EURUSD – 1.3000 is the obvious focus, but we’ve all gotten use to the criss-crossing by now as the 200-day moving average and 55-day moving averages are also converging on this level. Stronger resistance up in the 1.3030/50 zone – if we get a close up through there(can’t fathom why…), then we’ll have to abandon the tactical negative view here. Otherwise, looking for confirmation of downside break with a close through those sub-1.2950 lows.
USDJPY – the rally looking a bit wobbly this morning as we tested through the 101.35 daily pivot, but there’s room for consolidation back toward 100.80 or so without causing bulls too much consternation. The important upside resistance lies in the 102.20/50 zone. 100.00 is the line in the sand – massive correction potential if this support doesn’t hold.
GBPUSD – confirmed the crumbling of the channel formation – a reminder that all beautiful technical formations are made to be broken. Now resistance somes in at overnight 1.5332 highs and then up toward 1.5400. The downside looks open for a 1.5250/00 test and 1.5000 eventually.
EURGBP – a break is a break, as local resistance gave way – but this was a break of a European cross in the Asian session, so I question the quality. If we dive back into the range, would look for GBP to outperform Euro back toward the lower end of the range around 0.8400 – but if the pair trade above 0.8500 in Europe today, watch the descending line of consolidation for a possible break and upside momentum to develop.
USDCHF – looking at the 0.9550/00 area for support to come in as we gear up for a rally to parity.
EURCHF – still looking for traction now after an orderln consolidation with the key supports at 1.2400 and then back toward 1.2350. Next key objective is 1.2500 and upside is preferred, though I’m curious what this pair does once the DAX decides it’s not quite going to make into outer space on this rally.
AUDUSD – parity the obvious resistance, with 1.0100/20 a more robust resistance area if a consolidation sets in. In the big picture, the break of the old range has opened up the downside – and note the massive line of consolidation in the giant triangle to end all triangles in the chart below – a break and we’re talking about levels like 0.8500 or even 0.8000.
USDCAD – Still looking for support to come in. If 1.0080/90 slips, then we may dip toward the 1.0065 ideal support. More importantly, a rally through 1.0130/50 confirms the neutralization of the downside risk. Prefer upside.
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