Forex Charts
USDJPY – awaiting break of tightening, 102.21/101.74, range
The coil is coming to a head and the range continues to tighten. The pattern from 102.80 (6/3 high) fits the standards of
FX Daily
The main data release today is US durable goods orders where focus will be oncore orders. The series is quite volatile and
FX Daily
The German IFO business survey will give more information about whether thenegative impact from the global slowdown in Q1 is about to fade.
USDCAD – major wave-4 support zone surfaces from 1.0722 to 1.0668
A step back at the weekly shows that this decline in $cad is pulling back to Major support in the mid 1.06’s.
USDJPY – break of 101.74/102.21 triangle range can offer clue to next leg
The upchannel from late May has suffered a second break but follow through to the downside is limited so far.
FX Daily
The main focus today is euro PMIs. We expect the manufacturing PMI to declinefurther due to the lagged effect of the global slowdown in Q1.
FX Daily
A pretty light day today in terms of data, with the only release of interest beingpreliminary euro area consumer confidence (16:00 CET),
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.
FX Daily
Today markets will probably continue to digest details from yesterday’s FOMCmeeting as the schedule mainly contains tier 2 data, although rate decisions in Norwayand Switzerland will also be in focus.
USDJPY – outlining our base case for mid 103’s; need above 102.31 now
Very little has changed on the daily chart which remains locked in the middle of the 5-month range.