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Price Signal Summary - USD Bears Remain In The Driver's Seat

OUTLOOK
  • In FX, EURUSD bullish conditions remain intact and the pair is trading higher. Recent gains have confirmed a positive price sequence of higher highs and higher lows on the daily chart and moving average studies have crossed to highlight a potential bull mode set-up. The focus is on 1.0450, 1.764 projection of the Sep 28 - Oct 4 - 13 price swing. Initial support lies at 1.0272, the Nov 14 low.
  • GBPUSD remains in a bull cycle, reinforced by last week's break of resistance at 1.1645, the Oct 27 high. The break confirms a resumption of the rally that started Sep 26 and maintains the positive price sequence of higher highs and higher lows. The focus is on the 1.2000 psychological handle. Initial firm support lies at 1.1472, the 50-day EMA.
  • A sharp sell-off in USDJPY last week resulted in a break of support at 140.36, the Sep 22 intervention low. The outlook remains bearish and the pair has pierced 138.64 next, 61.8%of the Aug 2 - Oct 21 bull leg. A clear break of this chart point would open 137.37, the Aug 29 low. Initial firm resistance is seen at 144.34, the 50-day EMA.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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