Technical Analysis
FX Market Technical Research
EUR/USD has again failed to maintain a minor break of the 55 day ma and sold off back into its range. Directly overhead sit the 1.3305/20 downtrends, and these continue to effectively block the topside. These are the 5 month downtrend and the 8 month channel.
European FX Daily – AUD hurt by weak Australia CPI
– AUD down 0.6%, Asian stocks down 0.1-1.1% – Weak Australia CPI supports RBA easing – Italian bond auction in focus – Hungary MC to keep rates on hold at 7%
Technical Analysis
Minor corrections running late, weaker NOK… EUR/USD Resistance cluster on top… EUR/JPY 233d ma high capping (?) NZD/USD Rechecking the flag exit… EUR/SEK Sitting at the 55d ma low… USD/SEK Looking for buyers… EUR/NOK More upside action awaited… NOK/SEK Support under pressure.
Technical Analysis
NZD lower, Italy a must watch, EUR/USD Short term directionless… NZD/USD Ended below the bear flag… EUR/SEK Still bids at the 55d ma low… USD/SEK Something’s soon to break… EUR/NOK Bottoming out process… USD/JPY Taking a shot at resistance.
Technical Analysis
NZD, EM’s under pressure, GBP in demand… EUR/USD Congestion… GBP/USD 1.6063 key to development… NZD/USD Soon to exit the bear flag… EUR/SEK Closed below the 8.87 supp… USD/SEK Still bids in the 6.72/74-area… EUR/NOK Correction target met… NOK/SEK A bearish key day reversal.
Technical Analysis
Dollar rally paused – not reversed. EUR/USD 1.2974 kept safe – for now… EUR/JPY Respecting support… EUR/GBP Fresh low rejected… EUR/SEK Near-term correction printed? USD/SEK Small setback to a bullish case… EUR/NOK Minimum “wave-C” target met… NOK/SEK Correctional grind (higher)… NZD/USD Bear flag ready to go.
Technical Analysis
Spain still in focus – € weaker… EUR/USD Trying to break lower… EUR/JPY Holding on to the break?… EUR/SEK Choppy pattern on top of 55d… USD/SEK Focus next at 8.8760… EUR/NOK Look for a down and up move… NOK/SEK Bounce getting serious… EUR/GBP Supply at “low” levels.
Daily FX Technical Strategy: A pause in proceedings
Within the recent bout of risk aversion we are seeing sings of a near-term bounce as investors take profits. The S&P 500 is finding interim buying interest over its daily cloud and the down move in base metals is stalling against stretched momentum studies.
Technical Analysis – FX Daily Majors
Today’s highlights: · USDJPY: Holds at key near-term support target, 80.58, but only above 81.88 eases downside risks. · AUDUSD: Push above trend line resistance from February eases immediate bear threat, but 1.0465 is needed for a small base (which we would look to cap).
FX Market Technical Research
EUR/USD is inching slowing higher, bouncing off the shallow support line at 1.3034, which connects the lows from February to the lows seen in March. Failure here should act as an early warning signal of losses to the more important support at 1.2974/54, the February low and 61.8% Fibonacci retracement.
Daily FX Technical Strategy: Hard asset breakout
Investors continue to take risk off the table as peripheral eurozone bond yields push higher. The S&P 500 index posted a fifth consecutive day lower, and commodity markets, in particular Brent crude and copper, have broken below important range lows.
Technical Analysis – FX Daily Majors
Today’s highlights: USDJPY: Another “bearish “outside” pattern plunges towards key near-term support target , 80.58, which we look to hold near term.