Wednesday's Technical Report: GBP/USD, USD/CHF, USD/JPY, USD/CAD
ICN.com | Apr 29, 2015 06:04AM ET
GBP/USD pair rose to trade just above 78.6% Fibonacci correction located at 1.5340. Trading above the aforesaid level 1.5340 will take the pair higher toward 88.6% Fibonacci presented by 1.5440 level.
Only breaching 1.5235 will cancel our bullish expectations for the intraday trading today.
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The USD/CHF pair has been resisted in the areas of upper line for linear regression as seen on the provided daily chart. We still need a breakout below 0.9485 to affirm the bearish tendencies appearing over shorter time-frames.
Anyway, we will be watching the price behaviors until the pair breaches through this aforementioned support to enter the market. On the upside, 0.9620-0.9635 areas represent the floor for potential shorts.
The USD/JPY pair has been trading within a narrow range, while 118.70 has provided it with support once again. There is a contrarian between technical indicators with MACD and RSI 14 positive and linear regression negative.
We remain on the sideline; noting that, a break below 118.70 will re-new the selling opportunity, while breaching 119.60 will bring buying interests.
USD/CAD pair declined approaching our defined technical target at 1.1990 presented by 38.2% Fibonacci correction. Linear regression indicators suggest more bearishness toward that level, however in current trading price, risk/reward ratio is not appropriate for us.
Therefore, we prefer keep our old short positions, but not taking any new positions today until we how the pair will interact with the aforesaid level 1.1990.
In accordance with our bullish scenario, the pair has inclined sharply, touching the detected technical objective areas near 0.8030 as seen on the provided daily graph. The daily closing above 0.7940-resistance turned into support- is a positive technical catalyst that may push the pair more to the upside, while the bullish actions are supported by the positivity on technical indicators.
Eyes are now on 0.8025 as a break above it will ease the path towards 0.8125 boundaries.
Respecting our yesterday’s proposed bullish scenario, the NZD/USD pair has soared reading detected technical objective zones at 0.7740 as seen on the provided daily chart.
Technical indicators turned into positivity and that may trigger more buying interests over intraday basis and a break above 0.7740 will accelerate the bullishness. On the downside, coming below 0.7625 will negate.
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