Technical Analysis
Technical Analysis
Small movements overnight but S&P took out the first support (in the support cluster), CRB added more confidence to a downside turn in commodities hence AUD with its three wave hourly pattern looks like a sell candidate.
FX Market Technical Research
EUR/USD: Studies Remain Weak. The euro is still under pressure amid weak daily studies but trade is back within the falling Bollinger band of $1.2225, allowing more room for bears to extend the $1.2235 low.
Asian Currencies Technicals
AUD/USD: $1.0155-60 region key support. The pair remains heavy with the $1.0155-60 region confirmed as key support with the rising daily TL off 2012 lows also seen supporting here yesterday.
Daily FX Technical Strategy: Euro drifts closer to another major cliff edge
Over the past 24 hours the markets have taken a breather. The absence of any reversal signals during that time points to a period of consolidation leaving the main themes unchanged.
Technical Analysis
Yesterday basically became a day of consolidation so really no changes to our expressed views only a one day delay. EURUSD minor bear flag created look for a downside break of 1.2272 to trigger, AUDUSD mid body test, 1.0145, coming up,
FX Market Technical Research
EUR/USD: Still Testing Bollinger Band. EURO is still testing the base of the daily Bollinger band, which is now at $1.2280, suggesting the market has declined too fast in the spike lower to $1.2235 seen early Monday.
Asian Currencies Technicals
AUD/USD: Bouncing from lows for now. The pair has bounced from the June 29 hourly support but needs to close above $1.0242 to see focus return to tests of the July 5 highs.
FX Trends Daily(FOCUS: EUR/USD)
Last week, the EUR/USD went back to the decline and broke a support at 1.2289 (May 2012 low pivot). This signals an extension of the downtrend towards 1.2134 (longterm retracement).
Technical Analysis
EUR weakness continues and EUR/USD posted the biggest weekly loser since Sept 2011, falling straight through its correction range, Spanish 10y Bono shortly violated its 7.02% key support = confirmation of new trend highs,
FX Market Technical Research
EUR/USD: Slips Out of Bollinger Band. The EURO pushes outside of the daily Bollinger band, which is now at $1.2305, suggesting the market has declined too fast in the spike lower to $1.2235.
Asian Currencies Technicals
AUD/USD: Starting the week looking heavy. The AUD risks taking out the $1.0158 support that we noted as pivotal last week with a break lower seeing focus shift to tests of the 21 day lower Bollinger band and then the 2012 lows beneath.
Daily FX Technical Strategy: Spotlight stays on the euro
The release of US non-farm payrolls this afternoon is likely to be the primary focus of the FX markets today but it is the weakness of the euro that continues to hold our attention.