My yen index bounced of support on Friday. It reached both the 50% retracement fib and the 61.8% extension of the first swing. Also it reached 2 trendlines, one ascending from the lows, the other forming the support line of a falling wedge.
The RRR lies on the long side against such support.
My Euro index broke its symetrical triangle to the upside and I a logical target would be 61.8% of the whole move down from the high which matches the 100% extension of the first wave within the triangle. There is also a trendline that should cap the price. Byuing the dips is probably the most viable trading strategy in the year coming.
USDPLN has reached an important area that has proven difficult to break in the past. Currently forming a large rising wedge, the price has been well contained in a downward channel, I would like to see another test of the top before it breaks lower. Looking for signs of reversal before buying the pair for a good leg higher. Should it breaks, I'd be looking lower.
Generally speaking last week (Friday mostly) the South African Rand lost lots of ground against most currencies and I would consider the move as an impulse that should see follow through.
ZARJPY is in a long term downtrend and could resume it very soon. More details below.
Cable is close to finishing its wave 4 (corrective, not impulsive) and should resume its downtrend soon. I'm planning on a turn near 1.332, next week o the following. The next and final wave should take us to a new yearly low.
After completing a 5 waves upmove which ended up broken in a strong impulsive manner, the yen is stuck in a Consolidation pattern which remains yet to identify but could be a Range.
After failing at breaking lower, price bounced and is now forming what looks to be bullish flag. Unless price manage to break the bottom, I'd expect more upside to revisit the top of...
The CHF has successfuly retested its wedge but has been unable to accelerate higher. Given the current small time pattern, I'd expect a small move up followed by a second retest of the support zone.
Should the pass of least resistance still be the upside, the uptrend should then resume.
Chart is self explanatory. The large pattern (rising wedge) is a bearish structure. Price finished a 5 leg upmove and should now correct in a ABC fashion. Price could not confirm the break out at the high which is normaly a reversal sign.
I would expect as targets two meaningful trendlines broken during the ascending move.