Daily Technical Report : June 20, 2013

EUR/USD - European Session

The pair dropped sharply yesterday and stabilized below 1.3270 which is negative and might extend bearishness today as momentum indicators reflect negativity. The pair didn’t fail the upside move yet, but breaking 1.3270 levels weakened it.

The trading range for today is among the key support at 1.3115 and key resistance at 1.3385.

The general trend over short term basis is to the upside targeting 1.3600 as far as areas of 1.2970 remains intact.

GBP/USD

The pair declined sharply yesterday achieving a daily closing below Linear Regression Indicators, breaking below 38.2% correction at 1.5470 levels. Stability below the referred to level is negative and might trigger a downside move. The suggested bearish move remains valid with stability below 1.5605.

The trading range for today is among key support at 1.5290 and key resistance at 1.5720.

The general trend over short term basis is to the upside as far as areas of 1.5150 remains intact targeting 1.5975.

USD/JPY

The pair moved to the upside breaching and stabilizing above key resistance level of the bearish move as shown on graph. Linear Regression Indicators reflect positivity that started by breaching the referred to resistance level, and stability above 96.10 is positive and might extend bullishness.

The trading range for today is among key support at 95.50 and key resistance at 98.75.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.

USD/CHF

The pair moved to the upside but till now it is still limited below the previously broken harmonic support level shown on graph, as stability below the support that turned to resistance 0.9375 and below 78.6% correction at 0.9340 forbids us from suggesting a bullish extension as shown on graph. Meanwhile, stability above 0.9210 cancels the possibility of extending negativity of the technical harmonic pattern; therefore we prefer to remain intraday neutral.

The trading range for today is among key support at 0.9125 and key resistance at 0.9450.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.

USD/CAD

The pair moved sharply to the upside yesterday as expected and we see it trading above 1.0260 – 1.0270 levels with the beginning of the European session, stability above this level is positive and might extend bullishness. Trading above 1.0215 is positive and could push the pair further to the upside.

The trading range for today is between the key support at 1.0200 and the key resistance at 1.0450.

The general trend over short term basis is to the upside with steady daily closing above levels 0.9800 targeting 1.0485.

AUD/USD

The AUD/USD pair plunged steeply and it is likely to roll on toward the bearish channel's resistance. Stability below linear regression indicators support the continuation of negativity, while trades occurring below 0.9400 are biased to the downside.

**Trading range expected today is between the key support at 0.9000 and the key resistance 0.9400.

**Short-term trend is downside targeting 0.9000 if 1.0000 remains intact.

NZD/USD

The NZD/USD pair assumed an upside trend on Wednesday and managed to touch the first proposed target but then it sunk. It could be the beginning of a bearish channel formation, which kicked off at the price level 0.8678. The extension of the downtrend is probable on Thursday session, and Linear Regression Indicators support that negative outlook.

**Trading range expected today is between the key support at 0.7715 and the key resistance 0.7995.

**Short-term trend is downside targeting 0.7715 if 0.8400 remains intact.