Thursday's Daily Technical Report: EUR/USD, GBP/USD, USD/JPY
ICN.com | Mar 26, 2015 06:42AM ET
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The EUR/USD pair is presently flirting with 1.10 psychological after achieving a daily closing beyond the resistance line of descending channel. The bullishness may continue over intraday basis and a break above 1.1085 will actuate bulls to add more long positions. RSI14 stabilizes above 50.00 levels; MACD is positive and Linear Regression carries the movements from the underside.
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The GBP/USD couldn’t breach the initial support at 1.4830 yesterday, while stability remains below the upper line of Linear Regression that intersects with the key resistance of 1.4985. Thereby, neutrality is in favor over intraday basis until the pair clears one of those levels with a daily closing to join the new trend.
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USD/JPY pair dropped, to trade below 50% Fibonacci correction. More down side correction is expected as long as the pair trades below 118.95. Breaching 118.20 would cause more bearishness toward 117.20 presented by 78.6% Fibonacci correction.
Of note, trading below 119.70 is needed to keep our bearish expectation; however, trading below 118.95 will keep higher probability for intraday bearishness.
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Although the weak trading, USD/CHF pair trading bearishly below 23.6% Fibonacci correction located at 0.9595. Any trading below the aforesaid level 0.9595 will keep the bearish expectation valid over the intra-day trading today.
Breaching 0.9535 will confirm bearish extension, while trading below 0.9690 is needed to keep expectation valid.
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The pair is trading bearishly, approaching the main support line shown on the image above that located at 1.2405-1.2400. Breaching the aforesaid support is needed to confirm more bearishness; however, MACD and RSI14 indicators shows negativity that signal a high probability of breaching 1.2405 support.
Trading below 1.2540 is needed to keep bearish expectation, while trading below 1.2475 is needed to keep the bearish expectation valid over the intra-day trading today.
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