Midday update for GBP USD 19/11/2012
The pair achieved some bearish bias to visit 1.5900 affected by Stochastic negativity, while we still keeping our proposed scenario in our morning-issued report which requires monitoring the support levels between 1.5900 and 1.5800
Expected trading range for this week is between: 1.5650 support and 1.6250 resistance.
Expected trend for today: Bullish temporarily, neutral at the mentioned resistance.
Midday update for EUR USD 19/11/2012
The pair made a new attempt to visit 1.2800, but it still stable below, that makes us continue in our neutral attitude for today until surpassing one of the pointed levels in our previous report.
Expected trading range for this week is between: 1.2500 support and 1.3000 resistance.
Expected trend for today: Neutral
EUR JPY settles positively 19/11/2012
After breaching the channel support and the retest around 103.30, the pair stabilizes positively until now, but without reaching the initial resistance level around 104.60
More positivity is expected during the near and medium term by stabilizing above 103.30 which might assist in breaching 104.60 and extends to reach 105.50 followed by 108.30 during the upcoming period.
The moving average supports the bullish bias by stabilizing around the main support, while Stochastic is inside the overbought levels, that makes us expect slight correction on the price.
Expected trading range for today is between: 102.90 and 104.50
Expected trend for today: Bullish
GBP JPY attempts to breach the channel 19/11/2012
The pair stabilized in Fridays’ trading around the breached channel level at 129.20 attempting to breach this level to witness a bullish trend again within the bullish channel reaching to 130.70
129.60 is considered as a resistance that might be a barrier against the pair return inside the channel as interpreted in the chart, therefore, we must be aware that the bullish bias still continuing but if the price failed in breaching the mentioned level there will be a potential correction.
Stochastic settled inside the overbought level which supports the bullish bias until now.
Expected trading range for today is between: 128.80 and 130.50
Expected trend for today: Bullish