The British pound found renewed buying interest at 1.5770 last week and has risen again yesterday, suggesting recent upmove has resumed and test of psychological resistance at 1.6000 would be seen, break there would extend the rise from 1.5234 for further gain to 1.6100 but reckon 1.6167-69 (previous resistance and 61.8% Fibonacci retracement of 1.6747-1.5234) would limit upside

Euro’s strong rebound from 1.3005 suggests the retreat from 1.3486 has possibly ended at 1.3005 and consolidation with upside bias is seen but a daily close above 1.3302 (61.8% Fibonacci retracement of 1.3486-1.3005) is needed to add credence to this view and bring a stronger rebound to 1.3400-10 would abort. Looking ahead, a breach there would signal the retreat from 1.3486 has ended and risk another test of said resistance

Despite falling to 81.97 last Friday (we recommended to buy dollar at 82.00), the greenback did find renewed buying interest there and has rebounded from there, retaining our bullishness and as long as this level holds, consolidation with upside bias remains for another rebound towards recent high of 84.19. Having said that, a break of this level is needed to retain bullishness and extend the rise from record low of 73.51 to 84.90-00

Dollar’s retreat after early rise to 0.9335 suggests first leg of rebound from 0.8931 has ended there and consolidation would be seen, however, reckon downside would be limited to 0.9050-60 and bring another rebound, above 0.9179 resistance would suggest low is possibly formed and bring test of 0.9250-60. Looking ahead, only breach of said resistance at 0.9335 would signal the rise from 0.8931 low has resumed and extend gain to for a stronger retracement of the fall from 0.9595 to 0.9340-45

Despite this week’s rise to 111.43, as the single currency has retreated sharply after faltering below previous resistance at 111.57, suggesting the rise from 97.04 low has possibly formed a top there (with a 5-waver) and consolidation with downside bias is seen for retracement of this move, below yesterday’s low at 108.49 would bring further fall to107.85 (61.8% Fibonacci retracement of 105.64-111.43) , then minor support at 107.51.

Although euro fell to as low as 0.8283 earlier this week, as price has rebounded after holding above indicated support at 0.8264, suggesting further consolidation would be seen and another bounce to 0.8400 cannot be ruled out, however, resistance at 0.8424 should attract renewed selling and bring another test of indicated support at 0.8264.

Despite falling to 0.9861 earlier this week, as the greenback has rebounded after holding above recent low of 0.9842 (formed earlier this month), suggesting further consolidation would be seen, however, still reckon resistance at 1.0028 would limit upside and bring another decline. A break of said support at 0.9842 is needed to confirm downtrend has resumed and extend the decline from 1.0524 (a leg top) to 0.9800

Although  the Australian dollar retreated after rebounding from 1.0422 to 1.0637 (this week’s high), break of said support at 1.0422 is needed to signal the fall from 1.0857 top is still in progress for a deeper correction of recent upmove to 1.0400-05 (38.2% Fibonacci retracement of 0.9664-1.0857) and previous resistance at 1.0382-87, then 1.0360 (50% Fibonacci retracement)

Despite last week’s rebound to 1.2147, lack of follow through buying and the subsequent sharp retreat suggest further consolidation would take place, however, 1.2000 (SNB minimum rate) should limit downside and bring another rebound later. A daily close above said resistance at 1.2147 would suggest low is possibly formed and bring a stronger rebound to 1.2240-50, above there would add credence to this view and further gain to 1.2300 and then 1.2350 would be seen later.

The British pound did find renewed buying interest last week at 1.4312 (we recommended to buy at 1.4350) and staged the anticipated rebound to as high as 1.4621 (met our indicated target at 1.4550 with 200 points profit), this anticipated rebound adds credence to our view that low has been formed at 1.4178 and consolidation with upside bias remains. A break of said resistance at 1.4621 would signal the pullback from 1.4801 has ended at 1.4178

Although the single currency staged a strong rebound from 1.5603 late last week, if our view that top has been formed at 1.5993 is correct, upside would be limited and consolidation with mild downside bias is seen for weakness to 1.5800, then 1.5745-50 but break there is needed to signal the rebound from 1.5603 has ended and bring another fall to this level later.

Despite rising to as high as 84.19 late last week, the subsequent retreat suggests a minor top is formed and consolidation with initial mild downside bias is seen for retracement to 82.00-10, however, previous resistance at 81.87 should limit downside and bring another rally later. Above said resistance would extend the rise from record low of 73.51 to 84.90-00 but previous resistance at 85.53 (previous 4th) should hold on first testing.

Despite falling to as low as 1.3005 last week, the single currency found good support just above the psychological support at 1.3000 and staged a rebound from there late last week, suggesting a minor low is formed and consolidation with upside bias is seen for recovery towards previous resistance at 1.3291, however, reckon 1.3302 (61.8% Fibonacci retracement of 1.3486-1.3005) would limit upside and bring another decline later.

Although the single currency has risen after brief pullback to 107.51, break of recent high of 109.95 is needed to confirm recent rise has resumed and extend recent reversal from 97.04 low for a stronger retracement of the intermediate fall from 123.33 to 110.15-20 (50% Fibonacci retracement of 123.33 to 97.04) and possibly towards previous resistance at 111.57 (previous 4th of a lesser degree)

The greenback continued to move higher after early anticipated rebound from 0.8931, retaining our view that the fall from 0.9595 top has possibly ended there and consolidation with upside bias remains for at least a retracement of this fall to 0.9340-45 (61.8% Fibonacci retracement of 0.9595-0.8931). Having said that, only a daily close above there would add credence to our bullishness and signal the fall from 0.9595 has indeed ended

Although euro has fallen again after meeting renewed selling at 0.8424 and test of indicated support at 0.8264 would be seen, a daily close below this level is needed to add credence to our view that the correction from 0.8222 low has ended at 0.8506, bring resumption of decline for retest of this level, otherwise, further consolidation would take place.

As the greenback retreated after meeting renewed selling interest at 1.0028, retaining our bearishness for another fall to 0.9842 but break of this support is needed to confirm downtrend has resumed and extend the decline from 1.0524 (a leg top) to 0.9800, however, as this move is still viewed as the b leg of major correction downside should be limited to 0.9758

As the Australian dollar has fallen again after meeting renewed selling interest at 1.0670, suggesting the fall from 1.0857 top is still in progress and may bring retracement of recent upmove (indicated correction level at 1.0477 - 38.2% Fibonacci retracement of 0.9862-1.0857 has been met) to 1.0400-05 (38.2% Fibonacci retracement of 0.9664-1.0857) and previous resistance at 1.0382-87, then 1.0360

Despite last month’s stronger-than-expected rebound to 1.3481, the subsequent sharp retreat from there has revived our bearishness and signal correction from 1.2877 has ended there, hence decline should resume for retest of this level, break there would extend the decline to previous support at 1.2778 and possibly towards 1.2675-80 (61.8% projection of 1.4176-1.2877 measuring from 1.3481) but downside should be limited to 1.2557