|
GBP/USD Weekly Technical Report 26-30/11/2012
Despite achieving bullish actions on Friday that took the pair to close above 38.2% Fibonacci of the recent downtrend from 1.6310 to 1.5820 but Cable couldn’t breach through our previous suggested risk limit at 1.6050. In the interim, we can notice how the pair is presently facing a confluence of sensitive technical levels where the resistance of the bearish channel exists while the contrarian between momentum and trend indicators becomes very clear. Accordingly, we believe that risk versus reward ratio is inconvenient for intraday trading; whilst the trend of the week will be clearer later.
The trading range for this week is among key support at 1.5740 and key resistance at 1.6250.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.6000 1.5960 1.5925 1.5850 1.5780
Resistance 1.6065 1.6125 1.6180 1.6200 1.6225
Recommendation Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move this week.
Thanks for your feedback.
EUR/USD Weekly Technical Report 26-30/11/2012
The pair has soared on Friday to close above 61.8% Fibonacci retracement of the entire downside rally from 1.3485 to the significant low of 1.2040 as seen over daily studies. Actually, these inclines have offered positive signs on momentum, trend and oscillators indicators while the weekly candlestick formation has proved the strength of bullish momentum. From here, we believe that further strength could be seen at least during the first half of this week; noting that 1.30s should be taken out to activate this scenario.
MoreUSD CHF reaches the key support 26/11/2012
The pair was able to reach the first main waited target at 0.9240, while we are waiting to be breached to confirm the bearish trend continuation.
MoreNZD USD achieves some targets 26/11/2012
The pair was able to move away from 0.8145 and settled above 0.8200, which reinforces our expectations of continuing the bullish trend on the intraday and short term basis, where the main initial target is exists now at 0.8300, and breaching it will be the key for more bullish moves.
More