[B]• Euro Uptrend Broken
• Japanese 105.90 May Be in Play
• British Pound 1.9450-1.9500 Key to Any Hope for a Bounce
• Swiss Franc Rangebound
• Canadian Dollar Breaks Fibo Resistance Targets 1.0500
• Australian Dollar .8699 Key For Bulls
• New Zealand Dollar Consolidation Reigns[/B]
[B]SEE A DESCRIPTION AT THE BOTTOM OF THIS REPORT FOR THE INDICATORS IN THE TABLE
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[B]Commentary[/B]: Having broken the key 1.4610 support EURUSD has now invalidate its uptrend and the path of least resitance is now to the downside. Resistance lies at 1.4713 and rallies are now to be sold not bought as the technical damage ovcer the past week has given the edge to the bears
[B]Strategy[/B]: Bearish, against 1.4713 resitance
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[B]Commentary[/B]: The yen is testing the near term support at 106.33 and the line between a double bottom and further collapse to 105.90 is especially thin. If the pair man ages to hold these leveles for the next few hours a rally to 107.00 is possible, but the dominnat trend conitinues to be down.
[B]Strategy[/B]: Flat
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[B]Commentary[/B]: Cable price action has been a classic trap for longs as a series of bear flags have taken the unit lower in series of sharp down breaks. The third time may be a charm however as the unti appears to be make a concernetd efftort to make a bottom. The 1.9450-1.9500 zione is key area of support. Should it hold a bounce bacl to 1,9700 is possible, but should it fall the pair could dribble all the way to 1.9150
[B]Strategy[/B]: Flat
Visit our recently updated British Pound Currency Room for specific resources geared towards this currency.
[B]Commentary[/B]: The proce action in USDCHF remains unresolved. The pair continues to travel the well worn path of the 1.1065-1.0975 range alebeit with a slightly downward bias. Nevertheless, any attempts to sell it may be premature. To confirm the downtrend Swissie needs to conclusively break 1.0978 suport on it s way to a test of 1.0850
[B]Strategy[/B]: Flat
[B]Commentary[/B]: Having broken the 61.8% Fibo of the major 1.0900-9050 bear wave USDCAD appears on its way to a test of 1.0500 as longs continue to reassert control after a prolonged period of weakness. Only a break below the 1.0168 Fibo support would signal the end of the uptrend.
[B]Strategy[/B]: Long against 1.0150 targeting 1.0500
Visit our recently updated Canadian Dollar Currency Room for specific resources geared towards this currency.
[B]Commentary[/B]: The Aussie remains above our 8682 support level but is becoming more precarious by the momemt. A break of the 8682 exposes the move to a text of 8500. On the upside the pair faces the downward sloping trend line and the pressure of lower highs set on 1/15/08. We remain long but the damage to the bull case has been considerable.
[B]Strategy[/B]: Bullish
[B]Commentary[/B]: The Kiwi continues to trace out one of the longest consolidation patterns in the majors as it moves between 790 0-7400 zone. Range traders may choose to play the well established boundries, but we are sidelined awaiting the resolution of the price action.
[B]Strategy[/B]: Flat
JTREND is a 4 week rolling pivot. When price is above the rolling pivot, the trend is considered bullish. When price is below the rolling pivot, the trend is considered bearish.
DAILY RSI uses 13 day RSI in order to gauge strength of trend. The trend is considered Bullish if the indicator registers a reading above 60. The trend is considered Bearish if the indicator registers a reading below 40. If the reading is between 40 and 60, then the reading is Flat.
DAILY STOCHS uses 13 day SLOW STOCHASTICS in order to gauge strength of trend. The trend is considered Bullish if the indicator registers a reading above 70. The trend is considered Bearish if the indicator registers a reading below 30. If the reading is between 30 and 70, then the reading is Flat.
200 day ?: Slope of the 200 day SMA
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