[B]• Euro Reversal in the Making?
• Japanese Yen Weakeness Persists
• British Pound Turns Negative
• Swiss Franc Range Narrows
• Canadian Dollar Bear Flags Galore
• Australian Dollar Price Look Tired
• New Zealand Dollar Uptrend Remains[/B]
Commentary: Euro constinues to consolidate. Yesterday’s intra-day reversal keft a nasty wick on top and unless proce action is able to take out 1.4240 high the most immediate trend is down.
Strategy: Look to establish shorts against 1.4240 stop
Commentary: After testng the lower bounds of the Upper Bollinger Band channel USDJPY resumed its upward trend. The price action shows hesitation on the part of both bulls and bears and as wenoted yesterday only a clear break of the symtrecial triangle will resolve the directional bias.
Strategy: Flat
Commentary: Yestreday’s fall from grace, as GBPUSD broke the buy zone support at the Upper Bollinger Band changed the momentum form the bulls ot the bears and the pair now sees downside bias which will be negated only id the 2.0230 high is taken out to the upside.
Strategy: Flat
Commentary: The Swissie range continues to narriow as volatility compressed to a mere 40 points in the last 24 hours. Volatility far more than price is mean reverting suggesting that a breakout may be very close at hand. A break below 1.1800 target 1.1700 while a take out of the 1.1840 level opens the way to 1.1900.
Strategy: Flat
Commentary: Canadian price action is following a clearly defined pattern of bear flags although the consolidate nature ofteh most recent downmove suggests that momemtum may be waning. For now the price action remains inconclusivce, but a break above 9800 puts the bulls back in control while a break of muliti decade lows at 9735 extneds the downtrend
Strategy: Flat
Commentary: Having barely extended the prior 9032 high Aussie continues to churn away in the 9050-8950 zone. The are has clearly become a strong level of resitance and unless it can take out the most recent high wioth convinction, Aussie looks ready to a turn. A break of 8950 would open the way to a test of 8800.
Strategy: Short on a break of 8950 against 9060 stop target 8800
Commentary: The price action in the kiwi is continues to look constructive for the bulls as the pair remains within the Bollinger Band buy zone. A clearing of the 7746 high from yesterday opens the way to a probe of 7900 Upper Bollinger Band level…
Strategy: Flat
