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Price Signal Summary - USD Downtrend Remains Intact

OUTLOOK
  • In FX, EURUSD ended last week on a firm note a. Last Thursday’s gains cancelled a bearish signal on Nov 28 - a shooting star candle pattern - and instead confirmed a resumption of the current uptrend. This maintains the positive price sequence of higher highs and higher lows. The focus is on 1.0615, the Jun 27 high. Key short-term support has been defined at 1.0291 low, the Nov 30 low.
  • GBPUSD trend conditions remain bullish and last week’s gains reinforce this condition - the break higher confirmed a resumption of the uptrend and price has cleared the 200-dma. This maintains a bullish price sequence of higher highs and higher lows and note that moving averages studies are in a bull-mode position. The focus is on 1.2406, the Jun 16 high. Key short-term support has been defined at 1.1901, the Nov 30 low.
  • The USDJPY trend condition remains bearish. Last Thursday’s move lower confirmed a resumption of the downtrend and Friday’s follow through reinforces the bear theme plus maintains the bearish price sequence of lower lows and lower highs. Sights are on 132.56, Aug 15 low. Key short-term resistance to watch is 139.89, the Nov 30 high.
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