Today’s highlights:
US$ TWI has achieved our 94.4/95.1 first core target – 38.2% of the 2002/2011 bear trend – where we look for a pause.
USDCAD’s trend though stays higher to retest trend channel resistance at 1.1468/81, ahead of the medium-term channel at 1.1587.
EURUSD has been capped below 1.2534/41 to keep the immediate risks lower through 1.2358, to 1.2229/21.
GBPUSD remains capped by 1.6019/49 to keep the focus on more important basing/61.8% retracement support at 1.5752/22.
USDJPY stays bullish for a test of the 115.93 November 2007 high.
EURJPY above 143.61 should see a resumption of its uptrend back to 144.22, then the 145.69 high.
NZDUSD still needs to remove .7693/83 to confirm a large top.
AUDUSD rebound is seen as corrective and we look for .8763/64 to cap to keep the immediate risk lower.
Read the full report: FX Daily