USD/JPY Bounces Shaprly; GBP/USD Attempts To Incline
ICN.com | May 04, 2016 06:47AM ET
USD/JPY
USD/JPY has bounced sharply from 105.50 zones, forming a strong bullish candlestick pattern.
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We see chances for resuming the correction, reinforced by the positive divergence formed over RSI daily readings.
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All eyes should be on 107.30, as a break of which will expose 108.60 later.
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On the downside, 105.55 is the key for short-term and 105.80 for intraday.
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Support: 106.50-105.80-105.55
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Resistance:107.10-107.30-107.80
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Direction: Bullish
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USD/CHF
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USD/CHF has inclines sharply after testing 0.9450 regions, forming a big bullish candlestick pattern.
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In the interim, the pair has formed a positive divergence over daily basis; hence, we will be bullish today, aiming to touch the areas of SMA20 at 0.9665.
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On the downside, coming below 0.9450 will negate.
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Support: 0.9550-0.9500-0.9460-0.9430
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Resistance: 0.9585-0.9630-0.9665
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Direction: Bullish
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GBP/USD
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GBP/USD attempts to incline, but it is still stable 1.4590, which may cause additional debasement.
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Stability below SMA50 at 1.4540 will increase the bearish possibility although RSI trades above 50.00.
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ADX is negative and that is also another bearish signal.
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Support: 1.4540 – 1.4475 – 1.4385
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Resistance: 1.4590 – 1.4625 – 1.4670
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Direction: Bearish correction
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