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Daily Technical Report: October 24 2013

Daily Technical Report: October 24 2013

EUR/USD: European Session

EUR/USD Daily” title=”EUR/USD Daily” width=”1596″ height=”747″ />The bearish attempts yesterday remained limited above 1.3710 levels keeping the overall bullish bias, as we might witness today an attempt to the upside. In fact, level 1.3835 represented in 113% Fibonacci is significant as it will determine the extension of the upside move. Anyhow, the bullish possibility remains valid unless the pair breaks 1.3710 levels.**The trading range for today is among the key support at 1.3655 and key resistance at 1.3970.**The general trend over short term basis is to the upside with daily closing between 1.3385 and 1.3970.

EUR/USD S&R” title=”EUR/USD S&R” width=”1596″ height=”747″ />

GBP/USD

GBP/USD Hour Daily ” title=”GBP/USD Hour Daily ” width=”1596″ height=”747″ />The pair is attempting to move to the upside but it’s not confirmed yet in light of the extending negativity showing on Linear Regression Indicators. Stability below 97.80 is currently negative, but the pair has to trade stably again below 61.8% correction around 97.50 to confirm this negativity. Therefore, we will remain intraday neutral in the European session.**The trading range for today is among key support at 96.55 and key resistance at 98.40.**The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.

USD/JPY S&R” title=”USD/JPY S&R” width=”1596″ height=”747″ />

USD/CHF

USD/CHF Daily Chart” title=”USD/CHF Daily Chart” width=”1596″ height=”747″ />The pair extended bearishness due to stabilizing below 0.8960 keeping our negative expectations. Of note, the pair is close to the descending support as shown on graph which is the support of the downside move starting from top around 0.9753 levels.**The trading range for today is among key support at 0.8765 and key resistance at 0.9065.**The general trend over short term basis is to the downside targeting 0.8860 as far as 0.9775 remains intact.

USD/CHF S&R” title=”USD/CHF S&R” width=”1596″ height=”747″ />

USD/CAD

USD/CAD Daily Chart” title=”USD/CAD Daily Chart” width=”1596″ height=”747″ />The pair moved sharply to the upside yesterday and touched around resistance level 1.0380 which represents a significant intraday interval today, and breaching this resistance might extend the upside move. Anyhow, trading above 1.0270 levels today keeps the possibility of the upside move valid.**The trading range for today is between the key support at 1.0235 and the key resistance at 1.0455.**The general trend over short term basis is to the upside with steady daily closing above 1.0100 targeting 1.0775.

USD/CAD S&R” title=”USD/CAD S&R” width=”1596″ height=”747″ />

AUD/USD

AUD/USD Daily Chart” title=”AUD/USD Daily Chart” width=”1596″ height=”747″ />The price bounces higher with the start of the trading session, however the yesterdays bearish price action completed a bearish engulfing candle at a key resistance area (50 percent retracement and 200-days SMA), and that supports the idea of a deeper downside correction. Accordingly, we maintain our intraday bearish view.

AUD/USD S&R” title=”AUD/USD S&R” width=”1596″ height=”747″ />

NZD/USD

NZD/USD Hourly Chart” title=”NZD/USD Hourly Chart” width=”1596″ height=”747″ />The pair dipped lower towards our first target at 0.8350 after triggering our entry at 0.8435, which signals a potential resumption of the latest bearish wave, where a break below 0.8350 should clear the way for further downside.

NZD/USD S&R” title=”NZD/USD S&R” width=”1596″ height=”747″ />

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