EURUSD’s corrective fall from the July 28, 2009 high of 1.4304 has reached a low of 1.4007 during Wednesday’s US session, as prices have now moved within the 1.4120-1.4191 consolidation zone of the 1.4304-1.4007 fall. Only a two hour open and close above 1.4120 confirms the fall from 1.4304 is complete at 1.4007 as prices will then continue to move higher towards 1.4191 while 1.4090 supports. For the session ahead, look to buy EURUSD at 1.4090 stop loss below 1.4060 for 1.4191 initial target. As to the broad outlook, the rise from the April 22, 2009 low of 1.2885 remains active with a daily open and close above 1.4234 confirming the rise to 1.4718 is underway while ONLY a daily open and close below 1.5846 will complete this rise while the June 3, 2009 high of 1.4338 caps.
GBPUSD rise from the Aprl 22, 2009 low of 1.4336 remains active as ONLY a daily open and close below 1.5846 will complete this rise while the June 30, 2009 high of 1.6743 caps. Intraday prices continue to move higher as of this writing as a 4 hour open and close above 1.6580 suggest further price extension towards 1.6743 and beyond. Our upside target remains 1.7561 as a daily open and close above 1.6693 will confirm the rise to 1.7561 is underway.
EURUSD’s short term rise from the July 8, 2009 low of 1.3832 is complete at yesterday’s 1.4304 high as prices have moved within the 1.4012-1.4124 consolidation zone. Now that prices have moved within the mentioned short term consolidation zone, a sustained break of this zone will see further price extension in the direction of the break with 1.3933 as the initial downside target while 1.4186 as the initial upside target. As to the broad outlook, no change as ONLY a daily open and close below 1.3783 will complete the rise from the April 22, 2009 low of 1.2885 at 1.4338. As to the intraday fall from yesterday’s 1.4304 high, this corrective wave remains active as only a 1 hour open and close above 1.4120 will complete this fall while yesterday’s 1.4007 low holds. A daily close today below 1.3937 will suggest further downside risk in the days ahead with 1.3783 as the objective. For the session ahead, attempt small shorts at 1.4120 with stop loss above 1.4156 for 1.3783 target.
GBPUSD remains bid with 1.7516 as our long term objective while prices remain above 1.5846, as ONLY a daily open and close below 1.5846 will complete the rise from the April 22, 2009 low of 1.4396 at 1.6743. Intraday prices are moving higher as the corrective fall from this weeks 1.6555 high is complete at yesterday’s 1.6337 low and have moved within the 1.6420-1.6472 intraday consolidation zone. Look for a sustained break of this zone to see further price extension in the direction of the break with downside target of 1.6350 and initial upside target of 1.6508. For the session ahead, sell GBPUSD at 1.6472 with stop reverse above 1.6508.
EURUSD’s rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.3783 completes this rise while the June 3, 2009 high of 1.4338 caps. For the session ahead, look for EURUSD to continue to move higher towards 1.4290 while 1.4115 limits the downside as a sustained break of 1.4290 will see a retest of the June 3 high of 1.4338 followed by 1.4363.
GBPUSD’s rise from the April 22, 2009 low of 1.4396 remains active as ONLY a daily open and close below 1.5846 completes this rise while the June 30, 2009 high of 1.6743 caps. As to the upside, a daily open and close above 1.6693 will see further price extension with 1.7516 as the objective. For the session ahead, look for further intraday rise towards 1.6585 followed by 1.6743 while 1.6373 limits the downside.
EURUSD’s rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.3783 will complete this rise at the June 3, 2009 high of 1.4338 with prices then continuing to move lower wihin a 1.3440-1.3783 consolidation zone before another attempt to the upside. As to the short term rise from the June 14, 2009 low of 1.3911, ONLY a 2 hour open and close below 1.4068 will complete this rise while the june 16, 2009 high of 1.4165 caps. For the session ahead, sell EURUSD at 1.4148 , stop loss at 1.4178 for 1.4008 target.
GBPUSD’s rise from the April 22, 2009 low of 1.4396 remains active as ONLY a daily open and close below 1.5846 will complete this rise while the June 30, 2009 high of 1.6743 caps. As to the short term rise from the July 13, 2009 low of 1.6031, this wave remains active as ONLY a 2 hour open and close below 1.6307 will complete this rise at the June 16, 2009 high of 1.6478, as prices will then continue to move lower within a 1.6202-1.6307 consolidation zone before another attempt to the upside.
EURUSD’s rise from the April 22, 2009 low remains active as ONLY a daily open and close below 1.3783 will complete this rise while the June 3, 2009 high of 1.4338 holds. A daily open and close below 1.3783 will then see prices continue to move lower within a 1.3440-1.3783 consolidation zone before another attempt to the upside. As to the intraday outlook, look for prices to continue to move lower initially targeting 1.3832 while 1.3980 caps.
GBPUSD’s rise from the April 22, 2009 low of 1.4396 remains active as ONLY a daily open and close below 1.5846 will complete this rise at the June 30, 2009 high of 1.6743, with prices then continuing to move lower within a 1.5293-1.5846 consolidation zone before another attempt to the upside. For the session ahead, look to sell GBPUSD while 1.6220 caps for 1.5846 initial target.
EURUSD’s rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.3783 will complete this rise at the June 3, 2009 high of 1.4338 with prices then continuing to move lower within a 1.3440-1.3783 consolidation zone before another attempt to the upside. Look for intraday prices to continue lower while 1.4000 caps with 1.3783 as the next objective.
GBPUSD’s broad outlook remains bid as ONLY a daily open and close below 1.5846 will complete the rise from the April 22, 2009 low of 1.4396 at last week’s 1. 6743 high. Daily studies confirmed a sell on July 2, 2008 with 1.5846 as the next objective. For the session ahead, look for GBPUSD to continue lower while prices remain below 1.6427 for 1.5846 objective.
EURUSD’s broad outlook remains bid as the rise from the April 22, 2009 low of 1.2885 reached 1.4338 on June 3, 2008, as ONLY a daily open and close below 1.3783 will complete this rise while the June 3 high of 1.4338 caps. As to the intraday outlook, the fall from yesterday’s 1.4152 high remains active as only a 30 minute open and close above 1.4058 will complete this fall with prices then continuing to move higher initially targeting 1.4094. Once intraday prices have moved within the 1.4058-1.4094 consolidation zone, a break outside this zone will see further price extension in the direction of the break with 1.4152 as the upside target and 1.3950 as the downside target. However, the prevailing trend remains to the upside while prices remain above 1.3783.
GBPUSD’s broad outlook remains bid as ONLY a daily open and close below 1.5846 will complete the rise from the April 22, 2009 low of 1.4396 at yesterday’s 1. 6743 high. As to the intraday from Tuesday’s 1.6743 high, this fall remains active as only a 1 hour open and close above 1.6521 will complete this fall while today’s Asian session low of 1.6383 holds. However, daily studies and yesteray’s daily close favor lower prices in the days ahead with 1.6231 as the next objective. For the session ahead, look to sell GBPUSD within the 1.6521-1.6563 zone for 1.6231 objective.
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