Looking to Buy Euro Dips
The market has finally managed to find some bids and although the
broader underlying trend remains intensely bearish, the risks from here
are for additional corrective gains back towards the 50 and 100-Day SMAs
in the 1.3100-1.3400 area before the next lower top carves out. Some
falling trend-line resistance has already been broken on the daily chart
and the 10-Day SMA looks to be on the verge of crossing back above the
20-Day SMA to provide added confirmation for short-term bullish
structural shift. Setbacks should now be well supported ahead of 1.2800
GBP/USD Classical Technical Report
GBP/USD:The
market has mostly been locked in some sideways chop over the past few
weeks with any rallies very well capped ahead of 1.5800 and setbacks
supported on dips below 1.5300. Until either side is convincingly
broken, we would expect to see additional range trade. Therefore the
preferred strategy is to look to buy range dips and sell by range highs.
Only a weekly close above 1.5800 or below 1.5250 would give reason for
outlook shift.
USD/JPY Classical Technical Report
USD/JPY:Despite
the latest pullbacks, we continue to hold onto our constructive outlook
while the market holds above 76.55 on a daily close basis. We believe
that any setbacks from here should be limited in favor of a fresh upside
extension back towards 79.55 over the coming weeks. Look for a break
above 78.30 to confirm and accelerate, while only a daily close below
76.55 negates and gives reason for pause.
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