USD/JPY Emerging Pattern: Channel Up
USD/JPY is recovering after reaching the lowest level since mid-February on the 1st of June and has formed a Channel Up pattern on the 1H chart. The pattern has 55% quality and 100% magnitude in the 373-bar period. The pattern started when the pair rebounded from 77.660 and after testing pattern resistance band at 79.790 and at 80.619 it has slowed down at near SMA 200 level at 79.44 where the pair is currently trading. The SWFX market sentiment is in favor for the bulls with 70% of tradersAsia today: Risk currencies a tad higher in a slow Asian session
Another quiet, tight-ranged Asian session as the EU summit looms ever closer. The start of the session saw the only data point of the day – New Zealand’s trade data for May. The numbers were bang in line with forecasts with the surplus narrowing slightly to NZ$301 mln from a revised NZ$335 mln the previous month, with a pickup in both exports and imports recorded. Increased imports led by crude oil and gasoline did the damage to the surplus, while on an annual basis the deficit was its widestSGD/JPY breaks daily Pennant
SGD/JPY today broke down through the support trendline of the High Quality daily Pennant identified by Autochartist. Autochartist rates the Quality of this Pennant at the 9 bar level as a consequence of the sharp Initial Trend (rated at the maximum 10 bar level) and near maximum Uniformity and Clarity (both rated at the 8 bar level). This Pennant continues the predominant downtrend visible on the weekly SGD/JPY charts and follows the previous strong downward price impulse (maximum InitialEURUSD – Solid Support at yesterday’s low; Bullish above 1.2465
EURUSD – Although EURUSD traded to a 2 week low yesterday buyers emerged under 1.2243, the 12th June low. This level has acted as support and resistance on 6 occasions in the last 4 weeks. This subsequent rally reversed the majority of the initial daily losses. Furthermore, the intraday chart is showing this as a mild extension of 261.8% (from 1.2745-1.2643). We need to see a break of yesterday’s high to confirm the bullish momentum but the bias is assessed to be mildly positive going intoCurrency outlook & strategy from brokers – Myiris.com
Currency outlook & strategy from brokers Myiris.com Myiris.com has collated views of experts on the currency markets for today. The same are as under: ICICIDirect: ICICIDirect expects the US dollar to attract some buying support on declines against the INR. ``Utilize the lows in the USD/INR June ... |
