EUR/USD:
EUR/USD: 1.3384
Short-Term Trend: downtrend
Outlook:
EUR was little changed last week as it traded in a tight range between roughly 1.33 and 1.3450. As the prices remain below the declining 21-day moving average, the main trend is considered strong downtrend and further losses are still expected. I am a bit disappointed by the fact that there was no follow through selling last week, but still, the main focus remains down.
If a rally develops, it is expected to find resistance near 1.3520 level. A sustained move abv there will indicate more upside potential twd 1.3720 and 1.3900 before the next leg down takes place.
Strategy: Holding short remains favored with a stop abv 1.3550.
GBP/USD:
GBP/USD: 1.5665
Short-Term Trend: weak downtrend
Outlook:
GBP did nothing last week as it traded in a very tight range between 1.5560 and 1.5760. Unfortunately I didn't deal well with this range-trading as the short atttempts in our daily updates did not work our and the Shor-Term bearish position was also stopped out. I simply thought the market was already in an acceleration mode lower and didn't expect to see a trading range environment for the entire week.
Now, the ST downtrend has weakened and if a rally abv 1.5760/80 is seen, then the daily chart will even turn neutral and gains twd 1.5950 will be favored. But as long as the indicated resistance caps the upside, my bias remains on the downside. But below last week's low (1.5560) is needed to confirm wave C down has resumed...
Strategy: Stand aside.
USD/JPY:
USD/JPY: 77.56
Short-Term Trend: sideways
Outlook:
USD/JPY has traded sideways for the past week exactly as expected. So far, the trading range is very tight, I will expect it to widen a bit as I believe the market is tracing out a contracting triangle as shown on the chart above. That means that even if last week's extremes (77.15 and 78.10 - yes, the weekly range is less than 100 pts!!) are violated, the outlook will remain consolidative. And as long as this consolidation lasts, I see no ST opportunities here.
Strategy: Stand aside
EUR/USD: 1.3384
Short-Term Trend: downtrend
Outlook:
EUR was little changed last week as it traded in a tight range between roughly 1.33 and 1.3450. As the prices remain below the declining 21-day moving average, the main trend is considered strong downtrend and further losses are still expected. I am a bit disappointed by the fact that there was no follow through selling last week, but still, the main focus remains down.
If a rally develops, it is expected to find resistance near 1.3520 level. A sustained move abv there will indicate more upside potential twd 1.3720 and 1.3900 before the next leg down takes place.
Strategy: Holding short remains favored with a stop abv 1.3550.
GBP/USD:
GBP/USD: 1.5665
Short-Term Trend: weak downtrend
Outlook:
GBP did nothing last week as it traded in a very tight range between 1.5560 and 1.5760. Unfortunately I didn't deal well with this range-trading as the short atttempts in our daily updates did not work our and the Shor-Term bearish position was also stopped out. I simply thought the market was already in an acceleration mode lower and didn't expect to see a trading range environment for the entire week.
Now, the ST downtrend has weakened and if a rally abv 1.5760/80 is seen, then the daily chart will even turn neutral and gains twd 1.5950 will be favored. But as long as the indicated resistance caps the upside, my bias remains on the downside. But below last week's low (1.5560) is needed to confirm wave C down has resumed...
Strategy: Stand aside.
USD/JPY:
USD/JPY: 77.56
Short-Term Trend: sideways
Outlook:
USD/JPY has traded sideways for the past week exactly as expected. So far, the trading range is very tight, I will expect it to widen a bit as I believe the market is tracing out a contracting triangle as shown on the chart above. That means that even if last week's extremes (77.15 and 78.10 - yes, the weekly range is less than 100 pts!!) are violated, the outlook will remain consolidative. And as long as this consolidation lasts, I see no ST opportunities here.
Strategy: Stand aside