EURJPY

After the upside breakout of the 12 day range, the EUR/JPY soared for two days straight jumping about 200pips in the process.  However, some of that bullish momentum today waned as the pair formed an inside bar pattern on the daily charts, along with closing below the 100 figure in the process.  This might be ideal though as the pair could…

EURJPY- As long as EURJPY continues to hold above the 99.16 level, its short term bias remains higher. However, it will have to maintain firmly above the 100.00 level to extend further upside gains. Above the 100.00 level will allow for more strength towards the 101.59 level and possibly the 102.50 level. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be for EURJPY to return to the 99.16 level where a reversal of roles as support is…

The pair is currently @1.5972 and we are looking for a Fibo correction after the pair took out the R6 target.  The 0.500 Fibo is at 1.5930 which is a likely spot for a bounce.  Looking for the bounce there to the target area of 1.6035-1.6165.  …

GBPJPY – While GBPJPY may be hesitating or even vulnerable, it remains baised to upside short term. However, it will have to return above the 125.81 level, representing its Jun 21’2012 high and the 126.16 level to trigger its short term uptrend. As long as it holds above its rising trendline (red), this view remains intact. A decisive breach of here will call for more upside towards the 127.08 level with a loss of here creating scope for further upside risk towards the 128.84 level. Further…

GOLD: With GOLD rallying through its big psycho level at 1,700.00 level to close the week higher the past week, it now looks to extend that strength in the new week. This will leave the commodity targeting the 1,750 level and possibly higher targeting the 1.800 level. Its weekly RSI is bullish and pointing higher suggesting further upside. The alternative scenario will be for the commodity to return to the 1,676 level and the 1,700.00 level. We expect this levels to provide a strong…

EURUSD: With EUR cutting through its key resistance levels at the 1.2692/1.2748 levels the past week, further upside gain is likely in the new week. It now faces the risk of moving higher towards the 1.2839 level where its daily 200 ema is located. A breather may occur and turn the pair back lower at this level but if this fails to occur, expect the pair to strengthen further towards the 1.2900 level. Its weekly RSI is bullish and pointing higher supporting this view. The alternative…

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.2805 at the top of the trend the upside.  We are bullish above 1.2600.  We should see a correction and then a continuation to the R6 @ 1.2850. The target above the R6 resistance is 1.270 Fib extension @ 1.2892. The correction target is  the .500 Fibo @ 1.2655 (look for a bounce there the trend line). The average daily true range (ATR) for the pair currently is 96 pips. …

USDCHF: The pair continues to hold on to its downside pressure initiated from the 0.9970 level declining sharply for the past week and setting the stage for additional weakness. This development now leaves the pair targeting the 0.9421 level, its July 2012 low. A violation of here could force more declines towards the 0.9366 level where a breach will aim at the 0.9300 level. Its weekly RSI is bearish and pointing lower supporting this view. The alternative scenario will be for the pair to…

EURGBP- The cross has broken above the 0.7961 level suggesting further upside. As long as the 0.7961/0.7811 levels continue to hold as support, further upsidew is likely. Above the 0.7961 level opens the door for a run at the 0.8039/93 levels. We expect a back off lower at these levels but if broken, further upside pressure should build up towards the 0.8154 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, a failure above the 0.7961 level could see…

The pair is currently @0.9541 and testing  a breakout of the wedge. Non-Farm Payroll is today so that could drastically alter the plan.  Looking for the break down to support  @ 0.9505. A break there look to the S5@ 0.9416.…

EURJPY- With EURJPY cutting through its key resistance at the 99.16 level and testing its psycho level at the 100.00 level, further price extension is likely in the days ahead. As long as the cross continues to hold above the 99.16 level, the above view remains valid. Above here will allow for more strength towards the 101.59 level and possibly the 102.50 level. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be for EURJPY to return to the…

AUDUSD

Taking a more quantitative approach to the Aussie today;

After selling off 13 of the last 19 days and shedding 450pips in the process, the Aussie took back almost three days of losses with an impressive bullish engulfing bar. This is the fifth largest bull bar on an open to close basis for the year.



To…

The pair is currently @1.2631 and testing  a breakout of the strong resistance @ 1.2618.  A break above 1.2650 targets the 1.618 Fib extension @ 1.2685. A break there look to the R6 @ 1.2744.  The pair currently has an ATR of 86  Pips.…

GBPUSD: Having reversed its intra day losses to close higher on Wednesday, further gains should build up. In such a case the 1.6000 level will be targeted.  Price hesitation may occur here and turn the pair back lower but if it breaks, expect further upside to shape up towards the 1.6112 level. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be for GBP to reverse its upside gains and return to the 1.5753 level. Below here could push it further…

GOLD: With consolidation now occurring above the 1,676 level following its last week rally, GOLD faces the risk of further upside. In such a case, the 1,700.00 level will be targeted. Price hesitation is expected at this level but if taken out, expect the commodity to strengthen further towards the 1,714 level and next the 1,750 level. Its weekly RSI is bullish and pointing higher suggesting further upside. The alternative scenario will be for the commodity to return to the 1,640.45 level…

The pair is currently @1.5918 and testing  a breakout of the wedge.  A clean break targets the resistance @ 1.5981. Overall target this week is th R6 @ 1.6103.  The pair currently has an ATR of 74  Pips.…

EURUSD: The broader risk still remains to the upside though seen backing off higher prices. While this occurs above the 1.2442/63 level, a return above the 1.2634 level looks likely to occur. This if seen will leave the pair aiming at the 1.2692 level where a breach will target the 1.2748 level. The alternative scenario will be for the pair to return to the 1.2442 level. A reversal of roles as support is likely here but if that fails to occur the pair could weaken further towards the 1.2239…

The Market, or so they say, has sent you – his single most abhorrent speculator, the most insignificant trader, a data point that was most certainly made up when an interviewer ran out of ink – only to you has the Market sent a message from his deathbed.  He has had the messenger be…

EURUSD

Since the Euro ended last week with a false break, over the last two days the regional currency formed an inside bar, while today posting a combo pin bar.  What I find interesting about these two is how the…

The pair is currently @0.7944 after a  breakout of the wedge.  The next target is the support @ 0.7906. A break there look to the 1.618 Fib extension @ 0.7883.  …