EURUSD 60 Minute Bars
The EURUSD continues to look constructive to the upside, but the 1.5850 area remains as strong resistance. Furthermore a break of the 1.5720 zone carves out a near term top and opens the way for retest of the 1.5600 breakout.
Visit our recently updated Euro Currency Room for specific resources geared towards this currency.
STRATEGY: None
USDJPY 60 Minute Bars
Yesterday we noted that support has held so far at 98.50 at and as long as it is not challenged our upside view remains unchanged. The price action today validates our upside bias, but the pair needs to clear the overhang at 100.40 before we can feel truly confident in our 102.00 target
Visit our recently updated Yen Currency Room for specific resources geared towards this currency.
STRATEGY: Bullish against 97.66, target 102
GBPUSD 60 Minute Bars
We stated yesterday, that “Nothing has been more treacherous to trade than the price action in the GBPUSD over the past 24 hours.” and today’s massive head and shoulders on the hourly charts only confirms that viewpoint. The price action has clearly shifted towards our bearish bias and the pair now looks to target 1.9750 as first test of support.
Visit our recently updated British Pound Currency Room for specific resources geared towards this currency.
STRATEGY: Bearish, against 2.0271, target 1.9540
USDCHF 60 Minute Bars
After nearly getting stopped out yesterday, the price action in USDCHF looks far more favorable to our long bias. For the time being 1.000 is the most immediate challenge but the pair really needs to clear 1.1050 before longs can breath a sigh of relief.
STRATEGY: Bullish, against .9868, target 1.07
USDCAD 240 Minute Bars
Yesterday we noted the compression in volatility in USDCAD as the pair continues to traverse a very narrow channel of 1.0100 to 1.0230 with no immediate indication of which way it is likely to resolve. We remain sidelined watching for potential continuation once the range begins to break.
Visit our recently updated Canadian Dollar Currency Room for specific resources geared towards this currency.
AUDUSD 240 Minute Bars
The kiwi continues to hug the lower boundary of its very narrow channel but as it probes the 8000 level our bearish bias becomes stronger. A break below sees no major support until 7900 opening the way for a clean run by NZDUSD shorts.
STRATEGY: Bearish, against .8173, target TBD
