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Daily -Focus remains towards an estimated channel top above 99.00 although I’d be aware of horizontal levels at 98.33/58 as near term roadblocks (NOW). These horizontal levels are defined by the August 2015 and March 2016 highs. There is one interesting tidbit worth mentioning regarding the EUR/USD and DXY relationship. Non-confirmations between these 2 markets (EUR/USD accounts for 57% of DXY) warn of ‘traps’ or false breakouts and non-confirmation ...
In the week since that last article, volatility in GBP/JPY has tamed a bit as a ~200-pip range has developed. This range can be seen as an upward-sloping channel that has a slightly bullish bias; with slightly higher-highs and slightly higher-lows. This is somewhat indicative of a market without significant conviction; and as we discussed last week this is likely resultant from the fact that both currencies are being or have been driven weaker by extremely dovish monetary policy. In the U.K., the ...
Marina Bay Sands, Singapore
Evening in Southen France
The Euro may be preparing to turn lower against the British Pound as the appearance of a Shooting Star candlestick hints at ebbing upside momentum. A reversal could ultimately lead to the formation of a double top below the 0.88 figure. Near-term supportis in the 0.8582-0.8607 area (trend line, 23.6% Fibonacci expansion), with a break below that on a daily closing basis exposing the 14.6% level at 0.8503. Alternatively, a push above the ...
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