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EURUSD continues to grind higher, GBPUSD turning higher once more

EURUSD continues to grind higher

EURUSD is breaking through the key resistance at 1.1230 this morning, which provides a bullish short term signal. This is no doubt a countertrend move, yet the retracement higher seems likely to persist for the short term. Key resistance levels are found at the 61.8% (1.1250) and 76.4% (1.1266) Fibonacci retracements. Shorts are preferred around those levels for a continuation of the downtrend over the past three weeks. Key near term support levels are found at 1.1218 and 1.1180.

GBPUSD turning higher once more

GBPUSD seems to be in the process of turning higher once more this morning, following a sharp pullback in the second half of last week. The medium term outlook is bullish and thus a return to this view was expected before long. With the push above the 1.4523 resistance, there is are tentative signs of a bottom here, where a surge higher seems likely unless price breaks back below 1.4485. Even if this is the case, the medium term bullish view holds unless we see a move below 1.4403. Key resistance levels are 1.4534, 1.4550 and 1.4564, with support at 1.4506, 1.4485 and 1.4465.

USDJPY sells off from trendline resistance

USDJPY has sold off sharply from the key resistance level we have been watching last week. The break below 109.46 in particular is a sign that we could be seeing either a strong retracement lower, or a top in play here. As such, we have a clear bearish view. However, it is worthwhile being somewhat wary of jumping into such an extended move lower. Thus rallies are likely to be sold into, with 109.70 resistance and Fibonacci pullbacks of particular interest. We would need to see an hourly close back above 110.66 to negate this bearish view.
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