The SP500 completed the 5 wave and is trading at 1674.3 levels. We mentioned in our previous reviews that price action in the SP500 has formed an ascending triangle in the SP500 and that we might be in the middle of the 5th wave, with target objectives approximately at 1675. The index has completed the 5th wave and is currently at support levels. Next area of interest lies at 1654.45 and 1651.6. Bias is to the downside as long the index is trading below OCT 4th highs at 1691.75.
The GBPUSD closing yesterday higher, retracing some of the losses made last Friday. The GBPUSD came off more than 250 pips from the monthly highs set on OCT 1st at 1.6260. Weekly bias remains to the downside as long as the pair is below Friday’s highs at 1.6177. The GBPUSD might be in a corrective move to latest gains in the pair. Targets are at Friday’s lows initially at 1.6004, followed by 1.5951.
EURJPY retracing some of the losses made yesterday, as the pair formed a new weekly and a monthly low as well at 131.10. The pair has found support at that levels, which is the also the support trend line set from JUN lows. The EURJPY is currently trading at 131.70.Weekly bias remains to the downside as long as the pair is trading below 132.13. A break below the support trend line could accelerate declines. Targets are at the daily lows initially at 131.10, followed by 130.84 and 130.51.