-?? ?Euro Tags All Time Highs and Retreats - Failure Ahead?
-?? ?Japanese Yen Targets Fibo Retrace Once Again
-?? ?British Hits Stiff Resistance
-?? ?Swiss Franc Double Bottom at 1.2000
-?? ?Canadian Dollar Bounce Back to 1.1200 Likely
-?? ?Australian Dollar Retesting Trendline Resistance
-?? ?New Zealand Dollar Triangle Remains in Place
EURUSD - Having tagged its all time high the euro continues to hesitate as evidenced by the doji price action from yesterday. We noted earlier that? break of the highs puts Fibonacci extensions at 1.3745 and 1.3823 with? initial support is at 1.3621.? A break of the aforementioned support would suggest a bigger retrace in the making targeting the 1.3500 level? with 1.3666 as topside risk.
USDJPY - The thrust upward by USDJOY which we discussed yesterday appears to be headed for a retest of the 119.39 (61.8 Fibo of the 2/12-3/05 bear wave). Support now rests? at 118.20 with near term bias to the upside.
GBPUSD - Near term price action in the pound finds a cement ceiling of resistance at the 2.0040-2060 level that the pair has not been n able to over come in a week . On the flip side support at 2.0000 remains but the repeated failure of price action to retake the swing highs? at 2.0132 indicates that a more substantial correction may be in the offing.???
USDCHF - Having made a near term double bottom USDCHF is in a clear turn upward as the pair targets the 1.2120 4/20 swing high. Downside risk once again resides below the key psychological level of 1.2000 with intermediate resistance at 1.2090.
USDCAD - We were slightly early to call for stabilization above 1.1200 yesterday, but continued failed attempts at the 1.1150 mark make a short term bounce likely. Oscillators remain in extremely oversold territory, leaving short-term price objectives to the topside. The channel top comes in at yesterdays high of 1.1230, with a failure at this level to look for further medium term declines. Negation of the bearish scenario comes on a sustained break above 1.1309.
AUDUSD - Yesterdays rally has left the AUDUSD at trendline resistance, with a failure at 0.8360 eyeing a retest of channel lows near 0.8200. A crossover on the hourly MACD bolsters the short-term bearish outlook, with initial price targets at previous intraday congestion at 0.8300. A break eyes the aforementioned channel-low, while a negation of the bearish case would come on a break above 0.8350.
NZDUSD - The NZDUSD continues within the ranges of the triangle that we highlighted in yesterdays report.? The triangle is close to complete.? Expect a small decline in wave E of the triangle before NZDUSD thrusts higher and makes a new high above .7491.? Since triangles lead to terminal thrusts, we would be looking for a reversal following the new high.? Declining below .7362 negates the triangle scenario.? Near term support is between .7919 and .7439.