As the rebound from 1.0014 turned out to be stronger than expected and the greenback broke above the Ichimoku cloud top this week, suggesting a temporary low has been formed at 1.0014 and upside risk is seen for a test of key resistance at 1.0295, however, a daily close above there is needed to signal the correction from 1.0343 has ended ands bring a retest of this level later. Looking ahead, once this resistance at 1.0343 is penetrated, this would confirm the rise from from 0.9633 low (2012) has resumed

Despite this week's brief bounce to 0.8516, as the single currency met renewed selling interest right at the Kijun-Sen and has retreated, retaining our bearishness for the decline from 0.8815 top to bring correction of recent upmove, break of previous support at 0.8398 would bring further weakness to 0.8388 (50% Fibonacci retracement of 0.7961-0.8815) and possibly to 0.8330-35, however, reckon downside would be limited to 0.8286

Despite this week's brief bounce to 0.8516, as the single currency met renewed selling interest right at the Kijun-Sen and has retreated, retaining our bearishness for the decline from 0.8815 top to bring correction of recent upmove, break of previous support at 0.8398 would bring further weakness to 0.8388 (50% Fibonacci retracement of 0.7961-0.8815) and possibly to 0.8330-35, however, reckon downside would be limited to 0.8286

The shared currency finally rallied after breaking indicated resistance at 1.2349 and the move gathered momentum after breaking previous resistance at 1.2391, adding credence to our bullish view that fall from 1.2573 has ended at 1.2121 and bullishness remains for a retest of said resistance, however, break there is needed to retain bulishness and signal early upmove has finally resumed and extend headway to 1.2650-60 (38.2% Fibonacci retracement of 1.6828-1.0075)

Despite staging a rebound from 0.8360 to 0.8587, kiwi ran into heavy offers there and has tumbled from there below 0.8360 support as well as the Ichimoku cloud, signaling top has been formed at 0.8676 and consolidation with downside bias is seen for correction of medium term upmove from 0.7456 to previous support at 0.8156-62, a daily close below this level would add credence to this view and bring further decline to previous support at 0.8053 and possibly towards psychological support at 0.8000

Aussie's recent decline accelerated after breaking previous support at 1.0116 and psychological support at 1.0000, suggesting the decline from 1.0625 is still in progress for a stronger correction of the rise from 0.9581 and further weakness to 0.9850 and possibly towards 0.9800-02 (1.618 times projection of 1.0583-1.0221 measuring from 1.0386 as well as 1.618 times projection of 1.0599-1.0116 measuring from 1.0583)

We recommended to sell cable on next upmove but the British pound faltered below resistance at 1.5607 and has retreated sharply since late last week, the pair broke and closed below the trendline support (by joining three support points of 1.4832, 1.5034 and 1.5196) on such fall, suggesting top has indeed been formed at 1.5607 and downside bias remains for further weakness to 1.5250, then test of previous support at 1.5196.

The greenback found renewed buying interest at 0.9333 last week (we recommended to buy again at 0.9320 and just missed it) and has rallied, two long white candlesticks were formed on the daily chart and with price broke above previous resistance at 0.9499 and 0.9567, this signals the rise from 0.9024 low has resumed and indicated upside target at 0.9610 (61.8% Fibonacci retracement of 0.9972-0.9024) had been met and further gain to 0.9715-20 (1.618 times projection of 0.9207-0.9499 measuring from 0.9247)

Despite rebounding to 1.3195 last week, once again the single currency faltered below the Ichimoku cloud top and has turned sharply lower from there on dollar's broad-based strength, adding credence to our view that top has been formed at 1.3243 earlier (a shooting star was formed on the daily chart) and the subsequent breach of previous support at 1.2954 signals the rise from 1.2747 has ended there as well.

The greenback only eased to 98.58 before finding renewed buying interest (we recommended to buy at 97.50 in our previous update) and dollar has rallied from there Despite retreating to as low as 96.99 early last week, the greenback found renewed buying interest there last week, once indicated resistance at 99.95-100.00 (recent high and psychological resistance) was penetrated, the pair surged to as high as 102.15 today without much obstacles.

The single currency continued to find decent demand above support at 127.09 and has finally resumed recent upmove yesterday as USD/JPY also penetrated psychological resistance at 100.00, suggesting the major rise from 94.12 is still in progress and further gain to 132.05 (50% Fibonacci retracement of entire fall from 169.97-94.12) and possibly towards 132.45-50 (50% projection of 100.34-127.71 measuring from 118.80) would be seen

Despite falling marginally to 1,.0014 yesterday, as the greenback held above psychological support at 1.0000 and has rebounded, suggesting consolidation above this level would be seen and test of the lower Kumo (now at 1.0123) and possibly the Kijun-Sen (now at 1.0154) cannot be ruled out, however, reckon 1.0185-90 (61.8% Fibonacci retracement of 1.0295-1.0014) would limit upside and bring another decline later.

As the single currency found good support just above last month's low of 0.8398, suggesting consolidation above this level would be seen and risk of a test of the Kijun-Sen (now at 0.8518) cannot be ruled out, however, the lower Kumo (now at 0.8548) should limit upside and bring another decline later. A break of said support would add credence to our view that a temporary top has been formed at 0.8815 and bring retracement of recent upmove to 0.8388

After taking profit on our previous long position, we recommended in our last update (2 May) to buy euro again at 1.2180, however, the pair only fell to 1.2197 before finding renewed buying interest again and staged a strong rebound since to as high as 1.2349 yesterday (same level as the previopus resistance), however, this level held again and euro has retreated yesterday, forming a shooting star like candlestick with a long upper shadowm, suggestng consolidation below this resistance would  be seen

Despite early resumption of upmove to 105.40, the subsequent sharp retreat suggests a temporary top is possibly formed there and consolidation with mild downside bias is seen for test of 99.30, however, break of previous support at 98.75 is needed to add credence to this view and bring correction of recent upmove to the Ichimoku cloud top (now at 97.45) and possibly previous support at 96.95 but reckon the lower Kumo (now at 96.40) would hold from here

The Australian dollar has continued to fall from 1.0583 and renewed selling interest emerged again last week just below the Kijun-Sen, suggesting a test of previous support at 1.0116 cannot be ruled out, however, as broad outlook is still consolidative, reckon downside would be limited to 1.0100-03 (previous support and 50% Fibonacci retracement of 0.9581-1.0625) and reckon 0.9980 (61.8% Fibonacci retracement) would hold, price should stay above previous support at 0.9969

As the British pound has maintained a firm undertone after breaking above the upper Kumo and indicated upside target at 1.5605-10 (50% Fibonacci retracement of 1.6380-1.4832) had been met, suggesting near term upside risk remains for the rise from 1.4832 low to bring a stronger retracement of recent decline from 1.6380 to previous support at 1.5630 and possibly 1.5700, however, reckon upside would be limited to 1.5785-90 (61.8% Fibonacci retracement) and bring another selloff later.

Although dollar's retreat from 0.9499 turned out to be stronger than expected, as the greenback found support at 0.9247 and has staged a late rebound, suggesting further choppy consolidation within recent established range would be seen and test of the upper Kumo (now at 0.9427) cannot be ruled out, however, break of said resistance at 0.9499 would bring a stronger rebound but break of recent high of 0.9567 is needed to confirm early rise from 0.9024 low has resumed

Euro's rebound from 1.2954 turned out to be slightly stronger than expected, however, the single currency ran into heavy resistance just below the Ichimoku cloud top and has retreated quickly from 1.3243 (a shooting star was formed on the daily chart), suggesting top is possibly formed and consolidation below this level is seen with mild downside bias for test of Friday's low at 1.3033, then test of the Kijun-Sen (now at 1.2994) but reckon the lower Kumo (now at 1.2967) would limit downside.