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AUDUSD 24% | 8 GBPUSD 21% | 7 USDJPY 15% | 5 USDCHF 12% | 4
MFXSCharts MFXSCharts USDJPY, 240, Long ,
USDJPY: Double bottom in play
105 1 6
USDJPY, 240 Long
Double bottom in play

USDJPY hit our initial 112.20 target last week, but strength was short lived and pair proceeded to retrace the vast majority of the move higher from 110. Pair has since found support and a double bottom appears to be in play. We are looking for a move back towards 112.20 over the coming days, with a break above there confirming the double bottom setup and ...

MFXSCharts MFXSCharts USDJPY, 60, Long ,
USDJPY: Inverse head and shoulders breakout
62 0 6
USDJPY, 60 Long
Inverse head and shoulders breakout

USDJPY has broken above the neckline of an inverse head and shoulders pattern and looks set to continue higher. Initial resistance is 111.60, with a break above there targeting 112.20 and 112.80. Immediate support at 111.20, with further support at 110.90 - a break below the latter would invalidate our bullish bias and turn us neutral on this pair.

MFXSCharts MFXSCharts USDJPY, 240, Long ,
USDJPY: USDJPY accumulating below 114.95/115
65 0 3
USDJPY, 240 Long
USDJPY accumulating below 114.95/115

The Dollar is extremely well bid against the Yen as we head into Non-Farm Pay Rolls and may even break higher before the number. We are anticipating an eventual move to 117 - 117.50 over the coming weeks, however, the path higher is far from clear. Initial resistance is 114.95/115, already tested earlier the session. The figure could well go today, but further ...

MFXSCharts MFXSCharts DXY, 240, Long ,
DXY: Dollar bulls attempt bounce from former resistance
19 0 3
DXY, 240 Long
Dollar bulls attempt bounce from former resistance

USD bulls are currently attempting a bounce from former resistance in the 101.05-101.30 zone after French election worries rattled the Euro. The index traded above the 61.8 fib briefly last week, but was rejected at the top of a zone which we had previously deemed inconsequential and finished the week back inside the wedge. Our preference is for a break back ...

MFXSCharts MFXSCharts DXY, 240, Long ,
DXY: Dollar Index gaps into interim resistance
27 0 4
DXY, 240 Long
Dollar Index gaps into interim resistance

The DXY US Dollar Index has gapped into interim resistance following an intense round of FEDspeak seemingly aimed at boosting expectations of a March hike. Chance of a March hike was less than 33% just a few weeks ago, but both voting and non-voting members have embarked on a full blown communications offensive over the past week, pushing expectations up above 60% ...

MFXSCharts MFXSCharts USDCAD, D, Long ,
USDCAD: Looking for a return to the highs
26 0 3
USDCAD, D Long
Looking for a return to the highs

The Loony seems well bid above ascending channel support and we are looking for a move back towards 1.36 over the coming weeks. Pair finished Friday higher, despite a stronger than expected Canadian jobs report and NFP miss. Support is a daily zone stretching from 1.3170 down to 1.3080, with ascending channel support confluence at 1.3147 and counting. A daily ...

MFXSCharts MFXSCharts AUDUSD, D, Short ,
AUDUSD: Dark Cloud Cover at TL resistance
32 0 3
AUDUSD, D Short
Dark Cloud Cover at TL resistance

The Aussie finished Friday lower, printing Dark Cloud Cover on back of stronger than expected annual wage growth in the US. Reversal candle occurred at falling wedge resistance / former support confluence and pair looks set to resume lower. Initial support is the .7296 - .7283 hourly zone, with a break below there confirming the top and targeting the lows above ...

MFXSCharts MFXSCharts USDJPY, 240, Long ,
USDJPY: USDJPY wedge breakout
62 0 5
USDJPY, 240 Long
USDJPY wedge breakout

Dollar Yen has broken out of wedge consolidation in quiet post-Christmas trade and looks set to continue higher. Pair has been trending up at an average of 250 pips per week for the past 7 weeks, but has been stuck in consolidation since setting a new 10 month high on the 15th of December. Today's break above the wedge top opens the path to 118.66, with further ...

MFXSCharts MFXSCharts GBPUSD, 240, Short ,
GBPUSD: Looking to sell strength on cable
28 0 3
GBPUSD, 240 Short
Looking to sell strength on cable

The cable continues to consolidate in the relative calm following the October flash crash. Pair is currently hovering above a minor trend-line, extending off of the October 28 low and may find support here and continue to range over the short term. Over the medium term; we're looking for a move lower, followed by bearish continuation and seeking to position ...

MFXSCharts MFXSCharts AUDUSD, D, Short ,
AUDUSD: AUDUSD enters former support zone
30 0 0
AUDUSD, D Short
AUDUSD enters former support zone

The Aussie broke through long term channel support in mid-November; falling nearly 300 pips in 3 days, before finding support above 73. Pair has since retraced approximately 61.8% of the decline from 7580 and is testing the .7440 - 75 former support zone. We are looking for a turn lower from here and an eventual break below the 5 month low at 7285. Alternatively; ...

MFXSCharts MFXSCharts GBPUSD, 60, Short ,
GBPUSD: Cable consolidates
69 0 4
GBPUSD, 60 Short
Cable consolidates

The Pound was looking very ominous through out last week, but bulls have managed to keep the pair supported thus far, carving a higher low. Pair is currently trading sideways, consolidating between 1.2135 and 1.2325. We expect aggressive selling on any rallies and await significant bearish continuation. A break below 1.2135 would target 1.2090 and the ...

MFXSCharts MFXSCharts AUDUSD, D, Short ,
AUDUSD: AUDUSD into major resistance
21 0 0
AUDUSD, D Short
AUDUSD into major resistance

The Aussie is back in the sell zone after bouncing from channel/zone support confluence on Thursday. We maintain a top is in place and remain bearish, awaiting an eventual break below channel support. Bears will be on the look out for sell signals on the lower timeframes, seeking to push the pair back below 76. Initial support is the .7650 - 76 zone, with a ...

MFXSCharts MFXSCharts EURUSD, D, Short ,
EURUSD: EURUSD correcting higher from support
38 0 1
EURUSD, D Short
EURUSD correcting higher from support

The Euro was murdered last week, falling over 200 pips and breaking below wedge support dating back to December 2015. Pair has found interim support in our initial target zone and is currently correcting higher. Initial resistance is a zone stretching from 1.1050 - 1.1070 and we expect the rally to remain capped below there. Bears will be looking to retest the ...

MFXSCharts MFXSCharts EURUSD, W, Short ,
EURUSD: Euro smashes through support
121 0 3
EURUSD, W Short
Euro smashes through support

EURUSD has smashed through wedge support, ending over a year and a half of consolidation. There were a lot of calls for parity last year, but the pair bottomed out at 1.0496 and proceeded to rally over 1200 pips. This break below the wedge bottom is a massive, long awaited development and bears will be seeking to drive the Euro lower over the coming days. Initial ...

MFXSCharts MFXSCharts USDCHF, D, Long ,
USDCHF: USDCHF wedge break
59 0 1
USDCHF, D Long
USDCHF wedge break

The Swissy has broken out of consolidation, finishing Tuesday above wedge resistance. Pair had been trading sideways since February and bulls will be looking to capitalize on this development, pushing the pair higher over the coming days. Initial resistance is a zone stretching from 9920 - 9960, with a break above there targeting parity and the 1.0040 - 1.0095 ...

MFXSCharts MFXSCharts GBPUSD, 60, Short ,
GBPUSD: Cable respecting former channel support
101 0 6
GBPUSD, 60 Short
Cable respecting former channel support

So turns out we were a little conservative when we called for the 1.618 extension at 1.2385 last week ... Pair fell around 6% on Friday depending on your broker, Reuters had the low some 500 pips lower in the 1.14 region - that's a 10% decline. Regardless, pair quickly recovered to the 1.24 - 1.25 zone, consolidating below the underside of a broken channel. Pair ...

MFXSCharts MFXSCharts GBPUSD, D, Short ,
GBPUSD: Cable closes at 30 year lows on Brexit woes
38 0 1
GBPUSD, D Short
Cable closes at 30 year lows on Brexit woes

GBPUSD was slaughtered over night as Theresa May confirmed Britain would trigger article 50 in Q1 2017. Monday's close was the worst daily close since 1985 and this does not bode well for the pound. Pair is currently treading water less than 40 pips from the July/30 Year spike low at 1.2790. A break below there would target the 161.8 extension at the shocking ...

MFXSCharts MFXSCharts AUDUSD, D, Short ,
AUDUSD: Top in place on AUDUSD
40 0 2
AUDUSD, D Short
Top in place on AUDUSD

Thursday's Bearish Engulfing at major resistance zone suggests a top is in place on AUDUSD. We are dubious of Friday's rally and see it as a selling opportunity. Bears will be looking to take out the 7607 - 7590 4h support zone, with a break below there targeting major support confluence above 7450. Only a daily close above 77 would invalidate.

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