The short term picture remains structurally bullish with clear support at 1.4800. The near term support below is 1.4700 and violation of this lows could open up a retest of a double bottom at 1.4613. For the time being however the short term bias remains up.
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[B]STRATEGY[/B]: Bullish, against 1.4609, target 1.5119
Our positive bias on USDJPY continues to pay dividends as the pair moves higher. However, the 108.30 level on the short term charts now looks to be formidable resistance having repelled the longs twice before. As we noted earlier our long term target remains 110 but the 108.30 must be cleared with conviction if the upward momentum is to continue.
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[B]STRATEGY[/B]: Bullish, against 106.32, target TBD
Having seen only the slightest of corrections, GBPUSD has resumed its upward path. We are sidelined on the GBPUSD but the near term price structure looks very constructive and suggest further gains ahead.
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The Swissie continues to plumb the depths of its recent lows, but is clearly running out of downside momentum and looks ready to set a double bottom near the 1.0850 zone. If the pair stabilizes at these levels a run back to 1.1000 is probable as range trading continues. We maintain our bullish stance targeting 1.1103.
[B]STRATEGY[/B]: Bullish, against 1.0728, target TBD (above 1.1103)
Having broken the 1.0100-1.0060 zone USDCAD has confirmed our bearish bias and continues to move towards parity. If parity gives way the downside targets of 9755 will become a much stronger probability as selling momentum picks up pace
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[B]STRATEGY[/B]: Bearish, against 1.0378, target below .9755
Aussie continues to trade in a well defined upward channel, but having been long early we now prefer to exit into strength as the pair has become overbought on a short term basis and may be due for a corrective pullback
[B]STRATEGY[/B]: EXIT
Much like the Aussie, the Kiwi has broken to new highs taking out the psychologically important 8000 level. But having exceeded it the pair is also dues for a pullback and a possible retest of the 8000 level as support. Therefore we prefer to exit on strength here as well.
[B]STRATEGY[/B]: EXIT