Forex Charts

Corrections still the main theme, with equities (esp. European ones) having better momentum than commodities and currencies. EURUSD running into firmer resistance 1.3360/3470, EUR index rechecking the bear flag break, so the common ccy should soon weaken some, unless breaking above the resistances,

Bounces in markets like EURUSD, EURGBP, USDCAD, USDKRW, USDMXN & S&P500 should be taken in as temporary (but they could still score deeper setbacks before resuming trends)… EURSEK, EURNOK & EURPLN are already ranging with low near-term directional conviction…

Yesterday the S&P500 closed the day on its recent lows and at exactly the same level it closed trading on 3 October 2008. After almost two months of ranging this selling suggests the downtrend off the 2011 high is resuming and this assumption would be confirmed if the DJIA breaks below 10,595.

Risk is off anywhere you look, well almost – since SEK seems to like current market sentiment… EURUSD players face a 1.3125 test and in EURJPY the 100-handle is no longer far away… GBPUSD is fast distancing its recent correctional high and seems set to test the low-1.53’s before long (below which the 1.50-handle would […]

So with the correction phase out of the way most markets are now back on track of their respectively underlying trends. EURUSD at fresh lows and more to come near term, however not likely much lower than 1.3115/3200 in this phase, EUR index ended last week below a yearlong flag, AUD at an important key […]

Basically more of the same as yesterday i.e. more evidence of ending correction accross the asset classes. EURUSD now three topside spikes but with a lower one yesterday showing sellers entered earlier, so building downside pressure we think.