Friday's FX Technicals
ICN.com | May 23, 2014 05:37AM ET
EUR/USD - European Session
The pair traded with downside bias, and now below 1.3665 and this support that turned now into resistance will keep the downside pressure valid, targeting initially 1.3520 at 38.2% correction.
Only a breach of 1.3700 will weaken our positive expectations, while a breach of 1.3750 will fail our expectations.
GBP/USD - European Session
The pair failed yesterday to breach 1.6920-30 areas and returned to the downside. The failure to breach higher is considered negative over intraday basis and might pressure a new downside attempt today, especially as trading is stable below Linear Regression Indicators.
Only a breach of 1.6930 fails the bearish outlook, but will only be confirmed with a break below 1.6820 to confirm the downside move and revive negativity on MACD and AROON that offer strong bearish signals.
USD/JPY - European Session
Get The News You Want
USD/JPY failed to hold below 101.30 main support area, forming a major bullish long legged candle, with a major lower shadow, and hinting a potential bullish rebound. Holding above 100.70 keeps the bullish bias intact, targeting 102.00 and 103.00 levels.
USD/CHF - European Session
USD/CHF is pushing towards 0.8950 resistance level, which is the neckline of the major bullish double bottom pattern, a breakout above that resistance would signal major bullish reversal, targeting 0.8950 as an initial upside target. Overall holding below that resistance keeps the potential for a move lower, but we prefer to wait for confirmation over the lower time intervals today.
USD/CAD - European Session
USD/CAD moved slightly lower, but continues to consolidate in sideways bias below 1.0940 resistance level, and that keeps the bearish bias intact, where we continue to target areas near the 200-days SMA around 1.0730 as long as price is stable below 1.0940. A break above 1.0940, will call for more upside targeting 1.1050 levels.
AUD/USD - European Session
The AUD/USD continues to hover above 0.9200 horizontal support which is a key neckline for a double bottom pattern, if broken may extend the bearish move further. This sensitive area forces us to move to the sidelines, awaiting a clear confirmation, where only a break above the 50-days SMA and 0.9270 resistance would signal a bullish rebound.
NZD/USD - European Session
NZD/USD continues to hover below the broken support at 0.8600 level, which keeps the bearish bias intact, as price trades within a sideways bias among 0.87040-0.8500 key level, where the next target is possibly at the bottom of the range at 0.8500 next main support. Holding below 0.8600 should keep the bearish bias dominant.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.