Daily Technical Report: Major And Cross Currencies - June 10, 2013

EUR/USD - Weekly Report
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The pair failed to consolidate above 1.3230, but is stable above 38.2% correction at 1.3115 as shown on graph. Stability above is positive, especially that Linear Regression Indicators tend to be positive. The possibility of extending bullishness is valid this week and the first suggested target resides at 61.8% correction at 1.3345 levels, followed by correction 78.6% at 1.3505 as shown on graph.

The trading range for this week is among the key support at 1.2970, and key resistance at 1.3505.

The general trend over short term basis is to the upside targeting 1.3600, as far as areas of 1.2970 remain intact.
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GBP/USD
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The pair is trading below 1.5605 after touching resistance level around 1.5685 last week. The drop is represented as weakness in the bullish momentum on indicators, but Linear Regression Indicators are still positive. The upside move is still valid, as we are facing more bullishness this week, and remains valid by stabilizing above 1.5375 levels.

The trading range for this week is among key support at 1.5305, and key resistance at 1.5770.

The general trend over short term basis is to the upside as far as areas of 1.5150 remain intact, targeting 1.5975.
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USD/JPY
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The pair moved to the upside last Friday and the beginning of this week’s trading, but is still trading under the previously broken ascending channel. Stability below 99.85 is negative, and might bring the downside move again. Linear Regression Indicators are still negative, supporting our expectations especially that the current bullish move is nothing but a retest of the broken support level of the ascending channel.

The trading range for this week is among key support at 94.10, and key resistance at 102.00.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact, targeting 93.50.
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USD/CHF
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The pair failed to stabilize below the ascending key support level shown on graph, and is currently trying to stabilize above 23.6% correction at 0.9370 levels, which might trigger an upside move at the beginning of this week. Failing to breach 0.9460 levels and stabilizing above it keeps the upside move limited, especially that Linear Regression Indicators are still negative.

The trading range for this week is among key support at 0.9080 and key resistance at 0.9605.

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 pair dropped last week after failing to stabilize above 1.0270, then touched the 61.8% correction shown on graph. The pair is currently residing in a middle range of the ascending channel keeping the Risk/Reward Ratios inappropriate. We remain neutral in our weekly report.

The trading range for this week is between the key support at 1.0055, and the key resistance at 1.0300.

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

AUD/USD
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The AUD/USD price downtrend continues to areas close to 261.8% Fibonacci shown on the graph at 0.9360, while Stochastic is currently reflecting intraday oversold signals. A bullish attempt is likely to take place this week, and the AUD/USD's steady position above 0.9360 can support that attempt. Note that breaking the aforesaid level and settling below it, is sufficient to thwart any bullish movement and creating a powerful downside wave.

Trading range expected this week is between the key support at 0.9140, and the key resistance at 0.9710.

Short-term trend is downside, targeting 0.9000 if 1.0000 remains intact.
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NZD/USD
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The NZD/USD has broken and stabilized below 61.8% correction, according to Fibonacci retracements. It could be a reason for a downtrend all the way to 78.6% correction at around 0.7715, perhaps even as far as 0.7590 later. Trading below 0.7925 nurtures the negative outlook throughout the week.

Trading range expected this week is between the key support at 0.7590, and the key resistance at 0.8065.

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

GBP/JPY
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The pair achieved the latest suggested negative scenario. It approached 148.00 levels, then rebounded sharply to the upside, stabilizing above 152.00. Some intraday bullish momentum is likely targeting 155.10, while breaking 152.00 will bring the downside move back.

EUR/JPY
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The pair remained stable above support level of the upside move, indicating the possibility of positive trading in the upcoming period. Breaching 131.70 levels will push the pair towards 133.80, while breaking 128.00 will push the pair to trade to the downside.

EUR/GBP
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The pair is still trading above the ascending trend line shown on graph, where we expect positive trading on the intraday and medium term. Breaching 0.8635 levels will confirm extending the expected upside move. The initial targets reside at 0.8790, whereas achieving it requires stability above 0.8455 and 0.8345 levels.
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