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Price Signal Summary - USD Downtrend Remains Intact

OUTLOOK
  • In FX, the EURUSD trend condition remains bullish and any short-term pullbacks are considered corrective. A positive price sequence of higher highs and higher lows on the daily chart and a bullish moving average set-up highlights an uptrend. Scope is seen for gains towards 1.0536, the late June high. Initial support lies at 1.0272/0163, the Nov 14 / 11 lows respectively.
  • GBPUSD traded lower Thursday but managed to recover from the day low. The trend condition is bullish but it is worth noting that the short-term condition appears overbought - Tuesday's gains resulted in a print above the upper band of the 3.0% 10-dma envelope, before pulling back. A deeper retracement would be considered corrective. Tuesday’s high of 1.2028 is the trigger for a resumption of gains. Firm support is at 1.1518, the 50-day EMA.
  • Short-term trend conditions in USDJPY remain bearish. The latest pause in the downtrend appears to be a bear flag formation, reinforcing the current downtrend. A resumption of weakness would open 137.37, the Aug 29 low. The pair has pierced 138.64, 61.8% of the Aug 2 - Oct 21 bull leg. A clear break of this key Fibonacci retracement would also reinforce bearish conditions. The 50-day EMA at 143.81 remains a key short-term resistance.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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