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Price Signal Summary - GBPUSD Gains Considered Corrective

OUTLOOK
  • In FX, EURUSD recovered Monday and initially traded higher today. The pair has breached both the 20- and 50-day EMAs. The break above the 50-day average, at 1.0674, strengthens a short-term bull cycle and signals scope for a continuation higher. This has opened 1.0764, 38.2% of the Jul 18 - Oct 3 bear leg. Gains are considered corrective and the trend outlook remains bearish. First support to watch is 1.0591, the 20-day EMA.
  • GBPUSD gains are considered corrective and the trend remains bearish. The reversal from 1.2337, Oct 11 high, signals the end of a corrective phase between Oct 4 - 11. A resumption of weakness would open 1.2037, Oct 4 low. A break of this level would resume the downtrend that started in July and open 1.1964, a 3.00 projection of the Jul 14 - 24 - 27 price swing. For bulls, clearance of 1.2337 would signal scope for a stronger corrective phase.
  • USDJPY remains in consolidation mode and continues to trade just below its recent trend highs. The trend outlook is bullish and moving average studies continue to highlight positive market sentiment. Attention is on the 150.00 handle and the recent 150.16 high (Oct 3). A clear break of 150.00 would reinforce bullish conditions and open 150.40, a 2.618 projection of the Jan 16 - Mar 8 - Mar 24 price swing. Key support to watch is 147.43, the Oct 3 low. Initial support lies at 149.21, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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