International Trading

Technical Major Currencies Midday Report

Thursday, August 19, 2010 , Posted by Usman Ali Minhas at 6:11 AM

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EURUSD
EURUSD
The pair rushed to touch the awaited 1.2830 and therefore the suggested morning scenario will be activated. From here, our expectations remain intact as long as stability is below 1.2950. The positivity of momentum indicators is causing some fluctuations around current levels before insuring the beginning of the awaited descend for today.

The trading range for today is among the key support at 1.2520 and the key resistance at 1.2950.

The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
 
Support 1.2790 1.2730 1.2670 1.2600 1.2570 
________________________________________ 
Resistance 1.2830 1.2880 1.2900 1.2950 1.3000 
________________________________________ 
Recommendation Our morning expectation remains valid. 

GBPUSD
GBPUSD
The respected yesterday's scenario, where after breaching the pivotal support at 1.5530 the pair sharply rushed to the upside to attack the support for the previously breached bullish channel that has currently turned into resistance at 1.5635. Momentum indicators are entering overbought areas, thus providing a chance for the pair to achieve the suggested bearish direction. Therefore, the expected downside direction expected today will prevail, noting the importance of stability below 1.5635 to maintain chances of achieving expectations.

The trading range for today is among the key support at 1.5360 and the key resistance at 1.5710.

The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.


Support 1.5600 1.5530 1.5450 1.5410 1.5360 
________________________________________ 
Resistance 1.5635 1.5710 1.5785 1.5815 1.5865 
________________________________________ 
Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.5635 targeting 1.5530 and stop loss above 1.5710, might be appropriate. 

USDJPY
USDJPY
The negative pressure on the pair through momentum indicators is causing the pair to return and trade below the previously breached 85.70. Chances of resuming the bullish intraday trend remain intact, especially after insuring the breach of the bearish channel shown above. Keep in mind that chances of achieving the awaited ascend today depends on stability above 85.15.

The trading range for today is among the key support at 84.70 and the key resistance at 87.35.
 
The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
 
Support 85.15 84.75 84.00 83.50 83.00 
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Resistance 85.70 86.20 86.55 86.90 87.35 
________________________________________ 
Recommendation Our morning expectation remains valid. 

USDCHF
USDCHF
The pair is finding difficulty surpassing the pivotal resistance at 1.0460 due to support from the 50 MA touching this resistance, alongside the negative momentum over four-hour basis above. Keep in mind that the pair will unload the bearish momentum gradually and therefore, we hold onto our morning expectations as long as the daily closing is above 1.0325.

The trading range for today is among the key support at 1.0325 and the key resistance at 1.0645.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.

Support 1.0360 1.0325 1.0280 1.0230 1.0200 
________________________________________ 
Resistance 1.0400 1.0460 1.0500 1.0540 1.0590 
________________________________________ 
Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.0460 targeting 1.0590 and stop loss below 1.0360, might be appropriate. 

USDCAD
USDCAD
The 50 MA formed a strong resistance in front of the pair, which pushed the pair to move to the downside and attack the pivotal support at 1.0260. Momentum indicators are still showing bullish signs that may push it to retest yesterday’s breached 1.0345. Overall, we expect a bearish trend today as long as a base is built below 1.0345.

The trading range for today is among the key support at 1.0135 and the key resistance at 1.0470.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
 

Support 1.0260 1.0190 1.0170 1.0135 1.0105 
________________________________________ 
Resistance 1.0300 1.0345 1.0415 1.0470 1.0530 
________________________________________ 
Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0345 targeting 1.0260 and stop loss above 1.0415, might be appropriate. 

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