Platinum is still trading sideways among the support at 1485.00 and the resistance at 1602.00, and after reaching the support for the range recently, the metal rushed to the upside targeting the resistance for this range supported by the bullish pattern seen.
The neckline for the pattern was breached and turned into support currently descended towards 1531.00 and the metal is heading to retest this level affected by the negativity on momentum indicators seen over daily basis.
This bullish pattern as well as trading above the 100 Days MA makes us favor the bullishness over intraday basis targeting 1602.00 which represents the neckline for a bigger bullish pattern which can carry the metal again to the upside wave which ended at the recorded top at 1752.50 for downside correction which settled so far for 23.6% correction.
Therefore, we expect the bullishness to continue over short term basis targeting 1725.50 though we should note that breaching 1485.00 and stabilizing below it will extend the downside correction with targets around 1370.00.
Crude continued its bullish trend yesterday stabilizing above SMA 50 affected by the minor bullish technical pattern that has formed at 74.40. Signs of a larger bullish pattern appear over four hour chart, where its neckline is at 38.2% Fibonacci for the bearish wave shown in the image below; thus, making us expect trading to continue within the current bullish channel. We expect a bullish intraday direction that will start with the breach of 75.40 that will pave the way towards 77.00 mainly.
Momentum indicators are giving off negative signs and therefore we need to keep an eye on fluctuation to achieve some bearish movement, while pointing out the importance of the four hour closing stabilizing above 74.00 to maintain chances of resuming expectations.
The trading range for today is among the key support around 72.70 and the key resistance around 77.00.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Support
74.40
74.00
73.35
72.60
71.55
Resistance
75.00
75.40
76.00
76.85
77.20
Recommendation
Based on the charts and explanations above our opinion is buying crude around 74.40 targeting 76.00 and stop loss below 73.35, might be appropriate.
SMA 50 was able to halt EURUSD pair upside movement yesterday, where it managed to achieve a daily closing below the pivotal levels of 1.2775. This maintains the suggested bearish direction intact, supported by negative signs appearing on Stochastic.
From here, we expect a bearish intraday direction that will start with a clear breach of 1.2680 to pave the way towards 1.2520 initially. Keep in mind the importance of the daily closing below 1.2775 to maintain chances of achieving expectations.
The trading range for today is among the key support at 1.2520 and the key resistance at 1.2775.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Support
1.2680
1.2625
1.2600
1.2570
1.2520
Resistance
1.2730
1.2775
1.2830
1.2900
1.2950
Recommendation
Based on the charts and explanations above our opinion is selling the pair with the breach of 1.2680 targeting 1.2520 and stop loss above 1.2775, might be appropriate.
Great British Pound (GBP)
The pair stabilized trading above resistance for the bearish short term channel that has currently turned into support at 1.5410, alongside building a base above SMA 50; however, the retesting level 1.5555 will remain intact in front of the pair’s attempts to ascend in line with clear negativity appearing on momentum indicators. Thus, these conflicting signs make us recommend keeping an eye on trading today, specifically the daily closing for support levels 1.5410 and resistance 1.5555 to maintain assuring signs for a specific direction.
The trading range for today is among the key support at 1.5290 and the key resistance at 1.5620.
The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
Support
1.5410
1.5350
1.5295
1.5230
1.5180
Resistance
1.5500
1.5555
1.5585
1.5650
1.5700
Recommendation
Based on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.
Japanese Yen (JPY)
The pair retested the level mentioned yesterday at 84.05 to start the suggested bearish wave that was previously suggested, supported by the negative direction appearing on Stochastic; alongside stability below the MA 50. These factors make us expect a bearish intraday direction that targets chiefly the key support level for the current bearish channel at 82.40, while resuming it requires the four hour closing below 84.05.
The trading range for today is among the key support at 81.60 and the key resistance at 85.05.
The short term trend is to the downside as far as 91.55 remains intact with targets at 79.60.
Support
83.30
83.00
82.40
82.00
81.60
Resistance
84.05
84.75
85.10
85.90
86.35
Recommendation
Based on the charts and explanations above our opinion is selling the pair around 84.05 targeting 82.50 and stop loss above 85.05, might be appropriate.
Swiss Franc (CHF)
The pair was able to breach resistance for the falling wedge shown yesterday trading in a sideway manner, where it is finding a hard time in starting the awaited bullish wave due to negative effect of momentum indicators; therefore we may witness some fluctuation to retest the breached resistance that turned into support that currently descends towards 1.0060 before resuming the expected bullish trend over an intraday basis that targets mainly 1.0210. Keep in mind the four hour closing is below 1.0060 will weaken chances of achieving these expectations and postpone them.
The trading range for today is among the key support at 0.9955 and the key resistance at 1.0210.
The short term trend is to the upside as far as 0.9955 remains intact with targets at 1.1120.
Support
1.0060
1.0010
0.9955
0.9915
0.9880
Resistance
1.0140
1.0210
1.0305
1.0365
1.0420
Recommendation
Based on the charts and explanations above our opinion is buying the pair around 1.0060 targeting 1.0210 and stop loss below 0.9955, might be appropriate.
Canadian Dollar (CAD)
The pair was not able to surpass the retest level at 1.0485 after achieving halfway towards the awaited targets at 1.0565 as it sharply descends due to the affect of the interest rate regarding the Canadian dollar yesterday; however, this downside movement halted at pivotal support 1.0345 – 76.4% Fibonacci – as the pair moves in a sideway range shown above. A strong breach of the bullish channel and the retest level holding its stance, accompanied by stability of 76.4% Fibonacci in line with positive momentum appearing in the four hour chart. Thus, these factors make us recommend observing trading today to receive insuring signs of a specific direction appearing through the daily closing for pivotal levels that represents support 1.0345 an resistance 1.0465.
The trading range for today is among the key support at 1.0245 and the key resistance at 1.0505.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
Support
1.0345
1.0315
1.0245
1.0190
1.0135
Resistance
1.0405
1.0465
1.0505
1.0565
1.0595
Recommendation
Based on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.
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