USD/CHF Waits For Positive Momentum; NZD/USD Breaks Down Major Level
TraderNovo | May 24, 2016 06:17AM ET
The USD/CHF pair hovers around 0.9900 level since yesterday, showing sideways and tight trading, waiting to get enough positive momentum to push the price to resume the bullish trend on the short term basis, as our next target is located at the psychological barrier at 1.0000.
The EMA50 continues to support the price from below, reinforcing the expectations of rising in the upcoming sessions, which its continuation conditions holding above 0.9800 level.
Expected trading range for today is between 0.9800 support and 1.0000 resistance.
Expected trend for today: Bullish
The NZD/USD pair managed to break 0.6780 level and closed the daily candlestick below it, which reinforce the expectations of continuing the bearish trend in the upcoming period, supported by the EMA50 that forms negative pressure against the intraday and short term trading, and the way is open to visit 0.6698 level as a next main station.
Therefore, our bearish trend expectations will remain valid for the upcoming period conditioned by holding below 0.6840 level, noting that breaking 0.6698 will extend the bearish wave to reach 0.6614.
Expected trading range for today is between 0.6630 support and 0.6840
Expected trend for today: Bearish
The USD/JPY pair’s trading bounced lower after it failed to surpass the EMA50 that located now at 110.20, where the price affected by stochastic negativity that appears in the daily time frame, which might push the price to make temporary bearish correction before resuming the short term bullish bias.
Until now, the bullish trend scenario remains valid as long as the price above 106.63 level, waiting for breaching 110.20 level to open the way towards targeting 113.97 level as a next main station, being aware that breaking 108.64 level will extend the intraday bearish wave to reach 107.45 and it might extend to 106.63 before any new attempt to rise.
Expected trading range for today is between 108.05 support and 110.60 resistance.
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Expected trend for today: Overall Bullish
The GBP/USD pair achieved a clear break to the intraday trend line that appears in the image, which turns into resistance now at 1.4510, which turns the intraday track to the downside, targeting visiting the bullish channel’s support at 1.4220.
Therefore, the bearish bias will be preferred in the upcoming sessions unless breaching 1.4510 level and holding above it, pointing that the EMA50 puts negative pressure that supports the suggested negative scenario.
Expected trading range for today is between 1.4350 support and 1.4550 resistance.
Expected trend for today: Bearish
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