Daily Technical Report: EUR/USD Trading In A Negative Bias

EUR/USD - European Session
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The pair is trading in a negative bias below 23.6% correction at 1.3315 shown on graph. Meanwhile, the pair is trading above key resistance level represented in the extended line starting from top 1.3711 passing by the next top at 1.3416. Therefore, the possibility of bringing back the upside move is valid today if the pair stabilized above 1.3315 levels.

The trading range for today is among the key support at 1.3205 and key resistance at 1.3485.

The general trend over short term basis is sideways targeting 1.2775 as far as 1.3600 is daily-closing.

GBP/USD
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The pair’s move to the downside was due to failing to breach 78.6% correction forcing the pair to respond to overbought signals shown on momentum indicators. But stability above 1.5390 forces us to expect the return of the upside move today. A four hour closing below the referred to level could lead the pair for further bearishness.

The trading range for today is among key support at 1.5310 and key resistance at 1.5645.

The general trend over short term basis is to the downside as far as areas of 1.5605 remains intact targeting 1.4550.

USD/JPY
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The pair achieved an upside move after stabilizing above 96.75 again, and we see today that Linear Regression Indicators are showing a positive cross over. Stochastic is showing overbought signals as the pair is very close to 50% correction at 97.65. Therefore, we prefer to remain intraday neutral today waiting for confirmation signals.

The trading range for today is among key support at 95.80 and key resistance at 98.60.

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
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The pair is trading today around 78.6% correction at 0.9265 levels as shown on graph, whereas this level represents an intraday interval today. Linear Regression Indicators are showing a positive cross over, as Stochastic achieved a positive cross over above line 50. Despite the aforementioned, the pair is still within the descending channel as shown on graph, so we prefer to remain intraday neutral today waiting for confirmation signals.

The trading range for today is among key support at 0.9125 and key resistance at 0.9400.

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

USD/CAD
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The pair’s upside attempts remain limited below 23.6% correction at 1.0330. Stability above the mentioned 1.0330 is required to confirm bullishness for today. On the other end, failing to hold above this level will trigger an intraday sideways move between 1.0330 and 1.0245.

The trading range for today is between the key support at 1.0200 and the key resistance at 1.0435.

The general trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0775.

AUD/USD
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The pair retreated from levels near the 50-days SMA and pushed lower breaking below 0.9135 support, could be heading to 0.9085 next support level. An upside rebound remains possible so long as above 0.9000 level, as the structure of the ongoing bullish wave hasn’t been damaged yet.

NZD/USD
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A minor head and shoulders pattern is seen on the hourly and four-hour charts, and thus price may has formed minor top within the context of the sideways range among 0.8100-0.7700 levels. Holding below the upward slopping neckline of the pattern should keep the bearish bias dominant.