TechnoMeter

EUR/USD
Weekly



EUR/USD continues to trade on a long term parallel and the weekly wicks (key reversal this week) denote active support. I don’t like being a bear in the face of active support at a well-defined parallel…
As always, define your risk points (read more about traits of successful traders here).

GBP/USD
Weekly



GBP/USD needs to take out the December high in order to suggest anything meaningful on the upside. Until then, it’s sideways at best. Don’t forget about the 96 month (8 year) cycle low count. Pay attention to the following levels; the former floor in the 1.3500-1.3700 zone and the line that extends off of the 1992 and 1998 highs (hits the 2009 low) near 1.1000.

AUD/USD
Weekly



"AUD/USD sports good looking symmetry with respect to the time between major lows. It’s one reason that I like the idea of the 2016 low at .6847 holding. The other reason to get bullish in the event of constructive price action on the daily or weekly charts is the relationship between the 2011 high and 2016 low. The .618 absolute retracement of the 2011 high at 1.1080 is .6847 (1.1080 x .618). The 2016 low is .6827."
Over the next few weeks, watch .7000 (maybe just above) for support. Strength through .7535 would be viewed in a bullish light.

NZD/USD
Weekly



"NZD/USD is vulnerable to say the least. The 1985-1993 trendline was resistance in Kiwi from July to November. In fact, price action since July just completed a head and shoulders top. Throw in the fact that 2 of the last 6 weeks are of the outside bearish variety the Bird looks like it’s in for a world of hurt. Also, the entire rally from August 2015 qualifies as a re-test of the long term bear move that began with the double top confirmation in early 2015. The re-test, head and shoulders, and rally from 2015 as a wedge is so textbook it scares me."

USD/JPY
Weekly



"USD/JPY may be at or near the end of the first leg of the next bull cycle just as October 1990 was the first leg of the next bear cycle. This sentiment remains although it’s tough to have faith after Friday’s jam session. The first week of the year ends as a doji. The trendline and well-defined horizontal level (2015 support) indicate potential for a bearish outcome but don’t be stubborn on a breakout. The next level of interest wouldn’t be until roughly 121.00."

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