Forex Charts
EURUSD – a-b-c correction holds old range; regains 1.3542
EUR failed to hold 1.3542 yesterday and quickly pushed prices to the previous consolidation between 1.3480/25. The strong bounce from this level shifts our focus to 1.3850;
AUDUSD – 1.0486 key to confirming bullish reversal
Since Augusts high, Aussie has been consolidating between 1.01-1.06 in choppy overlapping trade. Based on the large triangle that has formed since July 2011,
USDJPY day of week pattern
Not much science here, just an observation that the Monday-Tuesday time frame has been the one in which USDJPY has consolidated in all but one of the last four weeks – and
USDJPY – shallow correction underway ahead of 91.88/93
Friday’s call was for a move to 91.30 symmetry and then a shallow correction. The correction we are looking for is Wave IV of the rally from 77 which implies another rally to new highs.
EUR/USD – 1.3419 p/b support holds; bull flag targets 1.3620/60
Euro held within pips of our downside support cluster at 1.3419 and has since formed/cleared another bullish consolidation pattern.
USDJPY – symmetry target at 91.30 then shallow correction
The expected choppy range in USDJPY resolved in short order and did not form the coil we posited on Wednesday.
Daily FX Technical Strategy: Pound losing its premium
Cable posted yet another bearish signal yesterday, confirming a topping pattern suggesting increased bearish risks. With widening pressure also mounting on UK 5yr CDS spreads, we prefer to maintain our focus lower for GBP/USD.
EUR/USD – bull consolidation above 1.3260 implies break of 1.34
As the correction from 1.34 completes, a key support has been established at the Fibonacci and pivot low level above 1.3260.
EUR/USD – prev. correction zone can halt decline at 1.3248/80
The Euro has now corrected to the previous consolidation zone between 1.3248/50 and has since tested the first fall to 1.3264.
EURCHF on the move – for how long?
EURCHF is finally on the move again as EU tail risk gets priced out of the picture and as we have negative interest rates declared on Swiss deposits. Can this continue?
USD mood looks nervously at fiscal cliff negotiations.
White House makes noises on a deal to delay decision on the “sequester” portion of the fiscal cliff, but market shrugs that off ahead of Thanksgiving week holiday week next week. Key data for Japan next week.
JPY weakens apace on politics. Weak US data ahead of FOMC minutes
The political situation in Japan squeezes fresh longs and has bears desperate to put back on their JPY shorts – but we could get lots more two-way volatility if risk appetite stays in the dumps here.