The EURUSD continues to hold the 1.5800 level with 1.5720 remaining the near term support that has been stretching for more than two days. Typically the longer price consolidates, the more meaningful the move. Therefore a break of 1.5850 to the upside or 1.5820 to the downside could have meaningful continuation.
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STRATEGY: None
The EURUSD continues to hold the 1.5800 level with 1.5720 remaining the near term support that has been stretching for more than two days. Typically the longer price consolidates, the more meaningful the move. Therefore a break of 1.5850 to the upside or 1.5820 to the downside could have meaningful continuation.
Visit our recently updated Euro Currency Room for specific resources geared towards this currency.
STRATEGY: None
On Friday we noted that the pair needs to clear the overhang at 100.40 before we can feel truly confident in our 102.00 target and so far the level remains a key challenge to dollar longs. They pair continues to consolidate holding key support at 98.50 but the price action suggests further range bound conditions for the time being.
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STRATEGY: Bullish against 97.66, target 102
On Friday we stated that “today’s massive head and shoulders on the hourly charts only confirms our bearish viewpoint. The price action has clearly shifted towards our bearish bias and the pair now looks to target 1.9750 as first test of support.” With the pair having reached 1.9812 in overnight trade a small bounce may be due. For now only a rally over 1.9950 relieves selling pressure.
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STRATEGY: Bearish, against 2.0271, target 1.9540
Swissie continues to consolidate along the narrow plateau of 9950 still within the danger point of our stop at 9868. As we noted on Friday only a move through 1.0050 puts the pair on a bullish path but we remain long, looking for a bounce higher.
STRATEGY: Bullish, against .9868, target 1.07
Having broken through the upper resistance at 1.0230 USDCAD now looks to target 1.0308 as the natural next level. However, the pair is notoriously spiky and fall back into the recent range could open up the possibility of a race down to 1,0100
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Aussie’s near term failure at the 9250 level suggests that the pair is likely to test the 8950 level as 9000 now acts as key zone of support in contrast to serving as a key area of resistance in pair’s recent rally
Kiwi’s failure at the 8000 confirms our Friday analysis which stated, “The kiwi continues to hug the lower boundary of its very narrow channel but as it probes the 8000 level our bearish bias becomes stronger. A break below sees no major support until 7900 opening the way for a clean run by NZDUSD shorts.” With the unit now trading at 7863 a reflexive rally may be in store but we remain short with target to be determined later.
STRATEGY: Bearish, against .8173, target TBD