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Daily Pivots: (S1) 142.85; (P) 144.48; (R1) 145.34; More....

GBP/JPY's correction from 148.09 extended sharply lower. Based on downside acceleration, the fall might extend through 38.2% retracement of 135.58 to 148.09 at 143.31 to 61.8% retracement at 140.35. On the upside, above 145.78 minor resistance will turn bias back to the upside for 148.09 first. Overall, we'd still expect the rise from 122.36 to resume after to 150.42 long term fibonacci level.

In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.

Daily Pivots: (S1) 123.06; (P) 124.22; (R1) 124.82; More...

The sharp fall from 125.80 suggests short term topping in EUR/JPY, ahead of 126.09 key resistance, on bearish divergence condition in 4 hour MACD. Deeper pull back is now mildly in favor back to 38.2% retracement of 114.84 to 125.80 at 121.61 and possibly below. But overall, we're still staying mildly bullish in the cross and expect another rise. Break of 126.09 will extend the whole rebound from 109.03 to 100% projection of 109.03 to 124.08 from 114.84 at 129.89.

In the bigger picture, focus is back on 126.09 support turned resistance. Decisive break there will confirm completion of the down trend from 149.76. And in such case, rise from 109.20 is at the same degree and should target 141.04 resistance and above. Meanwhile, rejection from 126.09 and break of 114.84 will extend the fall from 149.76 through 109.20 low.

Daily Pivots: (S1) 0.8570; (P) 0.8592; (R1) 0.8625; More...

At this point, intraday bias in EUR/GBP remains on the upside as the rebound from 0.8312 is still in progress. Current rise would target 0.8786 resistance next. Overall, price actions 0.9304 are viewed as a medium term corrective pattern that is extending. As EUR/GBP has just defended 0.8303 resistance. Break of 0.8786 could bring a retest on 0.9304 high. On the downside, below 0.8508 minor support will turn bias back to the downside for 0.8383 support instead.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. In case of deeper fall, we'd expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Rise from 0.6935 (2015 low) will resume at a later stage to 0.9799 (2008 high). However, sustained break of 0.8116 could bring deeper decline to next key support level at 0.7564 before the correction completes.

Daily Pivots: (S1) 1.4939; (P) 1.4991; (R1) 1.5065; More...

EUR/AUD reaches as high as 1.5074 but falls sharply ahead of 1.0594 resistance. Intraday bias is turned neutral for consolidations first. Deeper retreat could be seen but outlook will remain bullish as long as 1.4669 support holds. We're holding on to the view of trend reversal. Break of 1.5094 will extend the rise from 1.3624 to next medium term fibonacci level at 1.5455.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed after defending 1.3671 key support. Rise from 1.3642 is now expected to target 61.8% retracement of 1.6587 to 1.3624 at 1.5455 and above. In any case, outlook will now stay cautiously bullish as long as 1.4309 resistance turned support holds.

Daily Pivots: (S1) 1.0911; (P) 1.0935; (R1) 1.0948; More...

EUR/CHF is staying in consolidative trading below 1.0987 short term top and outlook is unchanged. Intraday bias stays neutral first. Pull back from 1.0986 might go deeper. But downside should be contained by 1.0791/0872 support zone to bring rise resumption. We're holding on to the bullish view that corrective pattern from 1.1198 has completed already after defending 1.0653 fibonacci level. Firm break of 1.0999 resistance will pave the way for a retest on 1.1198 high.

In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Current strong rebound is raising the chance that it's completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.0999 resistance will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0791 support holds.

Daily Pivots: (S1) 1.1104; (P) 1.1133 (R1) 1.1187; More....

EUR/USD's rally extends to as high as 1.1171 so far and intraday bias remains on the upside. Current rally would target 138.2% projection of 1.0339 to 1.0828 from 1.0569 at 1.1245, which is close to 1.1298 key resistance. For now, we'd be cautious on strong resistance between 1.1245/1298 to limit upside and bring reversal. On the downside, below 1.1081 minor support will turn bias neutral and bring consolidation. But break of 1.0838 support is needed to indicate short term topping. Otherwise, further rise will remain in favor.

In the bigger picture, as long as 1.1298 key resistance holds, whole down trend from 1.6039 (2008 high) is still expected to continue. Break of 1.0339 low will send EUR/USD through parity. However, considering bullish convergence condition in weekly MACD, break of 1.1298 will indicate long term reversal. In such case, further rally would be seen back to 1.2042 support turned resistance next.

Short Term Elliott Wave view in FTSE 100 suggests the rally from 4/20 low (7096.6) is unfolding as a zigzag Elliott Wave structure where Minute wave ((a)) ended at 7302.57 and Minute wave ((b)) ended at 7197.28. Subdivision of Minute wave ((a)) is unfolding as an impulse where Minuttte wave (i) ended at 7134.53, Minutte wave (ii) ended at 7104.22, Minutte wave (iii) ended at 7290.82, Minutte wave (iv) ended at 7262.32, and Minutte wave (v) of ((a)) ended at 7302.57. FTSE 100 has since broken above 7302.57 suggesting Minute wave ((c)) has started.

Minute wave ((c)) is unfolding as an ending diagonal where Minutte wave (i) ended at 7280.7, Minutte wave (ii) ended at 7222.81, Minutte wave (iii) ended at 7460.20, and Minutte wave (iv) ended at 7435.64. Index has reached 1.618 extension of the Minute ((a)) – ((b)) and thus cycle from 4/20 low is mature and we are calling Minor wave 1 completed at 7533.7. Expect FTSE 100 to correct cycle from 4/20 low within Minor wave 2 in 3, 7, or 11 swing before the rally resumes. We don’t like selling the proposed pullback and expect buyers to appear again when Minor wave 2 pullback is over in 3, 7, or 11 swing.

If the Index does not do a decent pullback from here to correct cycle from 4/20 low, then the move from 4/20 low could be labelled as a regular 5 waves Impulse Elliott Wave structure in which case we are ending Minor wave 3 at recent high (7533.7) and the Index will do shallow pullback in Minor wave 4 and then extend higher again in Minor wave 5 before ending cycle from 4/20 low and see larger pullback. In both cases, we don’t like selling the Index and expect buyers to appear in the dips in 3, 7 or 11 swings.

FTSE 100 1 Hour Elliott Wave Chart

Daily Pivots: (S1) 1.2919; (P) 1.2955; (R1) 1.3004; More...

GBP/USD's breach of 1.2987 resistance suggests that recent rally is resuming. Intraday bias is back on the upside. Based on broad based weakness in dollar, further rally would be seen. But at this point, price actions from 1.1946 are still viewed as a corrective pattern. Hence, we'd expect upside to be limited below 1.3444 to complete the correction. Though, break of 1.2844 support is needed to indicate short term topping. Otherwise, further rise would be in favor in case of retreat.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term reversal yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.

Daily Pivots: (S1) 0.7399; (P) 0.7421; (R1) 0.7454; More...

Intraday bias in AUD/USD is mildly on the upside as recovery from 0.7382 extends. But such rise is seen as a correction and should be limited below 0.7555 resistance to bring decline resumption. Below 0.7388 minor support will turn bias to the downside for 0.7382. Break there will extend the fall from 0.7748 and target 0.7144/7158 support zone. On the upside, firm break of 0.7555 will argue that fall from 0.7748 is completed and turn bias back to the upside.

In the bigger picture, we're still treating price actions from 0.6826 low as a correction pattern. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8115) and above.

Daily Pivots: (S1) 1.3568; (P) 1.3605; (R1) 1.3639; More....

USD/CAD is losing some downside momentum with 4 hour MACD crossed above signal line. But with 1.3721 minor resistance intact, deeper decline is expected to 1.3534 resistance turned support. Break there should confirm completion of the rise from 1.2968 and target 1.3222 support next. On the upside, above 1.3721 will turn bias back to the upside and target 1.3793 and above. However, as noted before, choppy rise from 1.2460 is seen as a corrective move. In case of an extension, upside should be limited by 1.3838 fibonacci level to bring reversal.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and would end at around 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should indicate the start of the third leg while further break of 1.2968 should confirm. Nonetheless, sustained trading above 1.3838 would pave the way to retest 1.4689 high.