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Daily Technical Report: August 4th, 2015

Daily Technical Report: August 4th, 2015

EUR/USD

The RSI 14 shows bullish signs, but the signals are still uncertain, while the ADX indicators is currently attempting to undertake a bullish crossover.

However, the EUR/USD pair is still trading below the Simple Moving Averages and the key resistance related to the bearish direction.

EUR/USD 4 Hour Chart

For the downside direction to continue, the price must breach 1.0890. On the other hand, a stability above 1.1055 would provide strong support to the bullish scenario.

The trading range between 1.0890 and 1.1055 includes high risk and therefore we advise staying aside until getting signals about the direction.

Support: 1.0890 – 1.0820 – 1.0775

Resistance: 1.1000 – 1.1055 – 1.1085

Direction: Neutral but bearish below 1.0890 and bullish above 1.1055.

USD/CHF

Areas of 0.9710 represent cluster resistance that prevents the pair from moving higher, as the pair has retraced again from there.

USD/CHF 4 Hour Chart

Trading above 0.9540 is a positive catalyst, as we mentioned earlier, but we may witness some retraces due to failure to breach moving averages.

We will be waiting for a breakout above 0.9710 to enter the market; otherwise, we will be neutral.

Support: 0.9645 – 0.9600 – 0.9540

Resistance: 0.9710-0.9765-0.9805

Direction: Sideways

USD/JPY

The USD/JPY has been traded within a narrow range, but is still stable above moving averages. ADX shows some kind of weakness and reflects technical hesitation.

USD/JPY 4 Hour Chart

The bullishness could be activated due to moving above moving averages, but a break above 124.50 is required to enter the market.

Support: 123.80-123.60-123.25

Resistance:124.50-125.00-125.50

Direction: Neutral, but bullish above 124.50 and bearish below 123.70.

GBP/USD

All attempts of declines yesterday has been limited by 1.5555, marked by 23.6% Fibonacci, as seen on the provided chart.

GBP/USD 4 Hour Chart

Stable move above 1.5555 is positive factor, since RSI14 is stable above 50.00, while ADX is also positive.

Two important resistances at 1.5630 and 1.5700 should be cleared to prove the solidity of uptrend.

Support: 1.5600 – 1.5555 – 1.5470

Resistance:1.5630 – 1.5700 – 1.5755

Direction: Bullish

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