Trading Mildly Positive For EUR/USD; GBP/USD Moves Within Tight Range
ICN.com | Dec 21, 2015 05:15AM ET
USD/JPY
Despite the sharp bearish actions seen on Friday, but ADX has presented a positive overlap, which may prove the solidity of current trading levels above 121.00 psychological.
However, we will be bearish due to stability below 61.8% Fibonacci and the negative crossover on moving averages.
A break below 120.70 will prove the strength of the downtrend, reinforced by RSI stability below 50.00 regions.
Support: 120.80-120.35-120.00
Resistance: 121.70-122.10-122.30
Direction: Bearish
USD/CHF
USD/CHF failed to re-test moving averages confluence on Friday, but trading remains stable above 38.2% Fibonacci levels.
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In the interim, there is no clear signal appearing on RSI and ADX and that makes it difficult to suggest specific price behaviors today with lackluster of fundamental motivation for intraday traders.
It is better to stand aside, waiting for reliable signals, while the important levels to watch are 0.9950 and 0.9850.
Support: 0.9900-0.9850-0.9805
Resistance: 0.9950-0.9975-1.0000
Direction: Sideways
EUR/USD
Very weak movements have been seen with the start of the week although trading was mildly positive, but moving averages remain a strong obstacle.
ADX tries to be bullish, but RSI remains below 50.00, which suggest neutral stance due to stability above 1.0850 and below moving averages.
A break below 1.0850 again will be bearish, but for now, let’s watch out the price behaviors.
Support: 1.0850 – 1.0785 – 1.0745
Resistance: 1.0890 –1.0935 – 1.1005
Direction: Sideways
GBP/USD
GBP/USD moved within a tight range without achieving a four-hour closing below 1.4890 despite the continuous attempts to move higher.
Trading below 88.6% Fibonacci at 1.4935 is negative; noting that, ADX is weak and RSI moves between 30.00 and 50.00 levels.
Any four hour closing below 1.4890 will be negative signal and coming above 1.4970 will extend the bullishness.
Support: 1.4890 – 1.4835 – 1.4795
Resistance: 1.4965 – 1.5025 – 1.5065
Direction: Sideways, but bearish below 1.4890
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