Intraday technical levels and trading recommendations on EUR/USD for October 17, 2014

The recent bearish slide below 1.2870 invalidated the previous attempt of bullish reversal. Thus, bearish decline towards 1.2680 and 1.2510 took place shortly after.

Last week, the EUR/USD pair looked oversold and was trading beyond the lower limit of the channel before bullish momentum could get it back inside the channel.

That’s why, price action around 1.2580-1.2600 (the lower limit of the channel) was important to determine the next destination.

Bullish recovery was expressed off 1.2500 and 1.2600 to push towards 1.2700 and 1.2830 (back inside the channel).

The origin of the bullish engulfing pattern (around 1.2600) provided a good BUY position as suggested in previous articles. It’s running in profits now.

The upper limit of the movement channel (1.2880-1.2900) is being approached. Bearish pressure is anticipated to be applied.

The medium-term bearish trend remains intact as long as the bears keep defending the price zone around 1.2880-1.2900 (the recent consolidation zone).

A short-term bullish Head and Shoulders pattern was established on the 4H chart as anticipated. 4H fixation above 1.2700 confirmed the reversal and allowed the bulls to reach 1.2850.

A valid BUY position was suggested around the origin of the bullish Head and Shoulders pattern (price level of 1.2660). The final target is being approached today around 1.2900.

Recommendation :

Price action should be watched around 1.2870-1.2900 (upper limit of the channel and previous broken demand level) for one more SELL position.

Stop loss for this short position should be located above 1.2965.

On the other hand, price level of 1.2700 should be watched for price action if visited first. It may provide another intraday long position.

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USD/CAD intraday technical levels and trading recommendations for October 10, 2014

Overview :

Two months ago, the ongoing bearish swing (ilogged in March 2014) was hindered at the price level of 1.0620. This price level corresponded to the lower limit of the channel as well as the backside of a steeper bearish one.

In August, bullish breakout off the movement channel took place. This enabled a bullish Flag pattern to be established. Bullish targets were successfully hit, including price level of 1.1230.

Strong bullish momentum has been expressed for a couple of weeks. Note that breaching price zone of 1.1230-1.1260 and fixation above it triggers new bullish swing.

On the other hand, a break below 1.1100-1.1070 is more likely to happen. This indicates that the bearish correction will extend further towards 1.0980-1.0950 where a key-support zone is depicted on the chart (the lower limit of the bullish channel and 50% Fibonacci level).

Recommendations:

The price zone of 1.1250-1.1276 corresponded to previous significant tops on the daily chart. Extensive bearish rejection was expressed as anticipated.

Risky traders can take a SELL entry around 1.1200-1.1245. Bearish targets are located at 1.1080 and 1.0990.

Then, the price zone of 1.0980-1.0950 should be watched for another LONG position to make use of the ongoing bullish trend.

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USD/CAD intraday technical levels and trading recommendations for September 16, 2014

The USD/CAD pair has been down-trending within the depicted bearish channel. This bearish trend started with retesting 1.1260 when bears initiated this extensive bearish impulse.

Two months ago, the bearish swing mentioned above was hindered at the price level of 1.0620. This price level corresponded to the lower limit of the channel as well as the backside of a steeper bearish one.

In August, bullish breakout off the movement channel took place. This enabled the current bullish Flag pattern to be established.

In one month, a bullish rally extended from 1.0620 reaching 1.0990 where the upper limit of the Flag pattern is now being retested.

Last week, the USD/CAD pair has established a recent consolidation zone between 1.0990 – 1.0850.

Four-hour fixation above price zone of 1.0990-1.1025 (50% Fibonacci level) confirmed the bullish flag pattern mentioned above offering a valid BUY entry.

Today, another opportunity to BUY the pair exists around 1.0990-1.1010 as the pair is currently retesting the previously broken resistance zone (it should act as support).

Projection targets are located initially around 1.1235 – 1.1270. SL should be located below 1.0940.

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Intraday trading recommendations for EUR/JPY for September 15, 2014

The pair successfully closed in the broken triangle, made a higher close. The pair opened today with a green tick, as of now, today it has been unable to breach the previous day’s high. On the upside, the pair has a strong resistance zone between 139.18-139.25 levels. We recommend fresh buying only above these levels. In the near term, the upper end on the triangle is the major resistance. A breach above that, we can see a sharp run up towards 139.80-140 odd level. On the down side, it has support at 138.34 and 137.30.

For an intraday basis, the prices are closed above hourly key moving averages. The pair has support at 138.65, below this, 138.40, 138 and 137.70 levels.

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Intraday trading recommendations on USD/CAD for September 11, 2014

The pair has been facing strong resistance at 1.0986 on a closing basis. Even though the pair breached this level, it is unable to close above that level which produces selling pressure whenever it touches that 1.0986 on a daily closing basis. In yesterday’s session, the pair drifted towards 23.6 fib level. Today, it opened with support at that level and is looking for an opportunity to move up. The pair is trading at the 1.0945 level, support existed at the 1.0934 level. Below 1.0934, it can extend its fall down to 1.0921 (20Dsma). For an intraday session, the prices are holding above 34hrsma. We recommend buying the cmp 1.0934 with an hourly target at 1.0965. In a move above 1.0965, it can climb up to 1.0983, 0986, and 1.1. Today, the key support exists at 1.0928 while resistance is at 1.0965.

Buy at cmp, strong up move above 1.0965.

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GBP/USD intraday technical levels and trading recommendations for September 5, 2014

One month ago, bears initiated a bearish trend off the price levels around 1.7150-1.7190. Since then, the GBP/USD pair has been declining within the depicted bearish channel.

The price levels of 1.7050 – 1.7000 failed to provide enough support for the pair. Hence, bears had an initial bearish target around 1.6800.

However, this price zone of 1.6800 – 1.6820 failed to provide support too. Thus, maintaining the downside movement within the depicted chart.

The current bearish destination is located around 1.6300-1.6250 which has been hit earlier today ( previous prominent daily bottom ).

In case bulls maintain the current daily closure in the form of a “bullish hammer daily candlestick”, a bullish corrective movement towards 1.6540 will be very probable.

Otherwise, sustained bearish pressure will expose the price levels around 1.6250 for retesting. It’s the nearest daily support to meet the pair

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