The
EURUSD broke down during the session on yesterday, testing the 1.05
level, which is massively supportive. In the meantime, we think that
this market simply grinds sideways, as it seems to be a bit oversold.
With that, we will pay attention to the movement and wait for any
significant breakdown in order to play this particular pair, or a
break below the 1.05 level. However, we think that the market
eventually sell off, heading to parity as this EU still has all of
the same issues as it has had over the last few years.
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| EUR/USD Technical Analysis |
GBP/USD
The
GBPUSD broke down during the course of the day on yesterday, slicing
through the 1.50 level. This is a massive support level on the
longer-term charts. Because of this, it appears that the market will
continue to be attracted to that level. We believe that the market
should continue to try to break down below the 1.48 level, and given
enough time, it certainly will. Once that happens, the British pound
should fall apart and head directly to the 1.45 level which is
supportive on the longer-term charts. As of now we are in downtrend
and expect a lot of volatility between here and 1.48 level. Remember,
the US dollar is the strongest currency in the world right now, and
it’s difficult to imagine going against it.
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| GBP/USD Technical analysis |
The
AUDUSD tried to break out during the session on yesterday, but found
the area above the 0.76 level to be too resistive. Because of this,
the market ended up forming a shooting star and looks ready to
continue going lower. The 0.75 level is the next major area below,
and we fully anticipate the Australian Dollar trading down to that
level at least. On top of that, the US dollar continues to remain the
strongest currency in the world right now, and therefore we have no
interest in going against it.
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| AUD/USD Technical analysis |
USD/JPY
The USDJPY went back
and forth during the course of the session on yesterday, essentially
proving nothing. The one thing that we notice is the fact that the
market didn’t break down after breaking out. That’s a sign that
the buyers are serious, and could very well continue to push this
market higher over the longer term, which is exactly what we
anticipate. Because of this, we believe the pullbacks are buying
opportunities, and that the market should break above the 122 level,
and then head to 125.
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| USD/JPY Technical analysis |
NZD/USD
The
NZDUSD fell
during the course of the day on yesterday,
as we await the interest-rate decision out of Wellington. Right now,
it
looks as if it
is going to break down and continue to go even lower. With that, we
are very bearish of the New Zealand Dollar
going forward, as we anticipate that the sellers will continue to
control his market. Even if we get some type of rally from here, we
believe that rallies will simply offer value in the US dollar, and
should be sold as soon as they fade.
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| NZD/USD Technical analysis |
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