Forex Charts
FX Daily
Financial markets will digest the outcome of the EU-election. We expect the marketimpact to be limited despite strong gains for anti-EU parties.
EURUSD – choppy move to new lows suggests bounce to 1.3755
The Euro has cleared double-top support at 1.3675 along with the uptrend from last November; this all while RSI has finally cleared the 40 support level.
FX Daily
German IFO and US new home sales will be the main data to watch. We look for a small rise in the German IFO, pointing to continued robust growth inGermany.
EURUSD – wave-(c) of 2 indicates one more push to 1.3775
The correction of the initial wave-1 decline (1.3993-1.3648) still tracking higher to 1.3775/80. With RSI support having already given way, once this correction completes,
USDJPY – bull hammer threatens bearish break; watch 101.62/35 on close
There was a bullish hammer reversal yesterday below the flag/pivot breakdown level; a close above 101.62 today would confirm the reversal and
USDCAD – wave-2 pullback targets 1.0907/0896; then wave-3 of (3) higher
Prices have cleared the downtrend highlighted in Tuesday Morning Techs and supports the idea the bullish falling wedge is complete.
EURUSD – RSI 40 break and l/t support break augur further weakness
Double-top neckline support at 1.3675 has yet to yield on a closing basis but RSI momentum augurs that a price break is on the horizon.
USDJPY – channel supports align at top end of target zone near 99 even
Prices have broken and cleared bear flag support and the last support level from the 3+ month range is under testing.
AUDUSD – sitting on critical .9203 support ; a-b-c zigzag targets .9160
There are a few scenarios brewing in Aussie but the gut reaction at first look is that the recent channel break is part of a bull flag correction unfolding as zigzag wave-(4).
FX Daily
Only tier-2 data on the global agenda today. UK retail sales are expected to havestrengthened again in April after soft spending in March.
EURJPY – weekly channel break shifts focus to confluence zone at 133
Last update we highlighted “below 140 confirms recent up channel break…” Prices are now clear of the uptrend from last summer and sitting on a final shelf support at 138.79/68.