DAILY FORECAST FOR EURJPY Bias: The move lower this morning is suggesting a more bearish day today The 136.25 channel low was broken but then saw a pullback into the channel again. If yesterday’s 135.96 low breaks then the risk will be much lower. Minor support is seen at 135.28 but I suspect that a [...] [...more]
DAILY FORECAST FOR USDCAD Bias: The 1.0926-50 did hold well and cause a firm rally which has reached 1.1203 and ideally I’d like to see this extend higher today. For this to work I’d prefer that the 1.1136-50 area remains supportive and causes a push back above this morning’s 1.1203 high. If seen then we [...] [...more]
DAILY FORECAST FOR AUDUSD Bias: Losses were direct yesterday but stalled just above the 0.7856 support. This was either and extension in the same wave lower – and thus we should see a correction of the entire move lower from 0.8263 or it was part of a complex irregular correction that would see a return [...] [...more]
DAILY FORECAST FOR GBPUSD Bias: I suspect a pullback higher but if this is to generate new highs then it needs to be strong Well, the minor resistance I quoted at 1.6663 turned out to be major resistance. The drop has been strong and indeed generated a bearish Key Day Reversal. This commonly causes a [...] [...more]
DAILY FORECAST FOR USDJPY Bias: Watch support at 95.72-94 – only below resumes losses else see a move to new highs The strange price development soon after the 93.84 low indeed produced a strong rally yesterday and puts my structure in doubt and therefore I feel we need be cautious. For the moment I can’t [...] [...more]
DAILY FORECAST FOR GBPJPY Bias: I am more mixed here with resistance seen at 153.88 and support around 151.00-25 The 151.50-70 pivot support held well for gains to extend higher, although without great momentum, to reach 153.24 this morning. There is risk of bearish divergences developing so do take care since we may well be [...] [...more]
DAILY FORECAST FOR EURJPY Bias: This does seem to have a stronger bullish structure but wait for break of 133.41 Price declined to 131.50 and from there has rallied to the other end of the key range I detailed yesterday at 133.41. Of course we need to watch USDJPY carefully and a break above 95.35-50 [...] [...more]
DAILY FORECAST FOR USDCAD Bias: I look for gains to extend to 1.1348 at least but this may stall the first recovery Losses stalled between the two support levels identified at 1.1180 and 1.1216 and given the bullish divergence I feel we have seen the intermediate low and thus we are due a pullback higher. [...] [...more]
DAILY FORECAST FOR AUDUSD Bias: I feel the 0.7919-38 area will cap for a correction back lower The recent consolidation does make things look more clouded but considering the bearish divergences and the need to see a deeper pullback before moving to the eventual 0.80 target I feel today should prove to be a down [...] [...more]
DAILY FORECAST FOR GBPUSD Bias: Mixed – waiting for breaks though upward momentum shows no sign of slowing Just as I thought it safe to call a correction the upside resumed and even rallied through the 1.5663 resistance and then proceeded to reach just a few pips above the 1.5789 upper resistance. While these are [...] [...more]
