EUR/USD (1.2042) Market was capped at 1.2165, also the trendline level from the 1.2590 level and pair bounced sharply lower from there towards 1.2005 where some corrective rebound was seen. Intraday studies are correcting from oversold levels and further upside is on the cards targeting 1.2065 & 1.2105. Further weakness is expected to follow from there targeting 1.1925 first. On the upside only a break above 1.2180 would see further upside targeting 1.2135 & 1.2235. Daily studies are on the hedge to turn negative for the pair and the break below 1.2030 suggests that a top is in place. Look to enter short at 1.2050.
Supports: 1.2000-1.1960-1.1780-1.1705-1.1690-1.1665-1.1640 Resistances: 1.2120-1.2165-1.2185-1.2210-1.2270-1.2345 Market direction: Neutral - Bearish Today's projected high/low: 1.2120-1.1920 Weekly pivot supports: 1.2525-1.1990 Weekly pivot resistances: 1.3208-1.3457 Conservative recommendation: Short 1.2050, SL 1.2125, target 1.1920 first Aggressive recommendation: Short 1.2050, SL 1.2125, target 1.1920 first
USD/JPY (114.61) Market made a quick attempt lower and reached 113.35 where sharp upside was seen back above the 114.00 level. Pair is currently consolidating above the 114.30 level and further sideway trading is expected as intraday studies correct from oversold levels. Daily studies are threatening to turn positive for the pair and further upside towards 115.40 & 116.45 is expected. On the downside, a break below 113.35 would see further weakness targeting 112.05 first. Look to enter long at 114.25, keep SL tight.
Supports: 114.25-114.00-113.35-113.15-112.60-111.80 Resistances: 114.75-114.85-115.55-116.20-116.50-117.00-117.60-118.00 Market direction: Neutral - Bullish Today's projected high/low: 115.50-113.80 Weekly pivot supports: 105.15-104.67 Weekly pivot resistances: 109.55-108.90 Conservative recommendation: Long 114.25, SL 113.70, target 115.50 first Aggressive recommendation: Long 114.25, SL 113.70, target 115.50 first
GBP/USD (1.7600) Market bounced sharply lower from the 1.7725 level and reached 1.7575 where little rebound was seen. Intraday studies are oversold and further consolidation/correction is expected to follow near-term towards 1.7630 & 1.7665. Daily studies are deep in overbought territory and a new down-leg is expected to follow targeting 1.7575 & 1.7520 next. A break below 1.7515 would confirm the negative bias where a failure would see further upside targeting 1.7725 & 1.7750. Stand aside for now.
USD/CHF (1.2856) Market moved higher and reached 1.2890 before easing lower. Pair has been consolidating above the 1.2850 level since allowing intraday studies to correct from overbought territory and further consolidation is expected for now. Any corrective downside should remain limited to 1.2825 & 1.2785. Daily studies are showing first signs of a positive bias and a break above the 1.2910 level, also the trendline level from the 1.3285 top would confirm this view. Look to enter long on a break above 1.2910.
AUD/USD (0.7507) Market continued its upside pressure from the 1.1555 level and reached 1.1655 before easing lower. Pair is currently consolidating above the 1.1600 level. Intraday studies are showing mixed signals and daily studies remain positive. A break above the 1.1720 level, also the trendline level from the 1.2735 high is needed to confirm further upside. Look to enter long above 1.1720.
Supports: 1.1600-1.1550-1.1500-1.1450-1.1425-1.1400-1.1350-1.1200 Resistances: 1.1755-1.1770-1.1850-1.1935-1.2030 Market direction: Neutral - Positive Today's projected high/low: 1.1750-1.1600 Weekly pivot supports: 1.2048-1.1911 Weekly pivot resistances: 1.2390-1.2540 Conservative recommendation: Long 1.1725, SL 1.1630, target 1.1850 first Aggressive recommendation: Long 1.1725, SL 1.1630, target 1.1850 first
USD/CAD (1.1614) Market was able to close below our key support at 1.2080, with 1.2000 and 1.1825 as next important targets. Bearish scenario remains valid while below 1.2205. Look now for 1.2140 to cap any corrective bounce, with further weakness to 1.2000. Over the mid-term, expect an important bottom around 1.1900-1.1800 , probably at 1.1825 (measured target). Stand aside.
Supports: 1.2070-1.2015-1.2000/1.1990-1.1940-1.1825/15 Resistances: 1.2140/50-1.2205-1.2285-1.2360 Market direction: Bearish Recommendation: Stand aside
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