Euro putting in outside day; still unclear whether bullish or bearish. Dollar/Yen gains seen extending back towards 2009 highs. Cable reverses after kissing 100-Day SMA. Dollar/Swiss consolidates above 200-Day SMA. Dollar/Cad set for close below 100-Day SMA. Australian Dollar looking to test key 78.6% Fib Retrace. New Zealand Dollar breaks above 0.5700 but lacks follow through.
EUR/USD
| EUR/USD – With the daily studies looking stretched the market could be looking to rollover into Tuesday. A bearish outside day on Monday (contingent on close below 1.3580) would increase the likelihood for a pullback with a break back below 1.3490 ultimately required to confirm. Back above 1.3740 negates. Strategy: SIDELINED; AWAIT CLEARER SIGNAL. |
|
USD/JPY
| USD/JPY – Continues to extend gains into Monday after being very well supported ahead of the 50/100-Day SMAs last Thursday. Daily studies show plenty of room to run and we favor additional upside over the coming days back towards and through the recent 2009 trend highs at 99.70. Only below 95.00 gives reason for concern. Strategy: SIDELINED; AWAIT CLEARER SIGNAL. |
|
GBP/USD
| GBP/USD – The recent corrective rally looks to be losing momentum with the pair stalling by key topside resistance at the 100-Day SMA on Monday. The pair has not been above the moving average since August 2008 and the overall structure remains grossly bearish while below. Look for a break back below 1.4395 (Friday’s low) to confirm bear trend resumption. A close above the 100-Day will however negate. Strategy: SIDELINED; AWAIT CLEARER SIGNAL.
|
|
USD/CHF
|
USD/CHF – The pair has found some decent support at current levels in the form of the 50% fib retracement off of the 1.0370-1.1970 move (1.1170) and the 200-Day SMA (1.1200). Look for a rebound from current sub-1.1500 levels back into the familiar range over the coming days. Below 1.1165 negates. Strategy: SIDELINED; AWAIT CLEARER SIGNAL.
|
|
