Sample Category Title

Daily Pivots: (S1) 0.8471; (P) 0.8568; (R1) 0.8620; More...

EUR/GBP failed to take out 38.2% retracement of 0.9304 to 0.8303 at 0.8685 and retreated. Intraday bias is turned neutral first. Break of 0.8488 minor support will argue that the recovery from 0.8303 is completed. And more importantly, bias will be turned back to the downside to extend the larger fall from 0.9304 through 0.8303 low. In that case, we'd look for bottoming around 0.8116.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. Deeper fall cannot be ruled out yet. But we'd expect strong support around 55 weeks EMA (now at 0.8230) to contain downside. Overall, the corrective pattern would take some time to complete before long term up trend resumes at a later stage. Break of 0.9304 will pave the way to 0.9799 (2008 high).

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Daily Pivots: (S1) 1.4503; (P) 1.4609; (R1) 1.4703; More...

Break of 1.4453 minor support argues that's EUR/AUD's rebound is completed at 1.4721. And the development keeps the pair in range of 1.4072/4880. Intraday bias is turned neutral first. On the downside, break of 1.4072 will extend the correction from 1.6587 towards next key support level 1.3671. Meanwhile, decisive break of 1.4880 resistance will indicate that such correction from 1.6587 is completed and turn near term outlook bullish for 1.5094 resistance next.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a consolidative pattern. 50% retracement of 1.1602 to 1.6587 at 1.4095 was already met. While further fall cannot be ruled out, we'd expect strong support above 1.3671 to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.5094 will be the first sign of resumption of up trend from 1.1602 and target retesting 1.6587 resistance first.

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Daily Pivots: (S1) 143.19; (P) 143.89; (R1) 145.12; More...

Break of 144.69 minor resistance argues that pull back from 148.42 is finished at 142.16. Intraday bias in GBP/JPY is turned back to the upside for 148.42. Break there will extend the whole rise from 122.36. Still, such rally is seen as a corrective move. Hence, we'd expect strong resistance from 150.43 long term fibonacci level to limit upside. Break of 142.16 should confirm short term topping and bring decline to 55 day EMA (now at 140.03) and below.

In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.

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GBP/USD - 1.2275

Most recent candlesticks pattern : N/A

Trend : Down

Tenkan-Sen level : 1.2289

Kijun-Sen level : 1.2309

Ichimoku cloud top : 1.2336

Ichimoku cloud bottom : 1.2304

New strategy :

Stop : -

Although cable staged a strong rebound last week from 1.2200 to 1.2388, the subsequent selloff from there suggests top has been made there and consolidation with downside bias is seen for further fall to 1.2240, however, break of support at 1.2220 is needed to signal recent decline has resumed for retest of 1.2200, below there would extend weakness to 1.2170 and later 1.2150 but 1.2120-25 (50% projection of 1.2728-1.2200 measuring from 1.2388) should limit downside.

In view of this, we are looking to sell cable on recovery as 1.2300-10 should limit upside. Only above 1.2340-50 would defer and suggest the retreat from 1.2388 has ended, bring retest of this level first.

Daily Pivots: (S1) 122.27; (P) 123.04; (R1) 123.92; More...

EUR/JPY is staying in range below 124.08 and intraday bias remains neutral for the moment. Consolidation could extend but overall, further rally is in favor as long as 120.90 support holds. Above 124.08 will target 126.09 key resistance next. Considering bearish divergence condition in 4 hours MACD, we'd be cautious on topping around 126.09. Meanwhile, break of 120.90 will indicate short term topping and turn bias to the downside for 55 days EMA (now at 119.81).

In the bigger picture, price actions from 109.20 medium term bottom are seen as correcting whole down trend from 149.76 to 109.20. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we'd expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt.

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EUR/USD - 1.0435

Most recent candlesticks pattern : N/A

Trend : Down

Tenkan-Sen level : 1.0459

Kijun-Sen level : 1.0477

Ichimoku cloud top : 1.0548

Ichimoku cloud bottom : 1.0536

New strategy :

Stop : -

The single currency has fallen again after meeting renewed selling interest at 1.0490 earlier today, suggesting the selloff from last week's high at 1.0654 is still in progress and may extend further weakness to 1.0400, however, break of previous support at 1.0372 is needed to retain bearishness and signal early downtrend has resumed for retest of 1.0352 low later.

In view of this, would not chase this fall here and would be prudent to sell euro on recovery as the Kijun-Sen (now at 1.0477) should limit upside and bring another decline. A break above previous support at 1.0506 (now resistance) would defer and risk a stronger rebound to the lower Kumo (now at 1.0536) first.

Daily Pivots: (S1) 1.0697; (P) 1.0727; (R1) 1.0745; More...

EUR/CHF is staying in consolidation above 1.0677 and intraday bias remains neutral. Above 1.0762 will extend the corrective rise from 1.0677. But overall, outlook will stay bearish as long as 1.0897 resistance holds. Corrective pattern from 1.1198 is still in progress and another fall is expected. Below 1.0677 will target key support level at 1.0620 next. Though, decisive break of 1.0897 resistance will suggest reversal and turn near term outlook bullish.

In the bigger picture, the decline from 1.1198 is seen as a corrective move. Such correction is still in progress and retest of 38.2% retracement of 0.9771 to 1.1198 at 1.0653 could be seen. Sustained trading below 1.0653 will target 50% retracement at 1.0485. Meanwhile, break of 1.0897 resistance is needed to be the sign of completion of the correction. Otherwise, risk will stay on the downside in case of recovery.

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USD/JPY - 117.97

Most recent candlesticks pattern : N/A

Trend : Up

Tenkan-Sen level : 117.63

Kijun-Sen level : 117.42

Ichimoku cloud top : 116.84

Ichimoku cloud bottom : 116.62

New strategy :

Stop : -

As the greenback has surged again after brief pullback to 117.21, suggesting the rally from 116.04 (last week's low) is still in progress and may extend gain towards resistance at 118.25, however, a break above there is needed to signal the pullback from 118.66 has ended, bring retest of this level later.

In view of this, we are looking to buy dollar on pullback as the Kijun-Sen (now at 117.43) should limit downside and support at 117.21 should remain intact. Only a firm break below said support at 117.21 would defer and risk correction to 116.80-85 before prospect of another upmove.

Daily Pivots: (S1) 1.0449; (P) 1.0551 (R1) 1.0620; More.....

EUR/USD is staying in range above 1.0351 and intraday bias remains neutral for consolidation. We'd expect upside to be limited by 1.0669 resistance and bring down trend resumption. Decisive break of 1.0351 would pave the way to parity first. However, firm break of 1.0669 will argue that stronger recovery is underway back to 1.0872 resistance instead.

In the bigger picture, break of 1.0461 key support indicates that consolidation from there has completed as a triangle at 1.1298. And, the down trend from 1.6039 (2008 high) is resuming. Current downtrend is now expected to target 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

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Daily Pivots: (S1) 1.2262; (P) 1.2324; (R1) 1.2405; More...

Intraday bias in GBP/USD remains neutral for consolidation above 1.2200. Overall outlook is unchanged. That is, corrective rise from 1.1946 has completed at 1.2774. Recovery from 1.2200 should be limited 1.2509 resistance and bring fall resumption. Below 1.2200 will target a test on 1.1946 low. Decisive break there will confirm larger down trend resumption.

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 bottoming 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.

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