Sunday, June 16, 2013

Currencies Update

Dollar Index at channel support. Likely paths for rally shown below. Also see contracting Weekly RSI range.



EUR/USD has multiple resistance lines just above. Good spot to fade.


Symmetrical triangle on GBP/USD. A break below wave D @ 1.4833 to confirm a decline along the projected path. 


EUR/GBP has the makings of a Double Zig-Zag which should decline to new lows (0.75). A decline below 0.8164 to confirm. The decline should remain contained within the declining channel.


USD/JPY resistance at 100-105 worked. Now looking for a possible Triangle wave 4. Wave 4 must not retrace past 87.36, otherwise the impulsive count is called into question.


The AUD/USD weakness projected last year has finally materialised. Oversold Weekly RSI suggests that this pair may get a respite for a month or two before resuming a decline.




No comments:

Post a Comment