Forex Charts
FX Daily
Market movers today • In the euro area the trade balance for June will give insight into whether the end of the recession was driven by growth abroad.
USDJPY – bull flag projects to new high for the week…98.75 first
The wave-D rally towards 99.65/100.5 is still underway and the first move up is tracing 5 waves.
FX Daily
Market movers today • Today we get a lot of US data. The two early releases of regional PMIs for August – Empire and Philly Fed
FX Daily
Market movers today • Today’s release of euro area GDP will probably mark the end of six quarters of recession. Our hard data model suggests a 0.1% q/q increase.
USDJPY – small double bottom implies break of 97 then 97.65
Thursday’s bullish reversal has not been confirmed but today a close through 97.00 would suggest that a low is in place.
Long-run Valuations Chart Pack
On a long-run basis, the NZD is more than one standard deviation overvalued against the AUD and GBP.
FX Daily
Market movers today Today’s ECB meeting will be interesting although a rate cut seems unlikely.
FX Daily
Market movers today • All eyes will be on this evening’s FOMC statement. We do not expect any changes in policy but
AUDUSD – bear flag approaching critical .9030/00 support levels
The bear flag we discussed Thursday is unfolding accordingly after respecting .93 resistance.
USDJPY – 97.65 target hit. Wave-iv range ahead of new lows
The bear flag target of 97.65 has been achieve but this is not our terminal downside target for this Wave-C decline.
EURUSD – holds 1.3255, bull flag suggest break above 1.33
Prices successfully held the 1.3250 (old support) as expected and now with the 76.4% retracement behind, a rally to and beyond the old 1.3414 high is more likely.