Tentative pause ahead
Societe Generale FX technical strategy research, sees the 1.2460-1.2500 area as a crucial level and as such think that a tentative pause can't be ruled out once this is achieved. Weekly stochastics has now reached a pivotal floor.
Moves further away from the 1.1615 area
The EURUSD is moving back above the highs from earlier in the day.
As per the prior post, the pair today had stayed above the 1.16157 high from May 2016. That's bullish.
First break above since September 2014.
The NZDUSD continues to outperform to the upside. Today, the pair's price moved above its 200 week MA at the 0.7428 level. The last time the pair traded above that MA line was back in September 2014. The MA was at 0.8134 at the time. The MA is 700 pips lower now.
Closed at 1.29707 yesterday
The GBPUSD rallied in the London morning session. The price moved toward the 100 hour MA in the process (currently at 1.30210). The high price stalled ahead of that MA (high reached 1.30187) and the price action has reversed back toward the close from yesterday at 1.29707.
The 110.96-111.00 eyed
The USDJPY has moved to new session lows and in the process is breaking below a lower trend line on the hourly chart. The pair targets the 110.96-111.00 level (61.8% of the move up from the June 2017 low and natural support).
Up on the day, but ups and downs. Stays above May 2016 high
The EURUSD moved above the May 2016 high at 1.16157 in trading yesterday and has stayed above that level since that break. The low today is 1.1618.
Last two days has seen breaks of key support fail. Is the 3rd time the chart today.
The USDJPY has been frustrating (for me at least) over the last few days as a cluster of technical levels were broken, but then failed.
Moves a bit lower (extends to downside) after CPI/retail sales
The Canadian retail sales remained fairly elevate in May with a 0.6% gain (vs 0.3%) after a 0.7% rise in April (was 0.8%). The CPI headline was a lower at 1.0% vs 1.1% but the core numbers were a little higher than expectations.
EUR/GBP, that is! This via Société Générale technical analysis:
EUR/GBP successfully bounced off graphical support at 0.8360/30. It has broken out above the rectangle within which it has evolved since last year. Near-term, it looks poised to head towards 0.9060, the 76.4% retracement of recent correction. 0.8550/35 should now provide important support
(Note dated July 20)
Nice try but the sellers failed again...
For the 2nd day in a row, the USDJPY failed on it's break below the 200 day MA, the 100 day MA, the 50% retracement of the move up from June 14th. The 100 bar MA on the 4-hour chart. That area comes in at 111.64-888. The price is back testing the 112.00 level now. Call off the bears. The bulls are back.
But more work to do...
The EURCHF moved to the highest level June 6, 2016. The high took out other highs from this month at 1.10727 and 1.10695. That is the good news. The not so good news is that the high could only get to 1.10755. The ceiling has been pushed, and even breached by a few pips, but not running - at least not yet.
Ceiling defined by the 100 hour MA
The USDCAD tried to move higher earlier in the day.
The price moved above a baby trend line on the hourly Yesterday (and on Tuesday afternoon), the line was approached but not really reached. Today that line was broken, but the 100 hour MA got in the way (the ceiling), and the marker price rotated back to the downside.
NZD/USD hits a session high, edges above November 2016
The US dollar is really taking a beating today and the breakdowns just keep on coming. It's the New Zealand dollar's turn as it hits a 10-month high on a break of the November 2016 peak.