Although the single currency edged higher again last week, as this move from 1.3005 is still viewed as retracement of the decline from 1.3486, upside should be limited to (61.8% Fibonacci retracement of 1.3486-1.3005) and bring retreat later for test of the Tenkan-Sen (now at 1.3149) but break of support at 1.3134 (last week’s low) is needed to signal top is formed, bring weakness to the Ichimoku cloud

Last week’s retreat after faltering below previous resistance at 84.19 suggests a temporary top is possibly formed there and consolidation with mild downside bias is seen, break of support at 81.97 would add credence to this view and bring retracement of recent upmove to the Kijun-Sen (now at 81.49), then towards 81.07 (38.2% Fibonacci retracement of 76.03-84.19)

Although euro surged again to as high as 111.43, as the single currency has retreated after faltering below previous resistance at 111.57, suggesting a temporary top has been formed there and consolidation with downside bias is seen for retracement of recent upmove to 108.40-45, then 107.85 (61.8% Fibonacci retracement of 105.64-111.43), however, reckon downside would be limited to 106.68-78

Despite falling to 0.9861 earlier this week, the greenback has rebounded after holding above previous support at 0.9842, suggesting further consolidation would be seen , however, reckon upside would be limited to 1.0028 and as long as resistance at 1.0050-52 holds, bearishness remains for another decline. Below 0.9900 would bring test of 0.9861 but only break of said support at 0.9842 would extend the medium term decline from last year’s high of 1.0658 to 0.9758

Despite falling to 0.8283 earlier this week, failure to penetrate indicated support at 0.8264 and the subsequent rebound suggest further consolidation would be seen, recovery to the Kijun-Sen (now at 0.8392), however, renewed selling interest should emerge below the Ichimoku cloud top (now at 0.8417) and bring another decline later. A break of previous support at 0.8264 would signal the correction from 0.8222 has ended at 0.8506

Despite last week’s rebound to 1.2147, the subsequent retreat has deferred our bullishness and further consolidation would take place, however, still reckon indicated support at 1.2031 would limit downside and bring another rebound later, a break of said resistance would add credence to our view that low is possibly formed and bring a stronger rebound to 1.2200 and then the upper Kumo (now at 1.2237).

Although kiwi slipped to as low as 0.8061 last week, the subsequent rebound has revived our bullishness and consolidation with upside bias is seen for another test of this week’s high of 0.8288, however, a daily close above there is needed to add credence to our view that the fall from 0.8471 has ended and bring a stronger rebound towards 0.8400 but price should falter below said resistance

Despite rising to 1.0637 on Monday (we recommended to sell at 1.0630), the subsequent retreat after faltering below the Kijun-Sen has retained our bearishness and suggest the rebound from 1.0422 has possibly ended there, hence consolidation with downside bias remains for another test of this level, break there would signal the fall from 1.0857 top is still in progress for retracement of recent upmove towards  1.0400-05

Despite falling to 1.5603 earlier this month, the British pound found decent demand there and has staged a rebound late last week, suggesting the pullback from 1.5993 has ended at 1.5603 and consolidation with upside bias is seen for a test of said resistance, however, only a breach of 1.5993-1.6000 (previous high and psychological resistance) would extend recent rise from 1.5234 low to 1.6090-95 and possibly 1.6130

Despite rising marginally to 0.9335, the greenback has retreated after meeting heavy offers at the Ichimoku cloud top, the breach of Tenkan-Sen and Kijun-Sen signal the rebound from 0.8931 has possibly ended there, hence weakness to previous support at 0.9072 is likely, however, reckon psychological support at 0.9000 would limit downside and bring another rebound.

Although the single currency extended the fall from 1.3486 to as low as 1.3005 last week in line with our expectations (we set our downside target at 1.3010), euro found good support there and has rebounded late last week, suggesting the fall from 1.3486 has formed a temporary low there, hence consolidation with mild upside bias is seen for test of the Kijun-Sen (now at 1.3231), then to previous resistance at 1.3291.

Although the greenback has continued to surge last week with our much pullback, as price has finally retreated from 84.19, suggesting a minor top is formed and retracement to the Tenkan-Sen (now at 82.38) cannot be ruled out, however, downside should be limited to previous resistance at 81.87 and renewed buying interest should emerge there, bring another rise later. A break of said resistance at 84.19 would extend the major rise from record low of 75.31 to 84.50-60

Euro’s pullback only reached 107.51 (we recommended to reinstate long at 107.00) before renewed buying interest emerging and the pair surged again to as high as 109.62 yesterday, bullishness remains for a retest of recent high of 109.95. Having said that, break of said resistance at 109.95 is needed to signal the rise from 97.04 has resumed and extend gain towards 110.15-20 (50% Fibonacci retracement of 123.33 to 97.04)

Although the greenback recovered after falling to 0.9883 earlier this week and consolidation would take place, reckon upside would be limited to 1.0000 and bearishness remains for recent decline to resume after consolidation. A break of said support at 0.9883 would bring retest of 0.9842 but below there is needed to extend the medium term decline from last year’s high of 1.0658 to 0.9758

Although the single currency rebound this week to as high as 0.8424, renewed selling interest did emerge right at the Ichimoku cloud top and has retreated in line with our expectations (we recommended to sell euro at 0.8410), so bearishness remains for test of previous support at 0.8264, however, break there is needed to signal the correction from 0.8222 has ended at 0.8506, bring a retest of this level later.

The single currency has finally rebounded after holding above indicated support at 1.2031, retaining our bullishness and consolidation above this level would be seen with upside bias for further gain to 1.2200 and then the upper Kumo (now at 1.2237), however, a daily close above there is needed to remove downside risk and signal the correction from 1.2475 temporary top has ended and bring further gain towards 1.2300.

Aussie only recovered to 1.0670 last week but renewed selling interests continued to emerge below the convergence of Tenkan-Sen and Kijun-Sen and the pair has fallen again late last week in part due to broad-based strength in the greenback, suggesting the decline from 1.0857 top is still in progress for retracement of recent upmove towards  1.0400-05 (38.2% Fibonacci retracement of 0.9664-1.0857)

Although the British pound rebounded after finding support at 1.5698, renewed selling interest emerged around the Tenkan-Sen and fell again from 1.5834 to as low as 1.5603 yesterday, suggesting the decline from 1.5993 is still in progress and may bring retracement of the rise from 1.5234 to the Ichimoku cloud bottom (now at 1.5558), then 1.5520-25 (61.8% Fibonacci retracement of 1.5234-1.5993)

Although the greenback retreated to 0.9072, renewed buying interest emerged around the Tenkan-Sen and has risen late last week, suggesting the rebound from 0.8931 low is still in progress and may bring retracement of the decline from 0.9595 top for gain towards 0.9263 (50% Fibonacci retracement of 0.9595-0.8931), however, only a daily close above 0.9300-01 (previous resistance and current level of the Ichimoku cloud bottom) would signal the fall from 0.9595 has ended