Forex Charts
USDJPY – NKY resistance suggests $JPY pullback to 99.15/98.52
Yesterday the Nikkei hit triangle resistance and the falling wedge target to (likely) complete wave-D of an unfolding bullish consolidation;
EURUSD – old 1.3207 support now resistance; n/t target is 1.3075
The Euro broke key 1.3207 support yesterday and the sell-off from 1.3452 is unfolding in 5 waves.
USDJPY – above 101.53 negates risk that rally is still wave-D
Now that the bull triangle has been broken it is important to highlight the risks to our call for a rally to 105.65/106.45.
EURUSD – bear ‘ trap (close above 1.3207) clears path for 1.3298
Following on yesterday’s call for a bear-trap below 1.3207, a close today above recent pivot highs at 1.3220/30 would negate
FX Daily
Market movers today ● Today’s main event is the ECB meeting this afternoon. In our view, there are fewer arguments for a rate cut today than a month ago,
GBPUSD – uptrend intact above critical support at 1.5515
Although trends are positive, major overhead resistance and a bearish Elliott count threaten the GBP rally.
USDCAD – Elliott & Fibonacci pattern threaten up-trends
The downside call from last week (no net movement yet) still makes sense from and Elliott and sentiment standpoint;
FX Daily
Market movers today ● We expect no change to the final euro area service PMI, but look for some upside surprise in service PMI for Spain and Italy compared with consensus expectations.
FX Daily
Market movers today ● The ISM manufacturing index is likely to fall back a bit after last month’s surge.
FX Daily
Market movers today ● The conflict in Syria continues to be the main focus but military action looks set to be delayed until 9 September.
EURUSD – 1.3207 support, 37d cycle & RSI suggest bounce
The bullish coil on the hourly chart broke to the downside unexpectedly. Now the Euro has bounced mildly above critical support at 1.3207.
FX Daily
Market movers today ● Risk appetite continues to be driven by developments in Emerging Markets and the conflict in Syria.