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Price Signal Summary - Corrective Bear Cycle In EURUSD Remains In Play

OUTLOOK
  • In FX, EURUSD is trading closer to its recent lows and a bear cycle remains in play. The move down appears to be a correction. The 20-day EMA, has been cleared and this has exposed a firmer level at 1.0816, the 50-day EMA. A clear breach of the average would signal scope for a deeper retracement. For bulls, a reversal higher would highlight the end of the corrective cycle and open the key resistance and bull trigger at 1.0948, the Jul 17 high. Initial resistance is 1.0897, the Jul 23 high.
  • GBPUSD is trading just above this week’s lows. Yesterday’s bearish extension resulted in a print below 1.2863, the 20-day EMA. A clear break of this average would signal scope for weakness towards 1.2781, the 50-day EMA. The move down appears to be a correction - for now. Moving average studies remain in a bull-mode set-up, highlighting a rising trend. Key resistance and the bull trigger has been defined at 1.3044, the Jul 17 high.
  • A sharp sell-off this week in USDJPY reinforces the current bearish cycle. The move down signals scope for an extension towards 151.10, 50% of the Dec 28 ‘23 - Jul 3 upleg. Note too that the 200-dma lies at 151.53. Clearance of both price points would be bearish. On the upside, key short-term resistance is seen at 157.46, the 50-day EMA. Clearance of this average would signal a potential reversal.
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