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OUTLOOK: Price Signal Summary - EURUSD Trend Needle Points South

OUTLOOK
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  • In FX, the trend needle in EURUSD continues to point south and the latest sell-off reinforces this theme. Short-term gains are for now, considered corrective. 1.0778, the Aug 1 low and a key support, has been pierced. A clear break would strengthen the downtrend and open 1.0746, the 76.4% retracement of the Apr - Sep bull leg. Note that moving average studies are in a bear-mode position highlighting a downtrend. Initial firm resistance is 1.0924 the 20-day EMA.
  • A bearish theme in GBPUSD remains intact and the pair is trading closer to its recent lows. The move down this week has resulted in a breach of 1.2959, the 61.8% retracement of the Aug 8 - Sep 25 bull leg. An extension lower would open 1.2890, the Aug 18 low. On the upside, initial resistance to watch is 1.3067, the 20-day EMA. A clear breach of this EMA is required to signal a reversal.
  • The trend condition in USDJPY remains bullish. The pair traded to a fresh cycle high on Wednesday, confirming a resumption of the current uptrend. Price has this week cleared the 50.0% retracement of the downleg posted off the July 3rd high. The move higher sets the scene for an extension towards 153.40, the 61.8% retracement. Moving average studies have crossed and highlight a bull-mode set-up. Initial firm support is 147.93, the 50-day EMA.
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  • In FX, the trend needle in EURUSD continues to point south and the latest sell-off reinforces this theme. Short-term gains are for now, considered corrective. 1.0778, the Aug 1 low and a key support, has been pierced. A clear break would strengthen the downtrend and open 1.0746, the 76.4% retracement of the Apr - Sep bull leg. Note that moving average studies are in a bear-mode position highlighting a downtrend. Initial firm resistance is 1.0924 the 20-day EMA.
  • A bearish theme in GBPUSD remains intact and the pair is trading closer to its recent lows. The move down this week has resulted in a breach of 1.2959, the 61.8% retracement of the Aug 8 - Sep 25 bull leg. An extension lower would open 1.2890, the Aug 18 low. On the upside, initial resistance to watch is 1.3067, the 20-day EMA. A clear breach of this EMA is required to signal a reversal.
  • The trend condition in USDJPY remains bullish. The pair traded to a fresh cycle high on Wednesday, confirming a resumption of the current uptrend. Price has this week cleared the 50.0% retracement of the downleg posted off the July 3rd high. The move higher sets the scene for an extension towards 153.40, the 61.8% retracement. Moving average studies have crossed and highlight a bull-mode set-up. Initial firm support is 147.93, the 50-day EMA.