Forex Charts
USDJPY – expecting 95.75/94.75 to contain trade near-term
We continue to view the a-b-c correction from 96.71 as part of a larger correction prior to new highs. The low of the range is expected to hold at 93.60 while JPY coils in a triangle;
EURUSD – stiff resistance via pivots and trend at 1.2965, 1.3050
Euro closed the NY session at 1.2882 yesterday which has been a key retracement level in our work; 1.2865 makes up the bottom of a major support zone and in between is the 200dma & Dec low.
USDCAD – bull-flag, a-b-c correction confirmed above 1.0255
We view the break above the 2011/12 downtrend as a bullish $CAD development and the ensuing consolidation has held above the old downtrend.
USDJPY – a-b-c from highs suggest Wave IV correction underway
A figure short of our 97.96 target, prices have corrected to the previous consolidation. From an Elliott perspective, $JPY is in a Wave IV correction to contrast the Wave II pullback from Sept. 2012.
EURUSD – held neckline, key retracement support at 1.2882
The expected correction higher failed to rally through down channel resistance at 1.3100 but prices did (so far) hold our key retracement support zone between 1.2883/66.
EURUSD – A-B-C correction targeting 1.3183
The bear flag outlined Wednesday did lead to a significant break of 1.2965 only to leave a bear trap. The subsequent rally back through key support and
GBPUSD – correcting a portion of the 1.64-1.48 decline
Wednesday’s call for a strong post-wedge rally was driven also by a strongly bullish hammer reversal candle, so far the Pound has rallied strongly and we expect the correction higher to continue in the near-term.
USDJPY – targeting daily channel, projection target at 97.96
We have revised (in our intraday Bloomberg IB updates) our upside target in USDJPY to 97.96; our initial calculation of 96.74 was too modest and
GBPUSD – bullish wedge punctuated with bullish hammer candle
Since breaking major support at 1.5250/5350 GBP has continued to trace a 5-wave decline from the 1.6381 high.
AUDUSD – bullish hammer reversal followed by bull flag
The March 4th bullish hammer in AUD is a significant low not only because of the strong reversal at the 50% retrace level but also because it registered a break and subsequent rally back above key support.
USDJPY – small bull consolidation ahead of 96.74 target
JPY hit the first of our new upside targets at 95.95. The focus now shifts to 96.74 which is a momentum based target derived from a positive reversal in RSI.
EURUSD – still range bound with s/t downtrends intact
The Euro remains locked in a bearish consolidation between 1.3000/3150; because this range follows a clear downtrend, odds still favor a resolution to the downside.