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Price Signal Summary - Pullback In Cable Appears To Be A Correction

OUTLOOK
  • In FX, EURUSD traded lower Thursday and breached the former support at 1.0942, May 2 low. The break signals scope for a deeper correction and has exposed 1.0895, the 50-day EMA and the next key support. More broadly, the uptrend remains intact and a resumption of gains would refocus attention on 1.1095, the Apr 26 high and a bull trigger. Support below the 50-day EMA, lies at 1.0831, the Apr 10 low.
  • The trend outlook in GBPUSD remains bullish and Thursday’s pullback is considered corrective - for now. The pair has tested support at the 20-day EMA, which intersects at 1.2515. A clear breach of this average would signal scope for a deeper retracement and open 1.2393, the 50-day EMA. The trend outlook remains bullish. The bull trigger has been defined at 1.2680, the May 10 high.
  • USDJPY short-term conditions remain bearish and Wednesday’s sell-off reinforces this theme. A continuation lower would open 133.50, the May 4 low. Clearance of this level would confirm a resumption of the bear cycle and open 133.02, the Apr 26 low. Note too that a break of 133.50 would confirm a breach of the 50-day EMA - a bearish development. Initial resistance is at 135.47, Wednesday’s high.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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