[B]“Euro This Could be the Turn to 1.4000”[/B]
- Euro -Running out of Mometum?
- Japanese Yen Rangebound with Upward Bias
- British Pound Faces Resistance all the way up
- Swiss Franc May be Bottoming out
- Canadian Dollar - Trend Still Down
- Australian Dollar Breakout or Double Top?
- New Zealand Dollar - A moment of Truth
Commentary: EURUSd may be finaly in the process of putting in a near term top as momentum on hourlies begins to fade with RSi dipping below 50. 1.4277 swing high now asserts itself as resistance with near term target at 1.4050
Strategy: Short now, against 1.4277 swing high, target TBD
Commentary: USDJPy continues to push higher but is essentially rangebound on the 30 day hourly charts as it faces a series of resistance points at 116.50 and 117.00. The bias in the pair remains up but it may be tough going from this point on.
Strategy: Remain bullish, against 113.99, target 118.00
Commentary: Having taken out the near term resistance at 2.0300 the pound now faces an overhang at the 2.0500 level an dhaving extended itself significantly above the 20 SMA may now retrace back to the moving average. A break higher however opens the way to a test of the yearly high at 2.0642.
Strategy: Move to flat (from bullish)
Commentary: USDCHF may be in the process of setting a near trem bottom as the pair tries to inch its way above the 1 SD Bolliger band. A close above 1.1720 on the daily would be constructive to the longs but for now the price action remains indeterminate.
Strategy: Remain bullish, move risk to 1.1676 (from 1.1637), target TBD
Commentary: USDCAD remains in a strong bearish pattern but the pirce action may be trying to trace out a ner term bottom at the 9930 level. Still call a bottom at this point is pure speculation as price has provoded no indication of upside momentum.
Strategy: Flat
Commentary: The AUDUSD is at a critcal point as it appears to have broken upside resistance but must now hold those levels in order for the bullish pattern to continue. On the opposite side, a failure here could signal adouble top which could open the way to a correction all the way to 8600.
Strategy: Flat
Commentary: Much like the Aussie the kiwi finds itself now at the moment of truth. The pair has cleared the 61.8% Fibo retrace of the 8103-6700 Bear wave but now find key resiatance at the 7700 level. A failure here would suggest a move back to 7300 level but we will need to see more clues from price action before determining the most likely path
Strategy: Flat