Weekly technical levels of EUR/USD for June 16-20, 2014 2014-06-16 The weekly technical levels of EUR/USD pair. EurUSd_pp.png Trading recommendations: According to the previous events, the major support is going to set at the level of 1.3477. Moreover, the price had hit the weekly pivot point and the support 1 last week. Furthermore, the level of 1.3573 is representing the weekly pivot point. So, we expect a new range of 66 pips today. Therefore, the price of the EUR/USD pair is going to move between 1.3573 and 1.3477. As a result, sell below the level of 1.3573 in the short term with the first target at 1.3511, it might resume to 1.3480 if the trend will be able to break the double bottom at 1.3511. Weekly technical levels of GBP/USD for June 16-20, 2014 2014-06-16 General idea about the pivot point. Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support through, it is likely to result in a significant price movement, it is also referred to a breakout. gbpudsd_pp.png Observations: If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend. Major support will set at the level of 1.6805 on June 16, 2014. Major resistance will set at the level of 1.7151 on June 16, 2014. We expect a new range up to 210 pips this week. Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term in this period, you will surely lose your profit. Stop loss should never exceed your maximum exposure amounts. As a rule, the market is highly volatile if the last day had huge volatility. 1402916045_gbpusdh1.png EUR/AUD intraday technical levels and trading recommendations for June 16, 2014 2014-06-16 1402916538_eurauddaily.jpgeuraud4h.jpg By breaking down price level of 1.5175, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but it also confirmed a bigger Head and Shoulders pattern. The bears managed to break down 1.4950 then 1.4750 corresponding to 50% and 61.8% Fibonacci levels respectively. Previously, a bullish pull-back was initiated off 1.4670 ( around 61.8% Fibonacci ). Two bullish spikes above 1.4950 (50% Fibonacci level on the daily chart) were executed. However, the bulls failed to pursue the bullish breakout leading to failure of the bullish breakout attempt. Moreover, Intraday support zone around 1.4750-1.4660 failed to provide enough support for the pair. Instead, bearish breakdown took place pushing towards 1.4500 then 1.4400. Since then, the pair has been moving downwards within the depicted RED channel in an attempt to reach the lower limit located roughly around 1.4320. Overall, the daily chart suggested bearish tendency especially when the daily candlesticks maintained closures below 1.4500. On the other hand, the current price zone around 1.4375-1.4420 should be watched for significant bullish price action as we can witness bullish recovery taking place today. Failure of the bulls to provide enough buying pressure at the current levels will expose price levels around 1.4300 immediately. USD/CAD intraday technical levels and trading recommendations for June 16, 2014 2014-06-16 caddaily.jpgcad4hh.jpg Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel which managed to push towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times. The market has shown a significant bullish recovery around 1.0830 (bullish engulfing daily candlestick) aiming to push higher towards 1.0910-1.0950 where significant bearish pressure was previously applied on March 21. The USD/CAD pair found temporary resistance around 1.0910-1.0950 that was able to pause the ongoing bullish momentum. As expected, a bearish corrective movement took place towards 1.0875-1.0800 ( depicted on the 4H chart ) to collect more buyers to allow a bullish breakout above 1.0950 to take place. Bullish recovery can be seen around 1.0800 which is manifested in a double-bottom pattern being established on the 4H chart. 4H fixation above 1.0875 confirms the pattern exposing price levels around 1.0950 shortly after.
Posted on: Mon, 16 Jun 2014 14:59:40 +0000
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