The price action in the EURUSD, while consolidative in the near term remains constructive for further upside action in the long run. The pair has held above the 38.2% support (1.4704) of the most recent (1.4364-1.4963) bull wave and as long as prices remain within that level the path of least resistance is up. Fib projection of 1.5223 continues to be valid but the pair may need to undergo further churn before tackling new highs.
[B]Table of Support and Resistance
[/B]
[B]Currency[/B] [B]Fib Support / Resistance[/B] [B]Bias[/B] [B]EUR/USD[/B] 1.4970 – Full retracement and double touch of record high [B]Bullish[/B] [B]GBP/USD[/B] 1.9900 – 38.2% retracement, of the 11/28- 1/22 channel [B]Bullish[/B] [B]USD/JPY[/B] 108.15 – 61.8% retracement of the 1/9-1/23 bear move [B]Flat[/B] [B]USD/CHF[/B] 1.0885 – Full retracement of the 11/23-12/25 bull wave [B]Flat[/B] [B]USD/CAD[/B] 0.9950 – 50% retracement of the 11/14-1/22 bull wave [B]Bullish[/B] [B]AUD/USD[/B] 0.9055 – Top of fib congestion with 61.8% fib of 11/7-1/22 bear wave [B]Bullish[/B] [B]NZD/USD[/B] 0.8100 – A full retracement for a double touch on a generational high [B]Bullish[/B] [B]The Fibonacci Personality: [/B]As the great master of Pisa once noted all of life is composed of Fibonacci. I use these golden ratios to understand the movements of the market and profit from their predictions. Let me know what you think my analysis on the Candlestick forum. • Fibs Support a Euro run but Near Term Correction Looms
• Pound Looks Ready For a Rebound
• Sidelined for Now Awaiting Better Prices
• Swiss Needs More Time to Signal Price Action
• Remain Bullish But Tighten Stop
• Looks Very Strong Having Cleared the Final Fib Barrier
• Kiwi Still Constructive But 8000 Must be Overcome
[B]EUR/USD[/B]
[B]Strategy: Bullish against 1.4309, Targeting 1.5223[/B]
The price action in the EURUSD, while consolidative in the near term remains constructive for further upside action in the long run. The pair has held above the 38.2% support (1.4704) of the most recent (1.4364-1.4963) bull wave and as long as prices remain within that level the path of least resistance is up. Fib projection of 1.5223 continues to be valid but the pair may need to undergo further churn before tackling new highs.
[B]GBP/USD[/B]
[B]Strategy: Bullish against 1.9625, Targeting 2.0030[/B]
Rejection or continuation? Having come so close our Fib target of 2.0030 the pair failed just ahead of the 1.9999 9 (38.2% level) of the massive 2.1160-1.9335 bear wave, but while such price action would typically be viewed as bearish the bounce of the near term trendline suggest that cable may want to stage a second run at the 2.0000 figure. Having tightened our stop from 1.9575 to 1.9625 we remain bullish for the time being.
[B]
USD/JPY[/B]
[B]Strategy: Flat[/B]
Although yen remains well below the 38.2% resistance level of the large 115.91-104.95 bear wave, recent price action suggest that the pair may have put in a near term bottom as it traces out higher lows on the daily chart and for the time being we prefer to be sidelined looking for better price levels to enter possible shorts.
[B]USD/CHF
Strategy: Bullish against 0.9871, Targeting 1.0465[/B]
The pair appears to have found solid support at the 38.2% level of the 9056-1.0346 bull wave. Our stops are just below that support and the longer the pair bases the more likely the possibility that it will break out to the upside. Our stops remain close but the longer the price action remains supportive the more confident we feel about this trade.
[B]USD/CAD[/B]
[B]
Strategy: Bullish against 0.8825, Targeting 0.9400[/B]
Having cleared the final major 61.8% Fib barrier of the most recent 9399-8897 bear wave, the Aussie looks set to go higher possibly targeting a retest of the 9400 level. With price action now turning decidedly positive we have ratcheted up our stop to just below the 38.2% level of the recent bear wave because the pair needs to hold these levels in order to maintain its upside bias.
[B]AUD/USD
[/B]
[B]NZD/USD[/B]
[B]Strategy: Bullish against 0.7520, Targeting 0.8107[/B]
Kiwi like Aussie remains in an uptrend having long ago cleared the 61.8% resistance level of the massive 8107-6639 bear wave from last summer. But the pair is having a difficulty clearing the 8000 level and the price action may suggest a corrective move down before it can make a fresh assault on new highs. We remain bullish but have tightened our stops to curb risk.
