Cable was not able to move up to our target from our previous analysis. Instead, it continued moving down, which tells that a top has been formed already. Price has room towards its 1.618% fibonacci level at 1.4055 before it corrects up.
Looking at the European markets today it is clear that uncertainty is truly king. These are some of the largest market price swings that we have seen since the last true market collapse.
Truth is, with monetary policy in Europe and in fact Asia as well, the only "cure" so far, has been to print and print and print further currency. To push and spend and get into...
Yen may continue to move lower. A break below previous low 105.54 would lead us to consider the alternate view of this market.
Profit targets 106 area before bulls come to play.
EURUSD like other currencies paired against dollar, is still contained inside a bearish channel. Upward movement is seen as a correction which may reach 1.1216-1.1242.
Cable it seems is still contained inside a bullish channel.
Price already retraced past its 61.8% retracement, and could still go on.
Invalidation level is set at 1.4769 which when breached, will make us stick to our alternate view.
AUDUSD movement did not manage to reach the correction anticipated. Instead it continued lower.
Still, price may post for awhile around 0.7155 area before correction starts.
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GBPUSD broke out of the bullish channel, as stated in the previous analysis, reaching 1.45900 area.
Bulls has still more to give, as long as price don't slip under 1.44 area.
