Fxnet Technical Analysis On Major Currencies & Commodities

FxNet

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EUR/USD - European Session:



The pair is trading weakly and in a limited range below the previously broken bullish harmonic support and below the first target of the AB=CD bearish harmonic Pattern. Therefore, the bearish possibility is still valid supported by Stochastic. Breaking 1.3465 levels and stabilize below it is significant to prove the negative outlook.

Support

1.3505

1.3470

1.3420

1.3400

1.3385

Resistance

1.3555

1.3580

1.3610

1.3660

1.3700

Recommendation

Based on the above, sell the pair below 1.3530 targeting 1.3500, 1.3470 then 1.3420 and stop-loss at four-hour closing above 1.3555




GBP/USD - European Session:



The pair dropped yesterday affected by the bearish harmonic Crab Pattern and the negative momentum showing on Stochastic. The pair has to stabilize below 1.6100 to prove extending the downside move,as 13% correction of CD Leg represents an intraday interval of extending the downside move today. Breaching 1.6265 could fail our expectations, but we will count today on 1.6225 levels to keep our negative expectations.

Support

1.6100

1.6070

1.6030

1.6000

1.5985

Resistance

1.6170

1.6225

1.6265

1.6305

1.6340

Recommendation

Based on the above, sell the pair below 1.6150 targeting 1.6100, 1.6070 and 1.6000, stop-loss at four-hour closing above 1.6225



USD/JPY - European Session:



The pair dropped yesterday but remained limited above Linear Regression Indicators and around the previous top 101.53. Therefore, the possibility of an upside move is still valid and trading above 100.60 will keep this possibility valid.

Support

101.50

101.15

101.00

100.60

100.30

Resistance

102.00

102.50

102.80

103.10

103.50

Recommendation

Based on the above, buy the pair above 101.55 targeting 102.00, 102.50 then 102.80 and stop-loss at four-hour closing below 100.60




EUR/JPY - European Session:



The pair is trading sideways as shown on graph and failed in breaking 137.05 yesterday, keeping us neutral waiting for confirmation with a breakout below the mentioned support or a breach above 138.00 resistance. The breakout below 137.05 will extend bearishness towards 135.50 while a breach of 138.00 will extend gains towards 140.00.

**Trading range expected today is between the key support at 136.00 and key resistance at 139.00

Support

137.05

136.45

135.50

134.80

134.10

Resistance

138.00

138.65

139.00

139.50

140.00

Recommendation

We remain neutral observing the pair around 138.00 resistance and 137.05 support



GOLD - European Session:



Gold rebounded higher, as price failed to settle below the 78.6 retracement level and the descending support shown on chart, forming a strong bullish candle, settling back above 1252.00 previous swing low. Accordingly, we reverse our view from bearish to bullish over intraday basis.


** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing

Notes:

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers

**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.

Support

1252.00

1240.00

1235.00

1220.00

1210.00

Resistance

1261.00

1270.00

1280.00

1290.00

1295.00

Recommendation

Long above 1246.00, targets at 1252.00,1261.00 and 1280.00. Stop loss below 1235.00



SILVER - European Session:



Silver formed a bullish engulfing candle stick formation yesterday, threatening for an upside rebound, however price remains below the key broken support at 20.50-20.60 area, and accordingly, the conflicting technical position forces us to move to the sidelines for now, awaiting a clearer signal.

** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing

Notes:

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.

*Support and Resistance levels should be treated as regions not precise numbers

**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.

Support

20.00

19.50

19.20

19.00

18.70

Resistance

20.25

20.60

20.85

21.05

21.50

Recommendation

Neutral



Crude OIL - European Session:



WTI Crude Oil failed to maintain the bearish bias, bounced higher yesterday and starts the trading session higher, settling at the middle of the sideways consolidation. Accordingly, we prefer to move to the sidelines this morning. A breakout of this consolidation phase will confirm the next potential move.


** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing

Notes:

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers


**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.

Support

94.50

94.15

93.65

93.30

93.00

Resistance

94.70

95.00

95.50

96.00

96.65

Recommendation

Neutral
 
 
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