EUR/USD (1.1839) Market made a new attempt lower but remains capped above the 1.1825 level where pair is currently holding. Intraday studies are slightly negative however a break below 1.1825 & 1.1780 is needed to see further weakness. On the upside, a break above 1.1885 would open way to further upside targeting 1.1980 first. Daily studies are threatening to turn negative again for the pair. Enter short on a break below 1.1780.
USD/JPY (116.22) Market is still trading sideways after the sharp fall seen yesterday from the 117.15 level. The current consolidation is allowing intraday studies to correct from oversold levels and further consolidation is expected for now. The upside should remain capped below the 116.60 level. Daily studies are negative for the pair and further weakness is on the cards near-term targeting 115.50 & 115.50. Look to enter short at 116.60.
GBP/USD (1.7386) Market is currently trading sideways above the 1.7370 level as further consolidation is expected as intraday studies correct from oversold levels. Overall pair remains capped in a triangle pattern currently between 1.7500 & 1.7325. On the downside, a break below 1.7325 would be very bearish for the pair and would see further weakness targeting 1.7255 next. On the upside, a break above 1.7475/1.7500 would see further upside towards 1.7520 & 1.7600. Daily studies remain positive for the pair however the lack of follow through on the upside calls for caution. Stand aside for now.
USD/CHF (1.3233) Market continued its upside after the failure at the 1.3150 level and reached 1.3240 where pair is currently holding. Intraday studies are deep in overbought territory and further consolidation is expected for the time being. On the upside, a break above the daily top at 1.3285 would be very bullish for the pair and would see another test of the 1.3325 & 1.3390 levels. On the downside, another failure at the 1.3285 level would open way to a new down-leg targeting 13050 first. Daily studies are slightly positive for the pair but close to overbought territory and a break above 1.3285 is needed to confirm further positive bias. Stand aside for now.
AUD/USD (0.7368) No change in view, market is still trading sideways between 0.7340 & 0.7450. Pair is currently consolidating above the 0.7350 level and with intraday studies mostly neutral, the consolidation is expected to continue for the time being. On the downside, 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 remain positive for the pair however the lack of follow through on the upside calls for caution. Stand aside. Supports: 0.7350-0.7335-0.7215-0.7295-0.7230-0.7150 Resistances: 0.7450-0.7540-0.7590-0.7610-0.7645-0.7730 Market direction: Neutral Today's projected high/low: 0.7450-0.7350 Weekly pivot supports: 0.7730-0.7546 Weekly pivot resistances: 0.7872-0.8026 Conservative recommendation: Stand aside. Aggressive recommendation: Stand aside.
USD/CAD (1.1408) Market continued its downside pressure after the failure at 1.1550 and pair reached 1.1390 where pair is currently holding. Intraday studies are deep in oversold territory and further consolidation/correction is expected for now. The upside should remain limited to 1.1495 and further weakness is expected to follow with a retest of the daily low at 1.1370. A break there would be very negative for the pair. Daily studies remain negative for the pair. Exit short at 1.1400 and look to re-establish short towards 1.1490, keep SL tight.
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