Updated Intraday technical analysis for major currencies - page 10
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In the previous articles we suggested that the potential downside movement remained valid as long as the pair was trading below 1.0040 and below 1.0000 area, the psychological resistance.
The chart showed a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci Level), which was broken through.
Last week price level 0.9915 (lower limit of previous congestion zone) was broken through with quite strong bearish strength manifested in the long red 4H candlestick which led the USD/CAD pair towards 61.8% Fibonacci around 0.9850 without further bearish pressure. However, bullish retracement that took place after it was capped around 0.9880.
Consolidation should be fixed below 0.9850 and then 0.9830 in order to resume the bearish movement towards lower levels. Moreover, there is a possible Head and Shoulder continuation pattern that will be targeting at 0.9785 which needs fixation below 0.9830 to be confirmed. However, failure to do so, indicates a bullish reversal for a retest of 0.9900 - 0.9920 again.
Resistance: 0.9880, 0.9955, 1.0040, and 1.0080.
Support: 0.9830, 0.9805, and 0.9780.
Bullish retracement took place last week after testing 1.6000, which was capped around 1.6175 (backside of the broken bullish channel and 50% Fibonacci Level).
Prices 1.6115 and 1.6080 were broken down this week confirming the bearish bias for the pair in the short term. However, there is some recovery from Monday’s low at 1.6030 which is located ahead above a critical intraday support zone around 1.6000 -1.5990. The loss of it would trigger considerable bearish momentum towards 1.5960 and then to 1.5900.
Price Levels 1.6080 and 1.6115 should be watched for bearish price action and further SELL entries with SL just located above 1.6220.
The chart showed a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci Level), which was broken through.
Last week price level 0.9915 (lower limit of previous congestion zone) was broken through with quite strong bearish strength manifested in the long red 4H candlestick which led the USD/CAD pair towards 61.8% Fibonacci around 0.9850 without further bearish pressure. However, bullish retracement that took place after it was capped around 0.9880 which may be retested today.
Consolidation should be fixed below 0.9850 and then 0.9830 in order to resume the bearish movement towards lower levels. Moreover, there is a possible Head and Shoulder continuation pattern that will be targeting at 0.9785 which needs fixation below 0.9830 to be confirmed. However, failure to do so, indicates a bullish reversal for a retest of 0.9900 - 0.9920 again activating the bearish channel breakout scenario.
Resistance: 0.9880, 0.9955, 1.0040, and 1.0080.
Support: 0.9830, 0.9805, and 0.9780.
The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone.
Bullish retracement took place last week after testing 1.6000, which was capped around 1.6175 (backside of the broken bullish channel).
Price Levels 1.6115 and 1.6080 has been broken down this week confirming the bearish bias for the pair in the short term. However, there is some recovery manifested at the critical intraday support zone around 1.6000 -1.5990, the loss of which would trigger considerable bearish momentum towards 1.5960 and then to 1.5900.
Price Levels 1.6050 and 1.6080 should be watched for bearish price action and further SELL entries with SL just located above 1.6120.
In the previous articles we suggested that the potential downside movement remained valid as long as the pair was trading below 1.0040 and below 1.0000 area, the psychological resistance.
The chart showed a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci Level), which was broken through.
Last week price level 0.9915 (lower limit of previous congestion zone) was broken through with quite strong bearish strength manifested in the long red 4H candlestick which led the USD/CAD pair towards 61.8% Fibonacci around 0.9850 without further bearish pressure. Today, bullish retracement is taking place approaching towards 0.9880 which capped the previous bullish attempt.
Consolidation should be fixed below 0.9850 and then 0.9830 in order to resume the bearish movement towards lower levels. However, the current situation indicates a bullish reversal for a retest of 0.9900 - 0.9920 again.
Resistance: 0.9880, 0.9905, 0.9950,1.0040, and 1.0080.
Support: 0.9855, 0.9805, and 0.9780.
The potential downside movement remains valid as long as the pair was trading below 1.0040 and below 1.0000 area, the psychological resistance. The chart showed a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci Level), which was broken through few weeks ago with bearish momentum towards 61.8% Fibonacci around 0.9850 without further bearish pressure. Last week, bullish retracement took place approaching the area of 0.9910 - 0.9950 which capped the previous bullish attempt. Although a higher weekly close was recorded past week, the USD/CAD pair will have to break above its declining DAILY trendline to enhance its bullish scenario. An eventual return to levels around 0.9820 is likely to take place. However, the USDCAD pair has to break and fixate above the 0.9950 level to invalidate its broader bearish scenario. If it happens it will enable a run towards 1.0055 level, then probably to 1.0080. Resistance: 0.9950,1.0040, and 1.0080. Support: 0.9910, 0.9880, 0.9855, and 0.9805.
Read more: USD/CAD intraday technical analysis and trading recommendations for January 21, 2013
The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone. Price levels 1.6115, 1.6080, and 1.6000 have been broken down confirming the bearish bias for the pair; these levels were lost as support triggered considerable bearish momentum which was apparent on Friday. It is important to note that the pair has already broken down a long-term uptrend line that came to meet the pair around 1.6000, the loss of which opens the way towards 1.5910 then 1.5825. However, consolidation below 1.5910 (Intraday resistance) is necessary to maintain the bearish momentum for today. Considering the possible extension of the current bearish move since the 1.6330 false spike, the pair is now focused at the 100% retracement around 1.5825. However, some profits should have been taken to avoid possible retracement movements.
Read more: GBP/USD intraday technical analysis and trading recommendations for January 21, 2013
The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone. Price levels 1.6115, 1.6080, and 1.6000 have been broken down confirming the bearish bias for the pair; these levels were lost as support triggered considerable bearish momentum which was apparent on Friday. It is important to note that the pair has already broken down a long-term uptrend line that came to meet the pair around 1.6000, the loss of which opens the way towards 1.5910 then 1.5825. However, consolidation below 1.5910 (Intraday resistance) is necessary to maintain the bearish momentum for this week. Considering the possible extension of the current bearish move since the 1.6330 false spike, the pair focused at the 100% retracement around 1.5825 which was hit yesterday. That is why, rebound was seen yesterday, which will probably extend towards 1.5910.
The potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance. The chart shows that a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci level), which was broken through few weeks ago with bearish momentum towards 61.8% Fibonacci is around 0.9850 without further bearish pressure. Last week, bullish retracement took place near the area of 0.9910 - 0.9950 which capped the previous bullish attempt. Although a higher weekly close was recorded last week, the USD/CAD pair will have to break above its declining DAILY trendline to enhance its bullish scenario which is apparently failing until now. An eventual return to levels around 0.9820 is likely to take place after fixation below 0.9910. However, the USD/CAD pair has to break and fixate above the 0.9950 level to invalidate its broader bearish scenario. If it happens, it will enable a run towards the 1.0055 level, then probably to 1.0080. Resistance: 0.9950,1.0040, and 1.0080. Support: 0.9910, 0.9880, 0.9855, and 0.9805.
Read more: USD/CAD intraday technical analysis and trading recommendations for January 23, 2013
The potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance. However, the USD/CAD pair has broken above an important daily resistance (a prominent descending top) around 0.9970 level. The downtrend line established in November 2012 has been broken too establishing a support zone between 0.9910 - 0.9940 which will provide a valid BUY entry on retesting. The next resistance zone is located around 1.0040 - 1.0050 corresponding to last November's high price 1.0054. However, the current price levels being around 1.0000 are strong resistance which may probably cap the current bullish rise. Resistance: 1.0040, 1.0080, and 1.0110 Support: 0.9940, 0.9910, 0.9880, 0.9855, and 0.9805.
Read more: USD/CAD intraday technical analysis and trading recommendations for January 24, 2013