USDJPY

USDJPY WEEKLY

The recent rally observed from the USDJPY may just very well be short lived. This is as the volume of the break out rally is low in comparison to the volume expected from a true breakout. It is also wise to keep in mind that the USDJPY as completed a 5 wave up move and has been finding resistance near the monthly trend line for the past couple of months.

The USDJPY may go as far as the 103.6 which represents the 61.8% Fibonacci retracement from the monthly high. This is also a level that has seen very high volume and is a key price level, a close above this level may result in the USDJPY retesting the monthly high.

 For the long term I am expecting the USDJPY to rally to around 103.6-9 then fall to around 96.51

EURAUD

EURAUD 4HR

The EURAUD as completed 3 waves down and should find strong resistance at the 1.4331 level, expecting prices to rally to around 1.4331 to 1.4357 before testing the low at 1.4192. If prices mange to break above 1.4331 prices may go as far as 1.4375 before finding resistance.  

EURUSD

EUR/USD 4Hr

Expecting the EUR/USD to rally to around 1.352 to 1.355 (red rectangle) before retesting the lows. If prices however break below 1.3449 prices may go as low as 1.343 before rising.

Resistance: Major resistance is 1.3549
Support: Major support 1.3434

AUD/USD

AUD/USD Daily

The AUD/USD is currently trading withing the 0.9456 to 0.9203 trading range and looks poised to retest the lows after efforts to break out to the north proved futile. Expecting prices to fall to 0.9203, if prices however successfully penetrate the 0.9203 level, a test of  0.9081 (50%) is expected. 

EUR/USD

EUR/USD 4Hr

Expecting the EUR/USD to rally to around 1.3548 to 1.3557 (red rectangle) completing the 4th wave of a potential 5 wave down move. 1.3548 is also the 38.2 retracement level for the 3rd wave, a key resistance level. If prices however penetrate the 1.3548 to 1.3557 price region prices could go to 1.3575 before finding further resistance.

USD/CHF

USD/CHF 4Hr

The USD/CHF has completed a 3 wave rally finding resistance at the 0.9002 psychological level and the upper channel line, high volume can also be seen at the top of the market which may indicates selling. Expecting prices fall to around 0.8925- 0.8918 region  indicated by the red rectangle, before retesting 0.895.

USD/CHF 1Hr

On the 1 hour chart there is vivid RSI divergence along with the completion of a 5 wave rally signifying the potential end of the up move.

• Resistance: If prices manage to penetrate 0.9002 level, a test of the 0.9035 is expected.
• Support: The first major support is at 0.8897 followed by 0.8854.