The latter-portion of last week saw a strong bounce develop in GBP/USD, and this came after the pair tested below a key psychological level for the first time since last September. As we wrote earlier during the week, the down-trend in the British Pound was very much in-focus as we approached a read of inflation out of the UK for the month of June. Markets were looking for inflation to perk-up to 2.6% after two consecutive months at 2.4%, but the actual print gave us a third straight month at 2.4% ...
GBP/JPY Reverses After Earlier-Quarter Breakout It's been a big start to the second half of the year for the Japanese Yen. After opening into Q3, Yen weakness showed against a number of currencies, the British Pound included - and this helped GBP/JPY to make another approach at the 150.00 level. But, just as we saw in early-June, resistance came-in on the underside of the 2017 bullish trend-line, and prices promptly reversed. GBP/JPY has dropped every day of this week Monday thru ...
The New Zealand remains locked in a well-defined down trend against its US counterpart despite over two weeks of sideways consolidation. Price action has been marked by a clear-cut series of lower highs and lowssince a reversal from triple top resistance in mid-April. From here, a daily close below support in the 0.6688-0.6726 area opens the door for a challenge of the 38.2% Fibonacci expansion at 0.6589. Alternatively, a reversal above ...
The Australian Dollar continues to struggle for near-term direction near the 0.74 figure against its US counterpart but the dominant trend remains firmly bearish. The series of lower highs and lows established in late January from double top resistance above 0.81 continues to define price action. From here, a daily close below chart inflection point support at 0.7335 opens the door for a challenge of double bottom support in the 0.7145-65 ...
The last few days brought with them the potential for yet another test of major support in the low-11500s, an area EUR/USD has held on three occasions since late-May. Will it hold, fold, or was Friday's decline and recovery the carving out of a higher-low from not so obvious support? There is a trend-line from January 2017 running through the bottom of recent price action which also coincides with a lower parallel on the 4-hr chart, this could provide the means to put in place a higher low. However, ...
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