spotfxtrader

Should the anticipated weakness discussed earlier fail to materialise, the next upside objective is 1.0512

Market has probed through the 1.4223 level and dropped back fairly impulsively into the range. Further gains can’t yet be ruled out however; the market has at least so far held above the minor level at 1.3870 and it would really take a conclusive break of the old swing low at 1.3693 to indicate a potential completion of the move up off the August low, leaviong a significant high in place.

Above, 1.4400 and 1.4577 remain valid possibilities.

Looks like a pretty good hit of our 1.0159 objective, as the market appears now to have entered a period of consolidation below this level. Action off the high appears corrective and we now look for test of the band of consolidation between 1.0070 and 1.0026, with some possibility for an extension down to the .9982 area. The probability of that occurring will depend on how this pattern unfolds.

Upchannel regained, uptrend in place, next objective 1.4223.

EURUSD in clear uptrend. 1.4223 targeted.

1.0159 remains the objective, but for now the market has stalled at the .9982 intermediate term objective.

AUDUSD stalls at .9982

The market is trailing up the underside of the penetrated channel and looks set to test 1.4047 or possibly the old swing low from last december at 1.4223

EURUSD tracking the underside of the upchannel

If the current strength can clear .9938,  we should see a test of next intermediate objective at .9982  which more or less coincides with the upper boundary of the upchannel…

Yesterday witnessed new highs, as the recovery from the RBA rate announcement selloff  produced sufficient momentum to take out the July 2008 .9849 high.  Some consolidation back to the area of the previous highs around the .9720 – .9750 would not be impossible and this could develop into a more prolonged consolidation which would test the lower boundary of the uptrend channel somewhere around the .9660 – .9630 area.

But overall the next objective is 1.0159

EURUSD is near resistance at 1.3907 which marks the 61.8% retracement from the highs in November last year.

EUR maintains steep upmove vs USD

Yesterday’s inaction by the Reserve Bank of Australia led to a nice pullback in AUDUSD, which took the market back into the last area of consolidation between the .95 handle area from September, the day’s low forming at .9540. This decline has failed to test the lower bound of the upchannel in place since the August low however, and the market subsequently snapped back to the highs where it has now paused.

The Aussie maintains its upchannel versus the USD

The market is below the .9849 high from July 2008 and looks set for further consolidation back to the lower boundary of the fast upchannel off the august lows.

We remain bullish on the Aussie however and anticipate new highs above 1.00