Forex Charts
FX Daily
US initial unemployment claims are expected to indicate a continued improvement inthe labour market.
USDJPY – 102.80/100.82 still represent key strategic levels
Prices did fall to and stall at the 101.50 area yesterday. If this does satisfy a deep wave-2, then confirmation will come via a rally back through 101.97.
EURUSD – a bear flag break at 1.3595 targets 1.3506
Euro rallied to the 1.3620/25 target zone overnight (1.3631 high) satisfying our call for a wave-ii rally.
USDJPY – deep retracement still unfolding to ~101.50 (101.24 is critical)
The support cluster at 101.74 has given way and focus now shifts to 101.50 to contain this pullback.
FX Daily
The main event is the release of the FOMC minutes from the 17-18 Junemeeting, when policy makers trimmed the bond purchase programme by USD10bnfor the fifth consecutive gathering.
FX Daily
A fairly light calendar again. In Europe the most interesting releases are Maymanufacturing production in the UK and foreign trade data for May in Germany.
USDJPY – a-b-c retracement to just above support at 101.91/88
Yen did realize a move through channel resistance and to 102.17 as posited; this rally appears to have marked the expected wave-3 high.
FX Daily
A fairly light global calendar. In the euro area we expect German industrialproduction to have decreased slightly.
AUDUSD – post triangle thrust completes 5-waves up; n/t targets .9350/25
Aussie followed the script, to a tee, for a wave-4 triangle and final wave-5 thrust. Now that 5-waves up are complete we are on the lookout for a meaningful correction or trend change.
EURUSD – awaiting a break of 1.3644 to signal further weakness
By way of background, we are viewing the sell-off from 1.40 as wave-1 in a larger decline.
USDJPY – impulsive rally pausing at channel resistance; 102.17 next
The rally continued to initial targets yesterday. This impulsive rally in $JPY follows an a-b-c decline that was underscored by a b-wave triangle.
FX Daily
A bit of an anti-climax today after yesterday’s flood of important news. The USmarkets are closed for Independence Day celebrations and outside Scandinavia wehave a very light calendar.