Latest Forex Research
USDCAD – 5-wave decline to 1.0823/0814 support along w/ bull divergence
There is a bear flag breakdown attempt underway within a larger downtrend but the 4-hour chart shows a bullish RSI divergence that warrants attention.
USDJPY – bear flag resolves lower and channel support gives way too
The base case for a move to the mid 103’s (to complete wave-D of a triangle) suffered a blow yesterday when $jpy broke lower from a bear flag.
GBPUSD – rally reaches key target/pivot at 1.7050 to complete wave-3
Sterling has nearly reached our wave-1 target level at 1.7050, this is after breaking a recent pivot high at 1.6996.
USD/JPY Analysis
A quiet session for the JPY this morning with dollar-yen again struggling to make any headway through Y102.00
Trade Idea: Selling EUR/USD
USD weakness following the Fed meeting provides an opportunity to enter shorts, argues Morgan Stanley
BNP Paribas – JPY View
For most of 2014, a catalyst for a significant move in USDJPY has been lacking, says BNP Paribas.
Daily FX Wrap and Strategy
The NZD has given up some of its post-FOMC gains,falling 0.3% against the USD to 0.8710.Some of the wind was taken out the NZD’s sails by an asexpectedGDP outturn.
Aussie Currencies Technicals
AUD/USD followed up Wednesday’s rally with an attempted continuation higher Thursday that stalled ahead of last week’s high with 2014 highs noted offering further resistance just above.
US Morning Update
Moves across G10 spot during the London morning were instructive, but the more robust indicators of general sentiment were elsewhere: equities and
Daily FX Update
Yesterday’s Fed message was supportive of risk taking, driving equities to fresh highs, U.S. yields lower and a weak USD.