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Intraday EUR/USD: Tuesday's definitive recovery off 1.2522 leaves a bullish outside day
reversal candle and sets fresh two-month highs following the probe above 1.2723. The bear
resistance line originating from the November 2009 reaction high at 1.5145 is now being
challenged around 1.2740, but there is room for a break above there to meet the wave equality
target at 1.2765, projected off the June 29 higher low at 1.2151. And with 1.2522 now a
confirmed higher low, a strong push towards 1.2875 cannot be ruled out for Wednesday's
session. Corrective weakness looks limited to the 1.2615/30 area.
Weekly chart EUR/USD trend: Bullish.
Intraday USD/JPY: Stages a good recovery off Tuesday's low at 88.02 to bring the focus back
onto Monday's high at 89.15. The 88.00 area has become pivotal support, and a fresh wave of
bull pressure is required to force a break above 89.15, opening congested Fibonacci levels at the
psychological 90.00 level. Failure to break above 89.15 would prompt downside consolidation
towards the 88.45 area.
Weekly chart USD/JPY trend: Bearish.
Intraday GBP/USD: Tuesday's strength has extended into Wednesday's current session as the
bull trap high at 1.5240 has been breached. The main threat is for a sustained break into fresh
nine-week highs, opening the April 30 lower high at 1.5391, although a long-term moving
average on the daily chart highlights resistance close to 1.5375. A break below 1.5191 would
provide temporary respite, although support at 1.5100 is likely to limit downside scope.
Weekly chart GBP/USD trend: Bullish.
Intraday USD/CHF: Resistance at 1.0585 is under threat following the rally off Tuesday's low at
1.0515, as near-term bulls look to protect the July 8 reaction low at 1.0481. However, a fresh
wave of bull pressure is required to force a break above 1.0585, paving the way for further gains
towards 1.0646 and Monday's high at 1.0676. Failure to sustain a break above 1.0585 would
prompt a swift return to the 1.0515 low, and leave the 1.0481 low vulnerable.
Weekly chart USD/CHF trend: Bearish.
Forex spot: EUR/GBP EUR/JPY EUR/CHF AUD/USD
Intraday EUR/GBP: Tuesday's bull hammer recovery off 0.8317 leaves resistance at 0.8391
under pressure, and there is room for a retest of Monday's peak at 0.8418. However, a break
above there looks beyond Wednesday's scope, and ranging is expected between 0.8317 and
0.8418. Only below 0.8317 would put bears in control of the near-term, exposing 0.8300 and the
0.8250 area.
Weekly chart EUR/GBP trend: Bullish.
Intraday EUR/JPY: A strong recovery off Tuesday's low at 110.68 leaves a definitive bullish
outside day, and the push into fresh three-week highs above 112.69 prompts room for gains
towards the June 21 lower reaction high at 113.43. Having confirmed 110.68 as a key higher
low, scope has been created for 114.01 and the June 3 reaction high at 114.16, opening 115.00 on
a display of bull strength. Corrective weakness looks limited to the 112.50 area, which protects
112.20.
Weekly chart EUR/JPY trend: Range.
Intraday EUR/CHF: Forces a break through ascending triangle resistance at 1.3413 Tuesday, and
is pushing into fresh two-week highs following the probe above 1.3434. Initial resistance lies at
1.3456, but there is scope for further strength towards the 1.3500 area, and potential for 1.3545
on concerted strength. Corrective weakness will attract support while above 1.3412, but dips
should be limited to the 1.3380 area.
Weekly chart EUR/CHF trend: Range.
Intraday AUD/USD: The bull trend remains intact following the strong rally off Tuesday's low at
0.8685, and the key June 21 reaction high at 0.8858 is the immediate focus. A break through
there is required to extend the short-term uptrend off the May 25 reaction low at 0.8068, opening
0.9000 and the 0.9025 lower high. Only a break below 0.8750 would question the bullish
outlook, exposing the 0.8685 low.
Weekly chart AUD/USD trend: Bullish.
Disclaimer
(This article is general financial information, not personalized investment advice, as it does not
consider the unique circumstances affecting an individual reader's decision to buy or sell a
specific security. Dow Jones does not warrant the accuracy, completeness or timeliness of the
information in this article, and any errors will not be made the basis for any claim against Dow
Jones. The author does not invest in the instruments or markets cited in this article.)