EURUSD: The EURUSD coming off the weekly highs posted yesterday post the FOMC statement. The EURUSD started declining at the start of the Asian trading continuing his fall at early European session as well; retracing all of the gains made yesterday and is currently below the opening levels of the week. The recent decline seems impulsive so our preferred strategy is to sell strength as long as we are below 1.3000 figures. Target objectives are at 1.3206 initially, yesterday’s lows and weekly lows as well, following 1.3172 and 1.3147.
NZDUSD: Kiwi dollar coming off from July monthly highs closing lower for a 3rd day in a row. While the AUDUSD posting a new yearly low yesterday. The next major support for the pair is between 0.7890 – 0.7905, if this levels fail to hold as support we could see a resumption of the bearish trend and a move towards 0.7835 followed by 0.7761. Alternatively if this levels holds as support we could see a bounce back to July’s highs at 0.8100.
USDJPY: The USDJPY moving up at the open of the Asian trading and continuing his move up at the open of the European session as well, posting a new weekly high. Resistance is at 98.86, which could be a good level to sell the pair and staying bearish as long as we are below 99.36. Target objectives are at 97.57, the weekly lows initially followed by 97.00 levels. A move above 99.36 will negate our outlook and our bearish bias, and will require revelation of recent price action.
CL: Crude oil posting a long bullish candle in yesterday’s trading, while recent gains retracing 50% of the declines initiated at July 19th highs at 108.89 to July 30th lows at 102.66. Our preferred strategy is selling strength as long as we are below 106.37 for a move of the next leg down before a resumption of the bullish trend. Targets are at 102.66, the weekly lows initially, followed by 102.05 and 100.80. a move above 106.37 would negate our outlook for another leg down before the resumption of the bullish trend and will probably confirm a resumption of the bullish trend.