Forex Charts
USDCAD – small wave ii correction eyeing support at 1.0205/0200
Now that prices have cleared the bull flag pattern our long-term focus is on the 1.0342 pivot high. Eventually a breakout through the February high can take prices to 1.0493
EURUSD – bull trap at 1.3138 followed by uptrend break, bear flag
The uptrend from early April was broken with yesterday’s bearish reversal. The reversal is notable as it began from a long-term pivot near 1.3172 that dates back to last fall.
Which is wrong – USDNOK or energy markets?
USDNOK has failed to take the lead from the huge sell-off in energy prices. History shows that this divergence is not likely to last long – with the most likely path one of USDNOK higher.
USDJPY – below 98.59 support targets 97.21 then 96.71
Last week we presented the idea that Wave 5 of 5 was complete just below channel resistance from November.
EURUSD – break of 1.3040 completes h&s top, targets 1.2935/2878
This rally in Euro to 1.3140 is a sharp correction of the downtrend from 1.37 and has failed at old pivot highs.
EURUSD – bear flag suggests move to 1.2665/27
Tuesday’s note highlighted the developing bear flag and support is now giving way to confirm further weakness.
AUDUSD – wave-5 targets symmetry and base proj. at 1.0573/0631
Last week’s analysis in Aussie called for further upside based on a bullish base and breakout; we are unchanged from a week ago but now that prices have corrected to the old breakout at
USDJPY – descending highs threaten long & short-term uptrends
The correction from 96.71 in JPY is more complex than the triangle that we’ve outlined over the past weeks and the triple divergence between price and
USDJPY – hits 94.20 triangle target; rally to 95.76 expected
Overnight, JPY hit our 94.20 target for Wave-c of an unfolding triangle. The bullish Wave-IV triangle has been our base case and continues to unfold by marking time in a choppy range.
EURUSD – A-B-C correction suggests rally to 1.3089/3107
Although below the key 1.2965 level, EUR refuses to break lower and is now threatening to trap short on a break back through the old support level.
GBPUSD awaits tactical reversal confirmation or rejection
GBPUSD reversed off a critical area as we see whether 1.5200 resistance holds. Tactically, the reversal is disappointing for those looking for a squeeze higher, but the situation remains in limbo.
EURGBP – double-top break at .8575 projects a move to .8341
EURGBP failed last month at a trendline that dated back to 2009 and in so doing formed a clear double-top. The neckline at .8575 after being broken has since been tested unsuccessfully.