Daily Technical Report: Major And Cross Currencies - April 25, 2013

EUR/USD - European Session

EUR/USD" title="EUR/USD" width="643" height="335">
The pair moved to the upside yesterday as expected. The failure to achieve four-hour closing below 1.2970 was due to the upside move and is expected to move further by stabilizing at 1.2970. Linear Regression Indicators are positive, as Stochastic is showing a positive crossover supporting the possibility of a bullish move.

The trading range for today is among the key support at 1.2905, and key resistance at 1.3155.

The general trend over short term basis is to the downside, targeting 1.2560 as far as areas of 1.3270 remain intact.
EUR/USD_S&R" title="EUR/USD_S&R" width="629" height="132">
GBP/USD
GBP/USD" title="GBP/USD" width="1596" height="619">
The GBP/USD moved to the upside as expected, benefiting from stability above Linear Regression Indicators and key support level of the ascending channel. Positivity is still valid for the rest of the day, but the pair has to stable above 1.6270 to support this outlook. The RSI breaching line 50 to the upside supports our intraday expectations today.

The trading range for today is among key support at 1.5115, and key resistance at 1.5385.

The general trend over short term basis is to the downside, as far as areas of 1.6875 remain intact targeting 1.4225.
GBP/USD_S&R" title="GBP/USD_S&R" width="637" height="85">
USD/JPY
USD/JPY" title="USD/JPY" width="1596" height="619">
The USD/JPY pair’s attempts to the upside remained limited below 99.85 levels; stability below this level might trigger a new attempt to the downside today.

The trading range for today is among key support at 97.85, and key resistance at 100.85.

The general trend over short term basis is to the upside, as far as areas of 84.00 remain intact targeting 100.00.
USD/JPY_S&R" title="USD/JPY_S&R" width="639" height="85">
USD/CHF
USD/CHF" title="USD/CHF" width="1596" height="619">
The sharp upside move was halted, as the USD/CHF is getting close to the key resistance level of the downside move shown on graph. Stochastic is showing intraday overbought signals, forcing us to remain intraday neutral during today's U.S. session.

The trading range for today is among key support at 0.9325, and key resistance at 0.9570.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
USD/CHF_S&R" title="USD/CHF_S&R" width="635" height="99">
USD/CAD
USD/CAD" title="USD/CAD" width="911" height="662">
The pair is trading in very narrow range since the beginning of the European session, and is stable below Linear Regression Indicators. Meanwhile, the pair is around the key support level of the sideways range that looks like the symmetrical triangle. We prefer to remain neutral in the U.S. session, waiting for confirmation signals.

The trading range for today is between the key support at 1.0185, and the key resistance at 1.0355.

The general trend over short term basis is to the upside with steady daily closing above levels 0.9800 targeting 1.0485.
USD/CAD_S&R" title="USD/CAD_S&R" width="635" height="98">
AUD/USD
AUD/USD" title="AUD/USD" width="717" height="460">
The AUD/USD's stability above 1.0295 suffices to expect extension of the uptrend all the way to 1.0350 then to 1.0400, based on the resistance break as shown on the above graph. Stochastic reflects overbought signals, indicating the potential occurrence of slight fluctuation and perhaps some downside corrections. We expect to see an uptrend, provided that 1.0215 holds ground.

- Trading range expected today is between the key support at 1.0215, and the key resistance 1.0495.

- Short-term trend is downside targeting 0.9400 if 1.0710 remains intact.
AUD/USD_S&R" title="AUD/USD_S&R" width="633" height="117">
NZD/USD
NZD/USD" title="NZD/USD" width="1187" height="746">
The NZD/USD saw a powerful uptrend on Wednesday that carried it back to around 0.8530, which we will rely on as an intraday interval for today. Trading above 0.8415 has become positive, and according to the recent volatility above this level, we expect to see further bullishness in the period ahead.

- Trading range expected today is between the key support at 0.8415 and the key resistance 0.8675.

- Short-term trend is upside targeting 0.8845 if 0.8130 remains intact.
NZD/USD_S&R" title="NZD/USD_S&R" width="633" height="114">
GBP/JPY
GBP/JPY" title="GBP/JPY" width="911" height="662">
The GBP/JPY pair is fluctuating below 152.40 resistance. The bearish scenario remains likely so long as this resistance is holding. We prefer to see further downside confirmation signs to expect a downside move. Opposite, a break above 152.40 could lead to a move higher probably towards the recent highs at 153.85 level.
GBP/JPY_S&R" title="GBP/JPY_S&R" width="631" height="85">
EUR/JPY
EUR/JPY" title="EUR/JPY" width="911" height="662">
The EUR/JPY pair is struggling at 129.70 resistance, failing so far to break it, and the bearish scenario remains intact. We anticipate the downside wave to resume for a possible retest of 128.00 level as an initial downside target. Overall, 131.00 key high should remain intact for this scenario's continued validity.
EUR/JPY_S&R" title="EUR/JPY_S&R" width="634" height="97">
EUR/GBP
EUR/GBP" title="EUR/GBP" width="911" height="662">
The EUR/GBP is challenging 0.8500 support level. The pair has been struggling to break this level recently. A break below 0.8500 may confirm further downside and could accelerate the expected bearish momentum further, eying the recent swing low near 0.8405 as the next downside target.
EUR/GBP_S&R" title="EUR/GBP_S&R" width="633" height="97">