Forex Charts
FX Daily
Some important releases are due today ahead of next week’s ECB meeting. Acontinuation of the weakness in monetary and credit developments will add to thearguments for more easing from the ECB.
USDJPY – bull triangle can see thrust to 103.60/65 confluence zone
The push lower to 102 as opposed to our suggest 101.39 level is likely a near-term low as JPY is forming a bull triangle to mark wave-(b) in an upwards correction.
EURUSD – daily & hourly triangle suggest one more test of 1.39
The lack of any down trade from the catalogued reversal at 1.39 forced us to step back and reexamine the Euro. 2 patterns jumped out, first there is a possible bullish triangle forming on the daily chart and second,
FX Daily
In the US new home sales are expected to decrease further in January after theywere weak in December. The main reason for the decline is still the bad weather,
FX Daily
The second release of the German Q4 GDP figure is likely to get some attention asthe first release of the underlying components is due.
USDJPY – one more push lower towards 101.39 can complete a-b-c
Prices remain below the key 102.70/86 barrier and below the underside of the 2012/13 uptrend. This keeps the bearish tone intact and could set the stage for one more push lower before a continuation of the early Feb rally.
EURUSD – small double top forming at 1.3773. watching break of 1.3718
Last week we showed the daily chart and what we view as a final A-B-C rally from late 2012 to Dec ‘13. The sell-off so far is not convincing and
FX Daily
The situation in Ukraine has deteriorated further over the weekend and will likelyattract significant attention today and throughout the week,
FX Daily
The main data releases are retail sales in the UK and existing home sales in the US.The data released so far suggest a substantial weather impact on the
USDMXN – 13.39 pivot key to promoting bullish outlook & 13.90 target
The bullish consolidation continues (wave-B) and we are awaiting a rally through 13.39 to signal that the expected move to 13.90 is commencing.
USDJPY – bull triangle implies rally to 102.50 to complete wave-d…
The consecutive 3-wave moves since 102.70 on 2/11 typifies a triangle consolidation. Once the coil completes a new uptrend towards 103.72 can lead to halt the (a)-(b)-(c) rally from early February.
EURUSD – below channel/pivot support at 1.3680 supports further decline
We have and continue to view 1.3893 as a significant top based on the key reversal at pivot & trendline resistance (there were also a series of extension targets at 1.39).