Tuesday's Technical Report: GBP/USD Trapped Within Tight Range
ICN.com | Apr 07, 2015 06:43AM ET
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The GBP/USD has been trapped within a tight range after being resisted at 1.4985 once again. MACD and RSI14 remains neutral forcing us to stand aside, as risk versus reward ratio remain high. A break above 1.4985 is positive, while coming beneath 1.4870 is negative for intraday traders.
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The USD/JPY pair is trading between 38.2% and 50% Fibonacci corrections located at 119.65 and 118.95 as we notice on the image above. Trading below the main support of the uptrend that turned into resistance will keep the bearishness probability valid.
Only breaching up 120.55 will weaken the bearishness, while breaching down 118.95 will confirm bearish expectations.
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The USD/CHF pair is trading below 0.9595 resistance level, and below linear regression indicators. Trading below the aforesaid level 0.9595 presented by 23.6% Fibonacci correction will keep the probability of another bearish wave; targeting 38.2% Fibonacci correction at 0.9265.
From the upside, breaching 0.9660 will weaken our expectation. Off note, MACD indicator seems to be negative, while RSI 14 indicator is trading below 50.00 resistance line.
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The USD/CAD pair trading near the main support of the sideways trend as the image shows. Trading above 1.2405 will push the pair higher. MACD indicator showing a positive crossover attempt. RSI14 indicator rose after touching the 30.00 point support.
Breaching 1.2405 will cause a bearish wave this week.
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The AUD/USD pair is trading above the main resistance of the downtrend once again as we can notice on the daily chart shown on the image above. Trading above 0.7530 may keep the probability of uptrend emerge; however, breaching 0.7940 later this week is needed to confirm the bullish expectation.
We will use the classical technical fact of trading above the main resistance turned into support at 0.7600 to expect bullish wave during the next sessions.
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Once again, NZD/USD pair failed to maintain trading above 0.7585 resistance level, and that caused a down movement yesterday. However, the pair still trading above the main resistance of the down channel as we can see in the image above.
Trading between 0.7585 and 0.7400 forces us to stay neutral to watch price behavior between the aforesaid levels.
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