Friday's low and close to 61.8% of the 108.65-110.02 rise. Looking for uptrend to resume and clear May's 110.02/05 highs, the 200-DMA at 110.18 and 61.8% of the 113.75 104.56 drop at 110.24, for a run at 110.85, Nov's low & 61.8% of the 114.73-104.56 drop.
Trades below 109.30 daily tenkan Fri and cracked twin
Fibos, 100-DMA and the up TL from March low by 108.75.
However, a long legged candle doji into Frid close and
further long legged action early Mon, o
supply fade. We have a bid by daily cloud top at 108.05
but a close above converged 10DMA and tenkan, 109.30,
could force strategy re-think.
TECHNICAL - SHORT-TERM —
Pair pierces the 61.8 Fib of 1.1553-1.2556 and sets a new
trend low to keep bear sentiment elevated. RSIs are
biased down so further losses are likely. We look to sell a
rally to 1.1970 and will target sub-1.1800 levels once short.
May 4, 9:39 AM
Bears remain focused on the downside and...
- Entry:109.11, Target: 104.00, Stop: 110.70 (Medium-Term)
MACRO - MEDIUM-TERM — Latest Rationale Data in this trade have been derived from a short CHF/JPY position promoted by Morgan Stanley Research.
"The time has come for us to re-enter our structural,longer-term CHFJPY short position."JPY longs should benetand outperform CHF, given that
the structure of...
The EURO/USD rate continues to trade sideways at the start of the new week with no real change to our analysis and conclusions from the previous week.
EUR/USD is in a longer-term uptrend which started at the January 2017 lows and topped at 1.2556 last month (February).
This uptrend is still intact despite the recent broadly sideways activity and our forecast,...