Forex Charts
AUDUSD – n/t key range is .9374/9329; favor downside break to .9285
Aussie fell short of our call that a “target zone at .9471/9529 could complete 5-waves up from .8660”.
FX Daily
The Fed will take centre stage today with its statement, new projections and pressconference by Fed chairman Janet Yellen.
USDJPY – above critical 101.49 level keep bullish $ outlook intact
Both outlooks for a rally in $JPY depend on prices holding above 101.43; a break below negates the bullish 1-2-i-ii option as well as the more complete a-b-c-x-a-b-c.
EURUSD – still awaiting wave-(c) rally back to 1.3580 range high
Euro continues to consolidate losses from the 1.3677 level (this is where Euro failed below critical support).
FX Daily
Focus this week will be on the FOMC meeting on Wednesday. The markets will belooking for signals as to the timing of the first rate hike,
FX Daily
Today’s data calendar is relatively light with focus likely to stay on US data. In linewith consensus expectations,
FX Daily
In the US we expect growth in retail sales to have remained relatively subdued in Mayas less boost from weather-related pent-up demand probably continued to weigh a bit.
USDCAD – double bottom break at 1.0955/61 targets 1.1069
We stopped out at 1.0907 on a long position at 1.0947 that was in anticipation of a larger break. Until we can close above the 1.0955/61 highs,
USDJPY – small hourly triangle fails; larger daily triangle still intact
We have yet to eliminate any of the 3 Elliott alternatives within this range but last night’s sell-off below 102.10/05 weakens the outlook for a move to the mid 103’s.
FX Daily
Today’s data calendar is very light. The main focus will probably be the April labourmarket report in the UK.
FX Daily
Outside Scandinavia we have a relatively light calendar today. In the euro area bothFrance and Italy will release industrial production (IP) for April,