EUR/USD (1.2157) The consolidation at 1.2065 ended and market bounced higher from there towards 1.2190 where some pullback was seen. The downside was limited to 1.2135 where pair is currently holding as intraday studies correct from overbought levels. Another test of the 1.2225 level is not ruled out and a break there would see another test of the 1.2325 level. Daily studies are negative for the pair however the lack of follow through on the downside calls for caution. On the downside, a break below 1.2065 would see further weakness towards 1.2010 & 1.1925. On the upside, only a break above 1.2320 would see further upside targeting 1.2400 & 1.2460. Stand aside.
USD/JPY (117.17) Market reached 116.65 after the two failed attempts at the 117.80 level and pair bounced slightly higher from there and is currently holding above the 117.00 level. Intraday studies are heading lower and further weakness is not ruled out near-term. On the downside a break below 116.10 would confirm the negative bias. On the upside, only a break above 118.20 would resume the positive bias with 119.50 as next target. Daily studies remain positive for the pair. Stand aside.
GBP/USD (1.7806) The bounced from 1.7635 reached 1.7850 and market did pullback lower from there. Pair is currently trading sideways above the 1.7750 level as intraday studies correct lower. On the upside, a break above 1.7880 would see another test of the 1.7935 high. On the downside, a break below 1.7750 would see further weakness towards 1.7630 & 1.7550. Daily studies remain negative for the pair. Stand aside for now.
USD/CHF (1.2780) Market reached 1.2735 after the three failed attempt at the 1.2890/1.2900 level and bounced slightly higher from there and pair is currently consolidating between 1.2735 & 1.2805. Intraday studies are on the hedge to turn negative again and further downside pressure is not ruled out targeting 1.2735 & 1.2680 next. Daily studies remain positive for the pair however the lack of follow though on the upside calls for caution. A break above 1.2900 will confirm the positive bias. Stand aside for now.
AUD/USD (0.7576) Market made a brief attempt above the 0.7575 level and bounced slightly lower from there towards 0.7560 where pair is currently holding. Intraday studies are correcting lower and another up-leg is expected to follow shortly. Daily studies are turning positive and a break above the 0.7600 level would confirm the positive bias. A failure to break the 0.7590/0.7600 level would see further downside pressure. On the upside, a break above 0.7600 would see another up-leg targeting 0.7650 first. On the downside, only a break below 0.7440 would see further weakness targeting 0.7310. Look to enter long above 0.7600, keep SL tight.
USD/CAD (1.1394) Market continued its downside pressure and broke the previous low at 1.1425 to end at 1.1370 so far. Pair bounced slightly higher from there and is currently consolidating below the 1.1410 level. The upside should remain capped below the 1.1430 level. Daily studies remain negative for the pair and further weakness is expected targeting 1.1310. On the upside, a break above 1.1575 would see further upside targeting 1.1670 first. Look to enter short at 1.1410, keep SL tight.
Supports: 1.1370-1.1350-1.1200-1.1150-1.1100 Resistances: 1.1420-1.1520-1.1580-1.1670-1.1755-1.1770-1.1800 Market direction: Bearish Today's projected high/low: 1.1580-1.1470 Weekly pivot supports: 1.2048-1.1911 Weekly pivot resistances: 1.2390-1.2540 Conservative recommendation: Short 1.1410, SL 1.1470, target 1.1310 first Aggressive recommendation: Short 1.1410, SL 1.1470, target 1.1310 first
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