Euro Needs More Bullish News to Trigger Upside Breakout
There has been no follow-through to the
downside in the EUR USD after yesterdayâ€™s closing price reversal top at
1.4290.Technically, this pair could
have faced a steep decline if the low at 1.4119 had been violated.As it currently stands, the Euro remains in
an uptrend but finding trouble pushing through the high for the year at 1.4337.
The lower-top, lower-bottom formation in
the GBP USD is indicative of a weak market and a down trend.Yesterdayâ€™s reversal top and todayâ€™s
follow-through to the downside suggests that this market can correct back to
1.6283 to 1.6212.
The main trend on the daily chart turned up
yesterday when the USD JPY crossed the last main top at 94.78.There has been no follow-through to the
upside because yesterdayâ€™s rally slammed into a 50% retracement level at
News from earlier this week that the
Canadian economy is improving continued to put downside pressure on the USD
CAD.Todayâ€™s break has put the market in
a position to test the low for the year at 1.0783.Oversold conditions may trigger a technical
bounce from current levels.
The USD CHF remains inside of a 60 day
range despite recent efforts to break through the lower-end of the range.Now that the low has been tested, it looks as
if traders want to reverse and test the high end of the range.Look for choppy, two-sided trading on both
sides of a retracement zone at 1.0754 to 1.0805.
Despite the strong rally in the U.S. equity
markets this week, the AUD USD has been unable to attract fresh buying at
current levels.This week the Aussie
came close to testing the high for the year at .8264 but yesterdayâ€™s closing
price reversal down indicates the selling may be greater than the buying at
current levels.Look for an acceleration
to the downside if yesterdayâ€™s low at .8108 is penetrated.
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