Daily Technical Report : October 24, 2014
ICN.com | Oct 24, 2014 04:55AM ET
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The pair attempted to rise yesterday but remained limited below 1.2700, and closed yesterday's trading session below the resistance 1.2660. Stability below the referred to level could extend bearishness towards 1.2580 in an attempt to break it, as RSI is moving below line 50 and MACD signal lines are trading sideways below line zero.
Hence, we bet on further bearishness intraday today but breaking 1.2625 is significant to confirm this negative outlook while breaching the descending channel earlier, and that requires breaking the referred to 1.2625. From the upside, breaching 1.2700 weakens the bearish possibility.
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GBPUSD pair managed to stay stable above 1.6000 after attempting to test it in the last two days, which support extending our bullish expectations on the short term targeting 1.6285. The pair should breach significant resistance barriers residing at 1.6090 then 1.6185 to confirm extending the expected upside move.
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The pair breached 108.00 levels but should stabilize above it to confirm extending the upside move targeting 108.50 and 109.00. Trading above 107.50 is positive and support our positive expectations, while breaking 106.65 threatens to fail the suggested expectations.
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The pair is trading above 0.9525, while levels 0.9565 should be breached and stabilize above it to confirm the upside move targeting 0.9600 and 0.9650. A break below 0.9480 threatens to fail the suggested expectations.
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USDCAD pair is trading above 1.1205 at 88.6% correction showing above clsoe to the key support of the minor ascending channel. The divergence signals showing on both RSI and MACD stops us from betting on a bullish rebound at the time being.
Moreover, Linear Regression Indicators are positive but the pair is trading below it, weakening positivity without confriming negativity. Hence, due to the mentioned catalysts, we prefer to remain neutral now waiting to confirm breaking 1.1205 or trading again above the previous top 1.1277.
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The pair is providing positive attempts today while moving towards the resistance of the sideways range at 0.8825, as the pair should breach it to confirm extending the bullish bias in the upcoming period targeting next 0.9000. A break below 0.8690 halts the positive expectations and pushes the pair to reverse its trading to the downside.
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The pair moved slightly to the upside but remained limited below 0.7860, and trading below it is negative support the bearish expectations and stabilizing below it favors a retest of the support 0.7800. Breaking 0.7800 and stabilizing below it favors a new bearish wave targeting 0.7750 and 0.7705, while breaching 0.7900 threatens to fail the suggested expectations.
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