Morning traders,
I see a bearish trend for most of the major pairs. Here are some for your reference:
EURUSD: Sees Further Downside Momentum, Test And Breach Of The 1.2484 Level Envisaged
With a decisive breach of the 1.3259(Sept 10’08 low) and 1.2728(Oct 22’08 low) seen, EUR now looks to weaken further lower through the 1.2484 level, its Oct’06 low and extend additional losses towards its Jan/April’06 highs at 1.2334/24.The next two big support levels are located at the 1.2134 level, its .50 Ret(its 0.8231-1.6038 high, monthly chart) and then its Nov’05 low at 1.1640.Weekly and monthly momentum indicators are bearish supporting the current declines.
Directional bias:
Nearer Term –Bearish
Short Term –Bearish
Medium Term –Bearish
GBPUSD: Collapses Through The 1.6000 Level, Keeps The 1.5471 Level Under Pressure
GBP broke and held below its psycho level at 1.6000 Friday following its sustained break and close below its Oct 10’08 low at 1.6786.The pair is at its lowest price since 1992 and the mentioned declines has now opened up downside risk towards its Aug’2003 low at 1.5471 initially and next the 1.5219 level, its Oct’02 low followed by the 1.4837 level, its Oct 2001 high. Its weekly studies are negative and pushing to the downside suggesting further weakness.
Directional Bias:
Nearer Term -Bearish
Short Term -Bearish
Medium Term -Bearish
USDJPY: Invalidates The 95.75 Level, Resumes Its Decline Started At The 124.15 High.
USDJPY decisively cleared its Mar’08 low at 95.75 Friday and resumed its longer term weakness started at the 124.15 in Jun’07 to close the week lower at 94.31 after testing an intra day low of 90.91.The latter level is now exposed to fresh attacks with a loss of there turning attention to the 86.52 level, its 1.618 Fib Ext.The ultimate longer term test lies at the 79.70 level, its April’1995 low. Higher timeframe charts are supportive of this view.
Directional Bias:
Nearer Term -Bearish
Short Term -Bearish
Medium Term -Bearish
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