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Price Signal Summary - Cable Trend Outlook Remains Bearish

OUTLOOK
  • In FX, EURUSD traded lower yesterday and touched last week’s 1.0760 low. The outlook remains bearish. The 50-day EMA, at 1.0874, has recently been breached and price remains below the average. This reinforces bearish conditions and signals scope for a continuation lower towards 1.0737 next, 61.8% retracement of the Mar 15 - Apr 26 bull run. Clearance of this level would open 1.0713, the Mar 24 low. A firm resistance is seen at 1.0887, the 20-day EMA.
  • In GBPUSD, a bearish theme remains intact and price continues to test support at 1.2410, the 50-day EMA. A clear break of it would strengthen a bearish threat and expose 1.2345, the Apr 10 low. On the upside, initial resistance is 1.2480, the 20-day EMA.
  • USDJPY bullish conditions remain intact - a fresh trend high Tuesday reinforces current conditions and the pair is holding on to its recent gains. Last week’s break of 137.77-91, the May 2 and Mar 8 high respectively, confirmed a resumption of the uptrend that started Jan 16. This opens 139.00 next. Initial firm support is seen at 136.29, 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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