Daily Technical Analysis

The bears are in full control still with USDJPY with another bearish day. USDJPY broke through support levels 108. and 107.30 with no sign of stopping. Next support level is 106.0 which could quite easily reach if the building permits data is bad later today. If the data is good we could see the bulls return to action and push price higher.

NZDUSD has shown some bullish action this week after disappointing CPI data out of the U.S. We have broken daily trendline support and currently looking to rally higher if the data today is bad for the US. We are currently trading around the resistance zone so it could potentially go either way.

GBPJPY is currently trading in a descending wedge pattern and just the other JPY pairs is going lower each day with the Bears in full control. A break to top of the wedge and we could see a small rally to the next resistance level . Alternatively a break below could see the 147.50 support level being tested.

The bulls have completely taken over this week and have tested the resistance level of 1.2537. We could see some slight consolidation before further upside momentum resumes. A strong weekly close is crucial if we want to reach the 1.26681 Level next week.

EURCAD has had good bullish week, however we are currently trading at out channel resistance level and if we do not close above 1.5638 this week I will expect a pull back for this currency pair next week.

EURUAD has had a mixed week with the bulls and bears struggling to take control. Currently trading in a daily flag pattern which price is moving back down to support as of writing this article. With the AUD dollar currently gaining momentum we could see further bearish action for the day.

AUDUSD has had a turn around in momentum the last few days and a strong daily close yesterday is what this pair needed. The next resistance level is 0.8030 which could be tested after todays U.S data release. A positive end today for the AUDUSD pair could signal a bullish reversal for next week.

AUDJPY has been trading in a bearish trend for the last 4 weeks and has printed a possible head and shoulders pattern on the weekly timeframe. A break below the neckline will see a big move to the downside. Alternatively if we close above the neckline we could see the bulls take charge again and rally this pair out of the danger zone.

USDCAD tested the 1.2500 level which confirms it is now resistance after previously being support. Today USD building data is out and this pair could retest resistance or drop to 1.2407 support level.

GBPAUD has formed the right should on the head and shoulders pattern which I discussed in a post yesterday. As expected the bearish leg has started today with 1.750 my support target.


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