EUR/USD: Failed to take out 1.2765
The upside correction attempt basically ended before getting started as selling ahead of 1.2765 prevented the buy signal from getting triggered. Prices have thereafter resumed its descent hitting a fresh trend low close to the low end of the 1.2661/1.2740/1.2755 support zone. Still persisting bull divergences however continues to warn of an overextended decline and a long overdue upward reaction.
USD/JPY: Steaming ahead above the 2002 line
After a week of consolidation the market ended last week a few points above the 2002 top line laying the foundation for today’s continued climb. The next target to look for is located at 110.28. We also note that the latest price action has created a bearish divergence something that has been visible in other dollar pairs for some time now.
GBP/USD: Heading for a new trend low
Since the rejection from above the weekly mid body point the pair has come under renewed pressure. The next key event will be to break below the B-wave low, 1.6162, and thereby confirm a second attempt to fall back below the 2009 triangle ceiling, now acting support.
AUD/NZD: From ”coast-to-coast” in just a week
Fast change of sentiment last week, going from a downside stretch last week to a stretch to the topside this morning. Earlier thought resistance around the 1.11-mark now represents support – and as long as it’s respected an attack at the early Sep high of 1.1297 could be expected.