Daily Technical Report: Major And Cross Currencies - June 11, 2013

EUR/USD - European Session
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The pair confirmed consolidation above 1.3225 - 1.3230 which is considered positive. It is supporting the bullish move in an attempt to breach 61.8% correction at 1.3345. then moving towards 78.6% and 88.6% correction. Linear Regression Indicators are positive, supporting this outlook for today.

The trading range for today is among the key support at 1.3110, 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 trying to move to the upside, and is trading close the previous top at 1.5605 which is the key to the upside move today. Stability with four-hour closing above 1.5605 might support a new bullish wave in the upcoming period. Linear Regression Indicators support this positive outlook, but momentum indicators require stability above the mentioned level to support the positive outlook as they offer negative signals.

The trading range for today is among key support at 1.5375, 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 touched the previously broken support level of the ascending channel as shown on graph, then moved back to the downside proving that bearishness is still valid, as the upside move yesterday and last Friday is merely a retest to the broken support level. Trading below 99.85 is negative and might revive intraday bearishness today.

The trading range for today is among key support at 96.65, and key resistance at 99.85.

The general trend over short term basis is to the upside 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 above 0.9370 minimizing chances for a bullish correction, especially that its trading again below the key ascending support level as shown on graph. Meanwhile, the pair is still stable above Linear Regression Indicators, forcing us to prefer remain neutral today especially that Stochastic is showing intraday overbought signals, stabilizing below 0.9370 levels.

The trading range for today is among key support at 0.9180, and key resistance at 0.9460.

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 trading is limited between 1.0215 and 1.0165 levels represented in 50% and 61.8% correction. This tight sideways range forces us to remain neutral today, waiting for new confirmation signals.

The trading range for today is between the key support at 1.0100, and the key resistance at 1.0270.

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 approaches the support 261.8% Fibonacci on the graph above at 0.9360. Reaching that level could trigger a minor upside correction, then offer a disadvantageous Risk/Reward Ratio. We suggest the occurrence of a minor bullish correction, provided that 0.9360 holds ground.

Trading range expected today is between the key support at 0.9260 and the key resistance 0.9550.

Short-term trend is to the downside, targeting 0.9000 if 1.0000 remains intact.


NZD/USD
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The NZD/USD is still steady below 0.7925, or 61% Fibonacci correction, threatening to trigger a potential downside bias. Trading below that level boosts chances of triggering the downside bias throughout Tuesday's session.

Trading range expected today is between the key support at 0.7715 and the key resistance 0.8000.

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