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Price Signal Summary - USD Downtrend Remains Intact

OUTLOOK
  • In FX, the EURUSD outlook remains bullish. Last week’s rally resulted in the break of a key short-term resistance at 1.0094, the Oct 27 high and 1.0198, the Sep 12 high. This opens 1.0368 next, the Aug 10 high ahead of 1.0450, 1.764 projection of the Sep 28 - Oct 4 - 13 price swing. Initial firm support is at 1.0094.
  • GBPUSD rallied sharply last week and in the process cleared resistance at 1.1645, the Oct 27 high. The break confirms a resumption of the bull cycle 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. On the downside, initial firm support lies at 1.1334, the Nov 9 low. The 50-day EMA, 1.1460, is initial support.
  • A sharp sell-off in USDJPY last Thursday 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 level would open 137.37, the Aug 29 low. Initial firm resistance is seen at 144.52, the 50-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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