AUDJPY slumped through 6.5-year rising trendline (from February 2, 2009 low) to threaten the 89.36 year-to-date low (February 3, 2015). Below lies the support levels including 88.24 and 86.41 (as shown on the 240minute chart). The 91.40/92.01 resistance zone should cap bounces. Only a decisive break through 92.01 would relieve.
FXI peaked at 52.85 (May 4, 2015 high), near 61.8% of the 2007/2008 fall (73.11 peak/19.35 low). The following fall broke below 16-month rising trendline (from March 2014 low) to reach 39.61 (July 8, 2015 low). Further losses expose the 36.72 low (September 27, 2014 higher low) near 76.4% of the 32.58/52.85 rise. The 44.33 area (July 7, 2015 high) should cap...
EURUSD extends weakness from the 1.1435 high (June 18, 2015) to a new 5-week low at 1.0916 Tuesday (July 7, 2015), signaling return of broad downtrend and expose the 1.0866/1.0818 support zone next. The 1.1090/1.1120 resistance zone (as shown on the 240minute chart) should cap bounces. Only a decisive break through 1.1120 would relieve. Outlook: Short term:...
USDJPY corrected lower from 125.85 YTD high (June 5, 2015) to reach 121.84 Monday (July 6, 2015 low), retracing over 50% of the 118.48/125.85 rise (as shown in the daily chart). A swing low above the 120.63 support area (61.8% of the 118.48/125.85 rise) remains favored. A strong push back above the 122.92 then 123.71 resistance levels would signal bottoming and...
GBPUSD extends the pullback off the 1.5929 YTD high to 1.5531 Monday (July 6, 2015 low), retracing over 50% of the 1.5170/1.5929 rise (as shown in the 240minute chart). A swing low above the 1.5487 support area (61.8% of the 1.5170/1.5929 rise) is expected. A strong push back above the 1.5643/1.5661 resistance zone would signal bottoming and shift the focus to...
GBPUSD extends the pullback off the 1.5929 YTD high to 1.5561 (July 2, 2015 low), retracing 50% of the 1.5170/1.5929 rise (as shown in the 240minute chart). A swing low above the 1.5466 support area (61.8% of the 1.5170/1.5929 rise) is expected. A strong push back above the 1.5661 resistance would signal bottoming and shift the focus to 1.5787 for a retest. ...
GBPCAD rallied strongly to make a new 7-year high at 1.9664 (June 30, 2015), retracing over 50% of the entire 2.3564/1.4829 fall (January 2007 peak/May 2010 trough). A break above 1.9664 would signal a 10-week rising wedge breakout, triggering further strength towards 2.0155 (June 26, 2006 low) ahead of 2.0222 (61.8% of the 2.3564/1.4829 fall). However, overbought...
USDCAD rallied strongly to probe above 3-12 month falling trendline (from March 18, 2015 high). A decisive breakout would confirm return of bullish momentum and open 1.2526 (June 1/5, 2015 highs). Above would bolster for 1.2666 (near 76.4% of the 1.2834/1.1919 fall) which guards the 1.2834 high. The immediate 1.2362/1.2308 support area should hold dips. Below...
SPY broke below the 207.69 support (June 9 low) to suggest near-term topping and open the 206.76 support (May 6, 2015 low). Below there would form a two-month top and expose the 204.12 low (March 26, 2015). The gap high at 209.39 (June 26, 2015 high) should cap bounces. Outlook: Short term: bearish Long term: neutral
DBA rallied off 21.70 (June 15, 2015 weekly low) to probe the 14-month falling trendline (as shown on the weekly chart) to suggest basing. Positive indicators suggest a breakout above the trendline resistance is favored ahead of further strength towards 23.63 then 24.10. Further gains from there would bolster for 24.57 near 38.2% of the fall from 29.41. However,...
F rallied off 14.78 (June 1, 2015 weekly low) ahead of the 6-1/2 year rising trendline (from November 17, 2008 weekly low) (as shown on the weekly chart) to suggest basing. Further strength opens 16.74 (March 23, 2015 weekly high) above which would target 18.12 (July 21, 2014 peak). However, a breakdown below 14.78 would defer the upside and weaken towards 14.30...
NFLX rallied off 552.26 (April 27, 2015 weekly low) to post a new record high at 706.24 (June 24, 2015) near the 700.00 figure level (as shown on the weekly chart) before quickly backing off, It is forming a negative reversal candle. Weekly RSI is over 80, in the overbought territory, cautioning for pullbacks. Key support levels are as follows: 641.61, 615.61 then...
XHB rallied off 34.44 (May 4, 2015 weekly low) to post a new 8-1/2 year high at 37.78 (June 24, 2015) near the potential rising wedge resistance (as shown on the weekly chart). If bulls continue to main strong momentum, further strength is expected to open the 38.69 projection target ahead of the 40.03 high (February 2, 2007). The 36.14/35.38 support zone which...
GBPUSD pulled back off the 7-month high at 1.5929 (June 18, 2015) to consolidate the upswing from the 1.5171 low (June 1, 2015). The pair is expected to test the 1.5653 support area (near 38.2% of the 1.5189/1.5929 upswing) where buyers may step in. However, if a deeper correction than expected would open the 1.5541 level (near 50% of the 1.5189/1.5929 upswing)...
CHFJPY stalled at 134.61/134.51 (June 9/22, 2015 highs) near 76.4% of the entire 138.91/119.89 fall. Subsequent decline broke below a 2-month rising trendline (as shown on the 240 minute chart) to suggest scope for further weakness towards the 131.48 range low (June 15, 2015). Below the latter would form a double top at 134.61/134.51 and weaken further towards...
AUDJPY has been consolidating within a 2-month symmetrical triangle (as shown on the 240 minute chart) following the upswing from the April lows. While the 94.94 support area (June 17, 2015 low) near the triangle lower bounds holds, an upside break through 96.71 (near the triangle upper bounds) would confirm a bullish triangle breakout and extend the 3-month...
GBPUSD rallied strongly off its April low to post a new 7-month high at 1.5929 (June 18, 2015) before ranging. The first support lies at 1.5805 near the 2-week rising trendline (as shown on the 240 minute chart). Short-term bearish momentum suggests there is scope for further weakness towards 1.5645 (38.2% of the 1.5189/1.5929 rise) then 1.5557 (50% of the...
USDCNH has been ranging within a narrow range between 6.2283 and 6.1850 (as shown on the daily chart) over the last two months forming a symmetrical triangle pattern. While the 6.2186 resistance area caps any bounces, a breakdown below the 6.1850 range support would confirm a bearish pennant and extend the downleg from 6.3021 (March 2, 2015 high) towards 6.1540...