Danske Bank : EURUSD will be ranging between 100 day SMA and 200 day SMA

Danske Bank is forecasting the ranging market condition for EUR/USD up to August 2016: the price will be ranging between 100 day SMA and 200 day SMA within 1.10/1.13 support/resistance channel:

 

 

Pair	Q3 September'15	Q4 November'15	Q1 February'16	Q3 August'16
EUR/USD	1.130	1.100	1.100	1.150

Thus, according to the Danske Bank - we should expect the bullish for daily EUR/USD only in the middle of the next year by the price to be turned to 1.15 which is located on the bullish area of daily chart.

Concerning weekly price for this pair so the price will be in total ranging condition within the primary bearish: all support/resistance levels (incl 1.25 'reversal' resistance level which is on the border between bearish and bullish on the weekly chart) are located on the bearish zone. So, Danske Bank expects for the EUR/USD to be in bearish market condition in long term situation for example.

Anyway, if 'reversal' resistance level is somewhere around 1.25 so this may be really bearish market condition if we are talking about weekly price. Some int'l financial institutions are started to ask the question: when to sell EUR/USD. Because as we know - all of them are expecting for EUR/USD to be in bearish market condition up to the end of this year.

GBPJPY breaks 200 Day HMA, decline till 175.80 is expected

• GBP/JPY has recovered slightly till 178.40 after making a low of 176.47. Short term trend is still bearish as long as resistance 178.50 holds.
  
• On the downside 177 is acting as short term support and any break below will drag the pair further down till 176.45/175.75.
  
• The pair's short term resistance is around 178.25 and any indicative break above would extend gains till 178.70/179.25.

Indicators (TF H1)
CCI (50) - Buy
CCI (14) - Sell
CCI (14)-Sell

Recommendation: Sell GBPJPY around 177.65 SL 178.50, Targets 176.50/175.85. 

USDCAD is trading weak due to better than expected GDP numbers, it is good to buy at dips.

Ø  RES 4: 1.2860
Ø  RES 3:   1.2800
Ø  RES 2: 1.2750
Ø  RES 1: 1.2695

      PRICE:  1.2653@ 05:55 GMT

Ø  SUP 1: 1.2635 (20 day 4HMA)
Ø  SUP 2: 1.2570
Ø  SUP 3:1..2550
Ø  SUP 4: 1.2480

USD/CAD has retreated after making a high of 1.2780 due to better than expected of Canada GDP numbers.But overall trend is till bullish due to weak oil price. It is good to buy at dips The pair's minor resistance is around 1.2860 and any break of would extend gains till 1.2900/1.3000.

On the downside major support is around 1.2636 and any break below will drag the pair further down till 1.2570/1. is good to buy at dips around 1.26500 for the target 1.2860 with stop around 1.2550.

USDCAD is trading stronger, market eyes Canada GDP data

• RES 4: 1.3024
  
• RES 3:   1.2854 (100% projection of 1.23901 to 1.2835 from 1.24089)
  
• RES 2: 1.2835
  
• RES 1: 1.27513

   PRICE:  1.2753@ 10:45 GMT

• SUP 1: 1.2680 (Kijun-Sen)
  
• SUP 2: 1.2600
  
• SUP 3:1.2570 (200 day HMA)
  
•  SUP 4: 1.2550

USD/CAD is trading around 1.2750 and major resistance is around 1.2835 break above would extend gains till 1.2860/1.3000 in short term.


On the downside major support is around 1.25700 and any trend reversal can happen only below that level.It is good to buy at dips around 1.26700 for the target 1.2860/1.3000.

Gold Daily outlook

Gold is trading near major support $1176 (20 day MA) and any break below will confirm short term weakness a decline till $1142 cannot be ruled out.

On the upside minor resistance is around $1185 and break above would extend gains $1195/$1205 in short term.

The break below $1176 will drag the commodity further down till $1160/$1145.

Indicators (TF Daily)
CCI (50) - Sell
CCI (14) - Buy
CCI (14)-Sell

Recommendation: Sell Gold around $1185 SL $1205, Target $1148. 

GBPJPY is facing resistance around 200 Day HMA, decline till 175.80 is expected

GBPJPY has recovered slightly till 178.18 (200 day HMA) after making a low of 176.47. Short term trend is still bearish as long as resistance 178.25 holds.

On the downside 177 is acting as short term support and any break below will drag the pair further down till 176.45/175.75.

The pair's short term resistance is around 178.25 and any indicative break above would extend gains till 178.70/179.25.

Indicators (TF H1)
CCI (50) - Buy
CCI (14) - Sell
RSI (14)-Sell
Recommendation: Sell GBPJPY around 177.65 SL 178.25, Targets 176.50/175.85.