Good day to all after an excellent Friday where we caught the bearish side in USD/JPY.
And the bullish side of EUR/USD since the lows from last Thursday.
The picture remains unchanged, EUR/USD supported and USD/JPY under pressure for a move below 109.
EUR/USD supported by the 4 hour Kumo and USD/JPY breaking below the Kumo after giving a bearish signal by breaking the ascending wedge pattern.
I warned USD/JPY bulls on time, 109.15-109 is short-term support. Failure to hold it will open the way for 107. EUR/USD, 1.1850 is key support. Failure to hold it will open the way for 1.17.
Another test of the broken trend line, another rejection. Short-term resistance is at 1.2965 and could be used as a tight stop for a short position.
Diverging RSI with new lows in price. Oil at important channel and cloud resistance, we could see another bounce in USD/CAD towards 1.2550-1.26.
Trading above the cloud, making higher highs and higher lows. Key support at 0.79. Closed my position partially on Friday on the big spike up to 0.7985. (SMS sent regarding our long EUR/USD and AUD/USD closed)
I continue to be bullish for a move above 0.8050.
That is all for now, keep following on twitter for more analysis, thank you for taking the time to catch up on my thinking.
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.