Today’s highlights:
– DXY Dollar Index above 83.39/49 suggests its one-year range has been resolved higher, for a more broad-based USD rally.
– USDCHF completes a large bullish “outside range” day, and with a base already in place, we stay bullish for .9770.
– EURUSD below 1.2935 should see weakness extend to 1.2770/46, and increase the risk of a bearish “head & shoulders” top.
– GBPUSD stays bearish for 1.5128, then 1.5052/27.
– NZDUSD is on the cusp of pivotal support at .8168/62, below which would complete a major top, which we favour.
– AUDUSD continues its aggressive sell-off, and we target .9865 next.
– USDJPY has achieved our 102.40/103.10 target – 38.2% of the entire 1998/2011 bear trend – and we look for this to cap at first.
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