Thursday's Technical Report: EUR/USD, GBP/USD, USD/JPY, USD/CHF
ICN.com | Apr 01, 2015 01:34AM ET
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The pair has declined approaching our detected soft technical objective at 1.0685, but it retraced mildly due to oversold signs appeared over small time frames. The EUR/USD pair is presently nearing the resistance line of the descending channel once again and that forces us to stand aside today to watch out the price behaviors in the current sensitive levels. However, coming beneath yesterday’s low at 1.0712 will re-activate the bearish scenario.
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After declining towards the key support level of 1.4750, Cable has jumped again to trade above 1.4830 once again. This upside move warns of achieving more recovery actions over intraday basis; nevertheless, we will stand aside due to stability below the upper line of Linear Regression after closing our short positions taken this week. A sustained breakout above 1.4925 is the factor that bulls will depend on to long the GBP/USD pair.
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The USD/JPY pair Dropped after retesting the breached support turned into resistance and located at 120.35. Trading below the aforesaid level 120.35 will keep the probability for more bearishness; however, breaching 119.65 again is needed to confirm the bearish expectation. From the up side, breaching up 120.55 will cancel any intra-day bearish expectation.
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Off note, MACD indicator need the pair to breach 119.65 to confirm bearishness, otherwise, we may notice a positive signal later.
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The positivity still valid, as the pair still trading above 23.6% Fibonacci correction as we can notice on the daily chart shown on the image above. Trading above 0.9595 will keep the bullishness valid, however, trading above 0.9630 is needed to confirm bullishness over intraday trading.
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From the upside, breaching up 0.9835 is needed to confirm bullish wave extinction toward 0.9940-0.9950 resistance.
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The USD/CAD pair dropped yesterday, however, the pair still trading above linear regression indicator 55 located at 1.2600. Trading above the aforesaid level 1.2600 will keep the bullish wave probability over the intraday trading; moreover, yesterdays dropped pushed the pair back into good risk/reward ratio once again.
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From the upside, breaching up 1.2710 will signal a better bullish wave over the intraday trading today.
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