Daily Technical Report: Major And Cross Currencies - June 18, 2013

EUR/USD - European Session
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The pair managed to stabilize above the 1.3345 represented in 61.8% shown on graph. Therefore, the possibility of extending the bullish move is valid today. Linear Regression Indicators are positive, supporting our expectations.

The trading range for today is among the key support at 1.3225 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.

GBP/USD
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Despite moving to the downside, the pair is trading around 1.5680 levels which is our intraday interval in the upcoming period. Stability above 1.5605 is positive and might push the pair further to the upside; the first suggested target resides at 1.5770 followed by 1.5975 if the first level was breached. Despite negative signals shown on momentum indicators, we find the positive Linear Regression Indicators supports extending the upside move unless levels 1.5605 were broken, and the pair stabilized below.

The trading range for today is among key support at 1.5535, and key resistance at 1.5880.

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

USD/JPY
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The pair is fluctuating within a limited range below Linear Regression Indicator 34, keeping the possibility of a downside move valid. The pair will face a barrier before extending bearishness, which is 38.2% correction at 93.55 shown on graph. Breaking 93.55 levels might get the pair into a new downside wave.

The trading range for today is among key support at 92.30 and key resistance at 96.35.

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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Since last week, the pair’s bullish bias wasn’t enough to push it to stabilizing above the harmonic upside support shown on the graph. Linear Regression Indicator 34 weakens the upside momentum of the pair and keeps the overall bearish bias. Trading below 0.9345 keeps the possibility of a downside move valid, but the pair has to break 0.9205 levels to confirm this negative outlook.

The trading range for today is among key support at 0.9100, and key resistance at 0.9370.

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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In our previous report, we referred to the possibility of a rebound, but the pair failed to further approach the bullish key support level and touch around 78.6% correction. Instead it rebounded to the upside, and is now trading above 1.0165. Trading above 1.0165 is positive now, and might push the pair towards a new attempt to the upside. Breaking 1.0055 levels will fail the upside move, but we will consider today levels 1.0100 as the significant intraday interval that matches the Risk/Reward ratio.

The trading range for today is between the key support at 1.0055 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 pair's return below 0.9535 weakens the uptrend significantly yet, makes it difficult to suggest the extension of the downtrend because the pair is trading positively above Linear Regression Indicator 34. We opt to be neutral to see if the pair stays below the aforesaid level in order to give specific suggestions for the upcoming stage.

**Trading range expected today is between the key support at 0.9360 and the key resistance 0.9650.

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

NZD/USD
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The NZD/USD pair dropped on Monday and Tuesday, steadying below the resistance of a setup similar to a Broadening Wedge Pattern, and dropped below 0.8065 as well. These technical events weaken the momentum of positivity quite clearly however, at the same time, make it difficult for us to suggest a downtrend since the pair is steady above 0.7920. With Stochastic entering oversold areas, we believe it is best to stand aisde in the European Session report.

**Trading range expected today is between the key support at 0.7800 and the key resistance 0.8135.

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

GBP/JPY
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The GBPJPY pair attempted to move higher yesterday, after testing the pivotal support area at the ascending trend line for the whole bullish trend, and the horizontal key support near 148.00. However, the pair retreats approaching this support again,where holding above this support is necessary for the bullish rebound scenario to remain possible.

EUR/JPY
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The pair EURJPY rebounded slightly yesterday after testing the key horizontal support at 125.00 level. The bullish correctional bounce could extend further possibly towards a retest of the broken ascending support near 128.00. The bullish sceanrio requires 125.00 pivotal level to remain intact.

EUR/GBP
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The pair continues to fluctuate within a sideways range around 0.8500 level, and above the ascending support shown on the daily chart above, and thus we maintain our bullish outlook for the pair.