Daily Technical Report: Major And Cross Currencies - April 12, 2013

EUR/USD - European Session

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The EUR/USD pair is currently stable above 38.2% correction at 1.3115. It is considered positive, and might extend bullishness in an attempt to test 1.3230 levels represented in 50% correction of the downside move that started from 1.3711 and ended in bottom 1.2744. Despite overbought signals shown on Stochastic, the positivity of Linear Regression Indicators supports our positive outlook that requires intraday stability above 1.3085.

The trading range is among the key support at 1.3035 and key resistance at 1.3230.

The general trend over short term basis is to the downside targeting 1.2560 as far as areas of 1.3270 remains intact.
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GBP/USD
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The GBP/USD pair is trading below key resistance level of the ascending channel, but is confusing as it is above Linear Regression Indicators. Breaching 1.5415 might trigger a bullish wave reaching at least 1.5490 levels, but breaking 1.5370 reduces this possibility and might cause some bearish correction.

The trading range is among key support at 1.5280 and key resistance at 1.5485.

The general trend over short term basis is to the downside as far as areas of 1.6875 remains intact targeting 1.4225.
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USD/JPY
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The upside push is weak affected by resistance level 99.85 that managed to halt the upside push. Linear Regression Indicators are positive in addition trading in an ascending channel; we cannot bet on deep bearish corrections. Confirming the upside move is by stability above resistance level 99.85, then confirming the breach of 100.35 and stability above.

The trading range is among key support at 98.10 and key resistance at 101.15.

The general trend over short term basis is to the upside, as far as areas of 84.00 remain intact targeting 100.00
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USD/CHF
USD/CHF" title="USD/CHF" width="1233" height="618">The USD/CHF pair is clearly affected by the Double Top Pattern and by breaking the ascending channel starting from bottom 0.9000 and ending in top 0.9566. The pair is currently around 50% correction at 0.9295, as stability below it indicates further correction towards 61.8% at 0.9230 at least.

The trading range is among key support at 0.9205 and key resistance at 0.9360.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
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USD/CAD
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The USD/CAD pair broke the first target of the bearish harmonic Bat Pattern represented in 38.2% correction of CD Leg residing at 1.0140. Based on technical harmonic analysis, stability below the first target indicates further bearishness to test the second target residing at 1.0015 represented in 61.8% correction. The pair has to break 50% correction at 1.0075 to support this negative outlook.

The trading range is between the key support at 1.0005 and the key resistance at 1.0185.

The general trend over short term basis is to the upside with steady daily closing above levels 0.9800 targeting 1.0485.
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AUD/USD
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The AUD/USD pair rose sharply, settling above 1.0545, stability above which will extend the upside wave supported by Linear Regression Indicators. A breakout above the psychological barrier at 1.0600 is required for the resumption of the intraday upside move.

* Expected trading range is between the key support at 1.0495 and the key resistance 1.0645.

* Short-term trend is downside targeting 0.9400 if 1.0710 remains intact.
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NZD/USD
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The NZD/USD pair pushed higher as expected, triggered by consolidation above 0.8500 and might extend the upside move in the coming period. We expect the pair to resume the upside wave and over the interim targeting previous records high. The barrier ahead is now the 88.6% correction at 0.8675, a breach of which will trigger a new upside wave.

* Expected trading range is between the key support at 0.8455 and the key resistance 0.8765.

* Short-term trend is upside targeting 0.8845 if 0.8130 remains intact.
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GBP/JPY

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The GBP/JPY pair pushed towards 154.00 level, recorded a high on Thursday, April 11 at 153.86. The current bullish wave could be in the process of ending the near term, after reaching near this key 161.8% Fibonacci extension level. The RSI is showing signs of weakness through a slight bearish divergence. Accordingly, we turn from bullish to neutral, waiting for a break to the downside to confirm a potential deep correction.
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EUR/JPY
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The EUR/JPY pair touched 131.11 on Thursday April 11, before retreating again. The price has printed a shooting star bearish candle at this resistance level, while RSI is showing a bearish divergence. A pullback is possible now, but we prefer to remain on the sidelines for further confirmations.
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EUR/GBP
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The EUR/GBP pair continues to hover below 0.8575 previous neckline for a double top and the 50-days SMA. Above the short term support level at 0.8500, we prefer to see another push higher towards 0.8575-0.8600, or a break below 0.8500 to expect the a bearish move. At these current levels we prefer to remain on the sidelines.
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