The USDJPY bulls failed to hold prices above the 113.25 handle on Friday. I mentioned this level on Thursday as one that stood in the way of downside targets. With the pair now well below this mark on a weekly closing basis, any retest of 113.25 will likely encounter selling pressure. I wouldn’t be surprised to see a reversion to this level given the fact the...
Last week saw the GBPUSD gain nearly 300 pips from Tuesday’s low at 1.2108. However, the pair finished Friday’s session just below key resistance in the 1.2400 region. This area has acted as a pivot since November 22nd and will likely attract sellers in the coming week. With that said, buyers managed to carve out a weekly bullish engulfing candle. This alone...
The EURAUD appears to have closed below channel support that extends from the February low. However, the 1.3900 support area isn't far below Friday's close. I booked profit on my EURAUD short at 1.3907 last week for +190 pips. Depending on how Monday opens I'll be interested in shorting the cross again for a potential move back to the 1.3670 region.
The EURUSD is about to close out another banner week. It would be the third in a row since the single currency found a bid at 1.0520. And thanks to a more dovish than expected Fed, the pair is trading at its highest level since February 6th. But despite recent strength, the Euro has yet to make any real headway. The pair continues to trade in a range that has...
Watch for a retest of the area between 1.9050 and 1.9075 as new support. Alternatively, wait for a 4 hour close above 1.9178 before considering a long entry. Key resistance comes in at 1.9290 and 1.9460.
EURNZD has been moving within an equidistant channel since mid 2012. The pair is coming off channel support and may be soon testing channel resistance around 1.7600.
NZDUSD had been in a steep downtrend since early July. After falling 1,130 pips, the pair began consolidating into a bear flag pattern in late September. The pair broke out of the pattern on October 23rd with a daily close well below channel support. The market quickly recovered back inside the channel, however that recovery was short lived as the pair formed a...