EUR/USD (1.1927) Market made a quick attempt at 1.1975 and bounced lower to the 1.1910 level where pair is currently holding. Intraday studies are heading lower however the downside is expected to remain limited to 1.1900 & 1.1850. Further upside is expected shortly targeting 1.1975 & 1.2000 next. On the downside, a break below 1.1850 would see further weakness targeting 1.1780 next. On the upside, a break above 1.1975 would open way to further upside targeting 1.2115 first. Daily studies are positive for the pair with room to move higher. Look to enter long at 1.1905, keep SL tight.
Supports: 1.1850-1.1780-1.1705-1.1690-1.1665-1.1535-1.1430 Resistances: 1.1975-1.2000-1.2080-1.2190-1.2210-1.2270-1.2320-1.2345 Market direction: Bullish Today's projected high/low: 1.2085-1.1840 Weekly pivot supports: 1.2525-1.1990 Weekly pivot resistances: 1.3208-1.3457 Conservative recommendation: Long 1.1905, SL 1.1840, target 1.2085 first Aggressive recommendation: Long 1.1905, SL 1.1840, target 1.2085 first
USD/JPY (118.40) Market remains capped in a triangle pattern currently between 118.90 & 118.05. Intraday studies are positive for the pair but close to overbought levels. On the upside, a break above 119.00 would see further upside towards 119.35 & 120.25. On the downside a break below 118.00 would see further weakness targeting 117.30 & 116.75. The consolidation seen in the past few days allowed daily studies to correct from overbought territory and another up-leg is favored shortly. Stand aside.
GBP/USD (1.7428) No change in view, market remains capped between 1.7475 & 1.7300. Intraday studies are negative for the pair and another test of the 1.7300 level is not ruled out. A break below 1.7305 would see further weakness targeting 1.7255 next. On the upside, a break above 1.7475 would see further upside towards 1.7520 & 1.7600. Daily studies are positive for the pair however a break above 1.7475 is needed to confirm further positive bias. Stand aside for now.
USD/CHF (1.3085) Market moved sharply lower from the 1.3175 top and pair has been consolidating between 1.3050 & 1.3100 since. Intraday studies are positive for the pair and further consolidation is expected for now. On the upside, a break above 1.3100 would see another test of the 1.3175 level. On the downside, a break below 1.3025 would see further downside targeting 1.2920 & 1.2830. Daily studies are heading lower from overbought territory and a break below 1.3000 is needed to confirm the immediate bearish view. Stand aside for now.
AUD/USD (0.7387) Market is still trading sideways between 0.7340 & 0.7450. Pair failed at 0.7420 and bounced lower from there, currently heading towards 0.7340 again. Intraday studies are negative and a break below 0.7350 is needed to see further weakness targeting 0.7300 & 0.7230. On the upside a break above 0.7450 would see further upside towards 0.7480 & 0.7560. Daily studies are turning positive for the pair however the lack of follow through on the upside calls for caution. Stand aside.
USD/CAD (1.1476) Market finally broke the 1.1500 level and reached 1.1450 which capped further downside so far. Intraday studies are positive for the pair and further consolidation is expected for the time being with 1.1550 expected to limit the upside. Daily studies are turning negative for the pair and further weakness is expected towards 1.1400 & 1.1350. Look to enter towards 1.1500, keep SL tight.
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