Despite yesterday’s marginal fall to 0.8283, lack of follow through selling and the subsequent rebound suggests caution on our short position and indicated resistance at 0.8350 needs to hold to retain bearishness for another decline, A break of said support would signal decline has resumed for a test of indicated support at 0.8264 but below there is needed to add credence to our view that correction from 0.8222 has ended at 0.8506

Despite yesterday’s brief fall to 0.9861, as the greenback has staged a strong rebound after holding above indicated support at 0.9842, retaining our view that further consolidation would be seen and another corrective bounce to 1.0000 cannot be ruled out, however, resistance at 1.0029 should limit upside, bring another decline later. A break of said support at 0.9861 would bring retest of recent low at 0.9842

Despite yesterday’s retreat to 109.19, as renewed buying interest emerged there and euro has risen again, suggesting recent rise is still in progress and further gain to 110.90-00 would be seen, however, weakening of near term upward momentum should prevent sharp move beyond 111.50-60 and risk from there has increased for another retreat later this week.

Although the Australian dollar has retreated after rising to 1.0637 yesterday, as long as support at 1.0422 holds, further consolidation would be seen and another corrective bounce to said resistance cannot be ruled out, however, still reckon 1.0670 resistance would limit upside and bring another decline later. A break of said support at 1.0422 would extend the fall from 1.0857 top to 1.0400 and then previous resistance at 1.0382-87

As the single currency has fallen again after meeting renewed selling at 0.8350, retaining our bearishness for decline to resume after consolidation and test of indicated support at 0.8264 would be seen but break there is needed to add credence to our view that correction from 0.8222 has ended at 0.8506, bring resumption of recent decline for a retest of 0.8222 and possibly towards 0.8200

Although the greenback has remained sidelined and further sideways trading would be seen, as long as support at 0.9872 (last Friday’s low) holds, risk of another corrective bounce to 1.0000 cannot be ruled out, however, reckon resistance at 1.0029 would cap upside, bring another decline later. A break of said support would bring test of recent low at 0.9842, however, below there is needed to confirm recent decline has resumed in wave C and extend the fall from 1.0524 to 0.9800

Despite rising briefly to 110.15, lack of follow through buying on break of early resistance at 109.95 and current retreat suggest consolidation would be seen and pullback to 108.55-60 would be seen, however, renewed buying interest should emerge around previous support around 107.51 and bring another rally later. A break of said resistance would extend recent rise to 110.40-50, then 110.90-00 later.

Although the Australian dollar staged an late rebound last week after falling to 1.0422 and consolidation with mild upside bias is seen for retracement of the fall from 1.0857, reckon upside would be limited to resistance at 1.0670 and bring another decline later. A break of 1.0500-05 would suggest the rebound has possibly ended and bring retest of said support at 1.0422, below there would extend the fall from 1.0857 top to 1.0400

Despite yesterday’s rebound to 0.9350, as euro has fallen again after meeting renewed selling interest there, retaining our bearishness for decline to resume after consolidation and test of indicated support at 0.8264 would be seen but break there is needed to add credence to our view that correction from 0.8222 has ended at 0.8506, bring resumption of recent decline for a retest of 0.8222 and possibly towards 0.8200

Although near term sideways trading is likely to continue, as long as support at 0.9872 (last Friday’s low) holds, risk of another corrective bounce to 1.0000 cannot be ruled out, however, reckon resistance at 1.0029 would cap upside, bring another decline later. A break of said support would bring test of recent low at 0.9842, however, below there is needed to confirm recent decline has resumed in wave C and extend the fall from 1.0524 to 0.9800

As the single currency has retreated after faltering below recent high of 109.95, suggesting consolidation below said resistance would be seen and pullback to 108.50 is likely, however, renewed buying interest should emerge around 108.00 and bring another rise. Having said that, it is necessary to see a breach of said resistance at 109.95 to confirm recent upmove has resumed

Aussie’s recovery after yesterday’s marginal fall to 1.0422 suggests consolidation would be seen and retracement to 1.0600 is likely, however, renewed selling interest should emerge below resistance at 1.0665-70 and bring another decline later. A break of said support would extend the fall from 1.0857 top to 1.0400 but near term oversold condition should limit downside to previous resistance at 1.0382-87

As euro has rebounded after falling to 0.8296 yesterday, suggesting consolidation would be seen and recovery to 0.8370-75 cannot be ruled out, however, still reckon 0.8400 would cap upside and bring another decline later. Below said support would extend weakness to indicated support at 0.8264 but break there is needed to add credence to our view that correction from 0.8222 has ended at 0.8506 and bring resumption of recent decline for a retest of 0.8222

The greenback has remained confined within near term narrow range and further sideways trading is in store, as long as support at 0.9872 (last Friday’s low) holds, risk of another corrective bounce to 1.0000 cannot be ruled out, however, reckon resistance at 1.0029 would cap upside, bring another decline later. A break of said support would bring test of recent low at 0.9842, however, below there is needed to confirm recent decline has resumed in wave C and extend the fall from 1.0524 to 0.9800

Euro’s firmness after this week’s rally adds credence to our view that correction from 109.95 has ended at 105.65 and bullishness remains for further gain to recent high of 109.95, however, it is necessary to see a breach of this resistance to confirm recent upmove has resumed and extend headway towards 120.40-50 later.

As aussie has recovered after anticipated marginal fall to 1.0422 (yesterday’s low of 1.0428), consolidation would be seen and retracement to 1.0550-60 is likely, however, renewed selling interest should emerge below resistance at 1.0665-70 and bring another decline later. A break of said support would extend the fall from 1.0857 top to 1.0400 but near term oversold condition should limit downside to previous resistance at 1.0382-87

As euro has maintained a firm undertone in part due to risk appetite, retaining our view that correction from 109.95 has ended at 105.65 and bullishness remains for further gain to 109.50-60, however, it is necessary to see a breach of said resistance at 109.95 to confirm recent upmove has resumed and extend headway towards 120.40-50 later.

Although aussie has remained under pressure, loss of near term downward momentum has increased risk of a rebound and recovery to 1.0600 is likely, however, renewed selling interest should emerge below resistance at 1.0665-70 and bring another decline later. A break of said support would extend the fall from 1.0857 top to 1.0450 but near term oversold condition should limit downside to previous support at 1.0425-30.

Despite yesterday’s strong rebound, as indicated resistance at 0.8425 has capped euro’s upside and the currency pair has fallen sharply from 0.8424, retaining our bearishness and signal rebound from 0.8314 has ended there, hence test of 0.8314 support would be seen. Having said that, break of indicated support at 0.8264 is needed to add credence to our view that correction from 0.8222 has ended at 0.8506