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Price Signal Summary - Cable Downtrend Extends

OUTLOOK
  • In FX, EURUSD trend conditions remain bearish following the recent extension of the bear leg that started Apr 26. The 50-day EMA, at 1.0879, has recently been breached. This has strengthened bearish conditions and signals scope for a continuation lower towards 1.0737 next, a Fibonacci retracement. Clearance of this level would open 1.0713, 61.8% retracement of the Mar 15 - Apr 26 bull run. A firm resistance is seen at 1.0899, the 20-day EMA.
  • GBPUSD maintains a softer tone and is trading lower today, confirming a resumption of the current bear leg.The 50-day EMA which intersects at 1.2410, has been pierced. This average represents a key support and a clear break of it would strengthen a bearish threat and expose 1.2345, the Apr 10 low. Initial resistance is 1.2487, the 20-day EMA.
  • USDJPY bullish conditions remain intact and a fresh trend high today reinforces current conditions. A key resistance zone between 137.77-91, the May 2 and Mar 8 high respectively, has recently been cleared, confirming a resumption of the uptrend that started on Jan 16. This opens 139.00 next. Initial firm support is seen at 136.28, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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