EUR/USD: Some inter-range selling noted
The pair remains confined to meander insider those 1.3333/1.3433 parameters set some time ago. Yesterday some selling inside those was noted, but a break below refs at 1.3348 & 1.3336/33 is needed to define the range as a triangle and to adopt an ideal 1.3240 breakout objective. Current intraday stretches are not very near the market while locate at 1.3320 & 1.3415.
GBP/USD: Still looking to sell 1.6750-ish
The past 24hours looks like a minor bullish congestion so there's probably just a matter of time before we make the final step higher, up to the mid-body point of the latest falling benchmark candle 1.6750. Ideally offers should be lining up in the area and the pair turning lower, resuming the underlying bear trend.
EUR/JPY: The spike points lower
Again an upside reaction has been capped by the bearishly sloped 55d band and again the upside correction ended (we think) with an upside spike. If history is any guidance to future moves the pair should now be in its early stages of the next move lower. A break below 136.91 will add a lot of credibility to a bearish case (short term stop above 137.26).
AUD/NZD: Bullish range breakout - will it last
The market tests the area above the flat 233day exponentially weighted moving average band (1.0990-1.1050) and the ongoing bullish range breakout ideally targets 1.1130. The question is if this these kinds of levels are sustainable, given the long-term outlook still being potentially bearish (with a correctional lift off the Jan '14 low)?
