Technical Analysis

Technician

EUR/USD: Momentum strongly pro-decline, but euro also clearly oversold. Hint of beginning of correction. Return to 1.3488 level seems likely.

EUR/USD is bouncing within its underlyingdowntrend. Hourly resistances can be found at1.3444 (28/07/2014 high) and

EURUSD: Could recheck the high-1.34s. Last week ended with a potentially bullish ‘Doji’ candle for the period.

After finding support ahead of the 100-DMA last week the EUR/USD bounced to marginally trade above the previous $1.3444 resistance.

NZD/USD Outlook: Neutral this week We retain a negative medium term bias toward NZD/USD,

USD/SGD continues to struggle to close above the 55-DMA (Sgd1.2480) with Friday’s spike above reversing sharply from

Fresh 2 month lows continued Friday before abounce back above the 100-DMA ($0.9325) although the pair failed to close above.

EUR/USD is in an underlying downtrend.However, the last two days have displayed largelower shadows,

EURUSD: Correction higher consolidation. The 1.3375-50 target/support zone still attracts some buying.

EUR/USD again found support Thursday ahead of the 100-WMA with s close below last seen in July 2013.

Fresh 2 month lows continued Thursday as the AUD/USD managed the first close below the 100-DMA since mid-March.

EUR/USD is in an underlying downtrend.However, monitor the support at 1.3367 impliedby yesterday’s intraday bullish reversal (hammerformation).