EUR/USD GBP/USD USD/CHF USD/JPY AUD/USD
EUR/USD
-- buy above 1.288 tp @ 1.295 & 1.297
We'll
continue to stay neutral for the moment with focus on 1.2880 minor support.
Decisive break there will indicate that rebound from 1.2661 has already
completed. In such case, bias will be turned to the downside and EUR/USD could
dip below 1.2661 to extend the correction pattern from 1.3171. Nonetheless,
strong rebound from the current level, followed by break of 1.2974 minor
resistance will turn bias back to the upside and retain the bullish outlook.fall
from 1.4939 is treated as a falling leg inside the consolidation pattern that
started at 1.6039 (2008 high). Such decline should have completed at 1.2042
already. Break of 1.3486 will confirm and should pave the way to 1.5
psychological level in medium term. Can now stay bullish as long as 1.25
psychological level holds.
GBP/USD—buy
above 1.604 tp @ 1.6095 & 1.6115
As
long as 1.5988 support holds, rebound from 1.5827 is still in favor to
continue. Above 1.6060 minor resistance will turn bias back to the upside.
Break of 1.6130 will target 1.6174 next. Also, break of 1.6174 will confirm our
bullish view that corrective fall from 1.6309 is finished at 1.5827 already and
target a new high above 1.6309. However, break of 1.5988 will indicate that rebound
from 1.5827 is already finished at 1.6130. And, more importantly, correction
from 1.6309 is going to extend with another low below 1.5827 before
completion.price actions from 1.3503 (2009 low) are treated as consolidations
to long term down trend from 2.1161, no change in this view. There are various
interpretations on the pattern from 1.3503 but after all, as long as 1.5234
support holds, such consolidation would extend. On the upside, sustained break
1.6300 will likely bring further rise to 1.7043 and above to extend the
consolidation pattern.
USD/JPY
--sell below 82.45 tp @ 82 & 81.85
Intraday
bias remains neutral for the moment but note again that consolidation from
82.83 should be finished soon. Break of 82.83 will extend the rise 77.13 to
84.17 resistance. Though, we'd be cautious on topping signal there. On the
downside, below 81.68 will extend the consolidation lower. But in that case,
downside should be contained above 80.67 resistance turned support and bring
rally resumption.rise from 77.13 is viewed as a leg inside the consolidation
pattern from 75.56. Such rally could extend to 84.17 and above. But after all,
there is no clear indication of long term trend reversal yet. As long as 85.51
resistance holds, expect the downside from 124.13 to resume sooner or later to
a new low below 75.56
USD/CHF
--sell below 0.9365 tp @ 0.931 & 0.929
As
noted before, the fall from 0.9512 is finished at 0.9240 and rebound from there
should be the third leg of the consolidation pattern from 0.9214. Intraday bias
is mildly on the upside for the moment and current rally would target 0.9512
resistance. Though, in the end, expect fall from 0.9971 to resume after
completing this rising leg. On the downside, below 0.9298 minor support will
turn focus back to 0.9214/9240 support zone. medium term rebound from 0.7065 is
viewed as a corrective move and should have completed after hitting 0.9916
resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Deeper decline is
expected to 38.2% retracement of 0.7065 to 0.9971 at 0.8861 on break of 0.9214.
AUD/USD
--sell below 1.052 tp @ 1.0455 & 1.0435
No
change Choppy rebound from 1.0148 is corrective in nature. And, even though it
might extend, expect strong resistance below 1.0624 to limit upside and bring
another decline. Below 1.0392 will turn bias back to the downside, further
break of 1.0286 support will target a new low below 1.0148.price actions from
1.1079 high are treated as a consolidation pattern in the larger up trend, in
form of a triangle. Fall from 1.0624 is viewed as the last leg inside the
pattern and could extend lower. But downside of the fall from there should be
contained above 0.9588 and the larger up trend is ready to resume soon. Break
of 1.0624 should send through 1.0852 to retest.
