD
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The NZD/USD pair tumbled severely last week, forming a long bearish candlestick which backs the continuation of the downtrend throughout this week as well. The pair faces 78.6% correction at 0.7715 as an initial target. Breaking that level will boost chances of the continuation of the downtrend.

The expected trading range for this week is between the key support at 0.7590 and the key resistance 0.7925.

The short-term trend is downside, targeting 0.7590 if 0.9725 remains intact.