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EUR/USD: Trend-Line Broken

Eurodollar has broken down and closed below the major trend-line from the July '12 lows, which is a bearish indication. This morning there has been a recovery to 1.2860 but it is unlikely to go much higher as upside is capped by the underside of the trend-line just breached and a thick grouping of pivots and moving averages at 1.2870. The trend-line break suggests there will probably be a stronger move lower, with an eventual target all the way down at 1.2455 although the monthly pivot situated at 1.2580 supplies a nearer, more achievable objective.
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USD/JPY: Channeling Higher

The USD/JPY pair is steadily rising in an upward-slanting channel. The target from the triangle breakout lies at 104.00 and forms a probable eventual target. There has been some weakness recently, however, and the pair could continue selling off a little more until it reaches the lower border of the channel at 102.30. At that level, however, it would probably resume the up-trend, rebounding back higher and reaching the top of the channel at 103.50 initially, before the eventual target at 104.00.

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Analysis By: Joaquin Monfort, Forex4you Analyst - Belajar Forex

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether currency trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

AUD/USD: Attempting Triangle Breakout

The aussie dollar has fallen to a major support level provided by the lower boundary of the multi-month triangle it has been moving in on the long-term charts. It looks poised to break lower after showing even more weakness today. It has broken down through the monthly pivot which was adding its weight to support at 0.9835. However, a daily close below 0.9780 would be necessary for indicating a breakout. A move below 0.9580 would also give even stronger confirmation. The downside target if the triangle breaks lies at 0.8050.

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EUR/USD: Consolidating On Key Trend-Line

Eurodollar continues to consolidate at the critical 1.2860-70 level where the weekly and monthly pivot and the trend-line for the move up since summer '12 are all situated and offering support. A bounce higher is possible with - first 1.2930 at the consolidation range highs providing initial resistance - and then if that is broken 1.3000. A close below 1.2860, however, would provide confirmation of a bearish breakdown with a downside target of 1.2580 initially. A decisive move below 1.2840 might also indicate further downside to the same level.

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USD/JPY: Consolidating In Up-Trend

The exchange rate is in an up-trend but consolidating again in the 102.50s. It will probably go higher to 104.00, the target generated by the breakout from the recent ascending triangle. 104.00 is also where the weekly and monthly pivots lie. Momentum is a little overbought now however, so it is also possible the current consolidation could extend sideways for longer, or even possibly break-down, with a move below the 101.75 range lows falling to 101.25, followed by the pivots at 100.70.

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Analysis By: Joaquin Monfort, Forex4you Analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether currency trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

EUR/USD: Supported By Trend-Line

Eurodollar has now fallen to support from a trend-line and major pivots at around 1.2860. It is currently consolidating at this level. If it breaks down and closes below the trend-line then it will signal a bearish reversal with a downside target of 1.2450 - although the monthly pivot at 1.2580 is a closer more achievable target. Alternatively a strong move above the 1.2890 highs could signal a bounce with an upside target of 1.2965.

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GBP/USD: Consolidating On Support

Cable has broken out of its channel and fallen heavily, although it still has further to go, with the eventual target for the breakout lying down at 1.5035. Currently it is consolidating on support from the monthly pivot at 1.5190. Whilst it may bounce from here temporarily it will probably roll-over eventually and reach the 1.50 target. If there is a bounce from the current level then it will probably stop at resistance from the 50-day MA at 1.5250, before perhaps resuming the down-trend, and a break above the 50-day would be pre-requisite to renewing bullish demand.

(click to enlarge)

Analysis By: Joaquin Monfort, Forex4you Analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether currency trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.