- EURUSD:Continues To Target The 1.3827 Level & Beyond.
- GBPUSD: Further Weakness To Target The 1.6000 Level.
- USDJPY: Resumes Its Short Term Downtrend.
- EURJPY: Follow Through Lower On Its Channel Break.
- AUDUSD : Continues To Trade In A range.
- USDCAD: Outlook Remains Higher
- EURGBP: Continues To Hold Above Its Broken Falling Channel .
EURUSD: Continues To Target The 1.3827 Level & Beyond.
EURUSD-Having tested a low of 1.3831 and closed lower Wednesday following through on its Tuesday losses, the 1.3826 level, its Jun 22'09 low continues to be aimed at though recovering higher in early trading today. We maintain our bearish nearer term downside view while the pair trades below the 1.4177 level and envisage a break through the 1.3827 level leading to further downside towards the 1.3738 level, its Mar 19'09 high where a cap is expected. However, if a break and close below there materializes , focus will turn to the 1.3618 level, its weekly 200 ema. Its daily stochasticscontinues to point lower supporting this view. To the upside, its psycho level resting at 1.4000 will be targeted followed by the 1.4177 level, its Jun 11'09 where a clean break will open up more upside risk towards its YTD high at 1.4339.Above there will resume its medium term uptrend towards the 1.4719 level, its Dec 18'08 high and possibly higher targeting the 1.4867 level, its Sept 22'08 high. On the whole, having rejected the 1.4177 level on several occasions and collapsed lower, EUR remains vulnerable to downside nearer term.
1.3827 Jun 22'09 low
1.3738 Mar 19'09 high
1.3618 Weekly 200 ema
1.3981 Jun 29'09 low
1.4000 Psycho level
1.4363 Jun 2'09 high
GBPUSD: Further Weakness To Target TrendlineSupport.
GBPUSD: As the pair continues to hold below its invalidated range and closed lower Wednesday, its trendlinesupport (currently at 1.5836) drawn off the 1.3652 level is now being targeted. While this level and another support residing at the 1.5798 level, its Jun 08'09 low are expected to cap declines if tested, failure of these levels will accelerate further weakness towards the 1.5374 level, its Jan 08'09 high. However, in order for our nearer term view to be invalidated, we need to see a recapture of its YTD high at 1.6742. Beyond there will resume its medium term uptrend now on hold towards the 1.7000 level, its psycho level and possibly higher. All in all, while the pair still retains its medium term upside bias, its collapse off the 1.6742 level has turned focus to the downside nearer term.
1.6085 May 27'09 high
1.6000 Psycho level
1.5836 MT rising trendline
1.6209 Jun 16'09 low
1.6662 2009 high
1.6742 Jun 30'09 high
USDJPY: Resumes Its Short Term Downtrend.
USDJPY: Continued sell off Wednesday saw USDJPY breaking and closing below its the 93.89 level, its May 22'09 low and resuming its short term downtrend triggered off the 101.43 level, its 2009 high. With that said, its channel support at 91.56 is now being targeted ahead of its psycho support at 90.00 level and 89.67 level, representing its Feb 11'09 low. Its daily studies are negative and trending lower suggesting further weakness. Immediate upside target lies at the 93.89 level, its May 22'09 low follow by the 94.45 level with a clearance of there turning attention to the 96.97 level, its July'09 high and then the 97.40 level, its declining channel resistance where a cap is expected. Above there if it seen will expose the 98.88 level, its Jun 05'09 high. On the whole, with a break of the 93.89 level seen, further downside threats are likely.
91.56 Channel Support
90.00 Psycho level
89.67 Feb 11'09 low
93.89 May 22'09 low
94.45 Jun'01'09 high
94.86 Jun 23'09 low