EURUSD fall from the June 3, 2009 high of 1.4338 reached 1.4069 yesterday and remains in the the 1.4172-1.4235 intraday consolidation zone as a sustained break outside this zone will see further price extension in the direction of the break. As to the rise from the May 28, 2009 low of 1.3792, this rise remains active as ONLY a daily open and close below 1.4129 will complete this rise with prices then continuing to move lower within the 1.4001-1.4129 consolidation zone before another attempt to the upside.
GBPUSD has sustained below the previously sited 1.6161-1.6353 consolidation zone as risk for lower prices remains with the May 28, 2009 low of 1.5852 as the next objective. Look for prices to continue lower with a susatined break of 1.5852 favoring further downside risk towards 1.5796.
We will have a detailed outlook for the week ahead after today’s close.
EURUSD’s rise from the May 28, 2009 low of 1.3792 remains active with the December 18, 2008 high of 1.4718 as the next objective. Only a daily open and close below 1.4129 will complete this rise while yesterday’s 1.4338 high holds, as prices will then continue to move lower within a 1.4065-1.4129 consolidation zone before another attempt to the upside. As to yesterday’s intraday fall from 1.4338, this wave is complete at yesterday’s 1.4108 low with prices now within the 1.4196-1.4250 consolidation zone. Look for a sustained break of this zone to see further price extension in the direction of the break.
GBPUSD’s rise from the May 28, 2009 low of 1.5852 is complete at yesterday’s 1.6662 high as prices have moved within the 1.6161-1.6353 consolidation zone. In that prices are now within this zone, a sustained break of this zone will see further price extension in the direction of the break. The medium term rise from the April 22, 2009 low of 1.4396 remains active as ONLY a daily open and close below 1.5796 will complete this wave while yesterday’s 1.6662 high holds. As to yesterday’s fall from 1.6662, this wave remains active as only a 1 hour open and close above 1.6381 will complete this fall while today’s 1.6208 low holds. Once prices have moved within the 1.6381-1.6489 zone, look for a sustained break of this zone to see further price extension in the direction of the break.
EURUSD has reached our target with yesterday’s 1.4245 high with the December 18, 2008 high of 1.4718 as the next objective. EURUSD’s short term rise from the May 28, 2009 low of 1.3792 remains active as ONLY a daily open and close below 1.4072 will complete this rise while yesterday’s 1.4245 high holds. As to the rise from the May 18, 2009 low of 1.3423, this wave remains active as ONLY a daily open and close below 1.3931 will complete this rise with prices then continuing to move lower within a 1.3737-1.3931 consolidation zone before another attempt to the upside. For the session ahead, look to buy EURUSD ahead of 1.4072 for 1.4718 target.
GBPUSD has reached our 1.6084 and 1.6455 targets with 1.6711 and 1.6851 as the next objectives. As to the intraday rise from yesterday’s 1.6182 6:00 GMT low, this rise remains active as ONLY a 1 hour open and close below 1.6377 will complete this rise with prices then continuing to move lower within a 1.6302-1.6377 consolidation zone before another attempt to the upside. As to the short term rise from the May 28, 2009 low of 1.5852, this rise remains active as ONLY a daily open and close below 1.6251 will complete this rise while yesterday’s 1.6497 high holds, as prices will then continue to move lower within a 1.6098-1.6251 consolidation zone before another attempt to the upside. Fot the session ahead, look to buy GBPUSD within the 1.6302-1.6377 zone with stop loss below 1.6256 for 1.6711 as the next objective.
EURUSD’s rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.3605 will complete this rise while the May 22, 2009 high of 1.4050 holds. Look for prcies to continue to move higher while 1.3605 support with 1.4184 as the next objective. As to the intraday rise from today’s 1.3792 low, this rise remains active as ONLY a daily close below 1.3910 will complete this rise while today’s 1.3983 high holds as prices will then continue to move lower within a 1.3865-1.3910 consolidation zone before another attempt to the upside.
GBPUSD’s has reached our previously sited target of 1.6084 as this represents the 50% of the 1.8666-1.3502 fall, with a daily open and close above 1.6084 confirming further price extension to the upside with 1.6693 as the next objective. As to the current rise from the May 18, 2009 low of 1.5116, this wave remains active as ONLY a daily open and close below 1.5715 will complete this rise with prices then continuing to move lower within a 1.5486-1.5715 consolidation zone before another attempt to the upside. As to the intrady rise from yesterday’s 1.5771 low, this rise is complete at 1.6085 with prices currently trading within the 1.5849-1.6012 consolidation zone, witha a 2 hour open and close outside this zone witnessing further price extension in the direction of the break.
EURUSD continues to consolidate the medium term rise from the March 4, 2009 low of 1.2455 and the March 19, 2009 high of 1.3735 as a daily open and close above 1.3433 confirming the rise has once again resumed with 1.3854 as the next objective. As to the downside, prices will need to open and close below 1.2888 to confirm the move lower initially targeting 1.2729 has resumed. Intraday, the rise from Friday’s 1.3227 low remains active while prices hold above 1.3300. For the session ahead, look to buy EURUSD within the 1.3250-1.3287 zone with stop loss below 1.3224 for 1.3380 followed by 1.3433 initial targets.
GBPUSD remains in a corrective rise from the March 11, 2009 low of 1.3653 as only a daily open and close below 1.4467 will complete this rise while the April 16, 2009 high of 1.5067 holds. As to the broad outlook, the fall from the September 25, 2008 high of 1.8666 remains active as ONLY a daily open and close above 1.5475 will complete this fall while the January 23, 2009 low of 1.3502 holds. For the session ahead, look to buy GBPUSD within the 1.4847-1.4873 zone with stop loss below 1.4811 for 1.4979 followed by 1.5067 initial targets.
EURUSD’s rise from the May 7, 2009 low of 1.3251 remains active as a daily open and close below 1.3506 will complete this rise while today’s 1.3664 high holds, as prices will then continue to move within a 1.3409-1.3506 consolidation zone before another attempt to the upside. Additionally, last Friday’s daily and weekly close above the 200 day moving average favors further price extension to the upside while daily prices remain above the 200 day MA currently at 1.3456 as of this writing. As to the downside, a sustained move below 1.3409 will see further price extension to the downside with 1.3251 as the initial target. For the session ahead, look to buy EURUSD at 1.3506, stop loss below 1.3450 for 1.3884 initial target.
GBPUSD dramatic rise from the April 22, 2009 low of 1.4396 has reached 1.5352 and remains active as ONLY a daily open and close below 1.4987 will complete this rise with prices then moving continuing to move lower within a 1.4761-1.4987 consolidation zone before another attempt to the upside. However, trendline support from the April 28, 2009 low of 1.4515 has limited the downside during the above mentioned rise as prices have moved below this trendline during today’s European session. Look for a retest of this former trendline support now resistance which comes in at 1.5160 as of this writing. Failure to move back above this trendline would suggest prices will continue to move lower with 1.4987 as the next objective.
DJIA- The Dow Jones Industrial Average corrective rise from the from the March 5, 2009 low of 6469 remains active as ONLY a daily open and close below 7,778 will complete this rise while the May 5, 2009 high at 8587 holds. As to the broad outlook, the fall from the March 2008 high of 13,141 remains active as ONLY a weekly open and close above 9015 will complete this fall with prices then continuing to move higher within a 9015-10,591 consolidation zone before another attempt to the downside. Additionally, once prices sustain above 9015, this will be a good indicator that global economic recovery has sustained with risk for further GDP growth outweighing any potential decline.
EURUSD continues to consolidate the medium term rise from the March 4, 2009 low of 1.2455 and the March 19, 2009 high of 1.3735 as a daily open and close above 1.3433 confirming the rise has once again resumed with 1.3854 as the next objective. As to the downside, prices will need to open and close below 1.2888 to confirm the move lower initially targeting 1.2729 has resumed. Intraday, the rise from Friday’s 1.3227 low remains active while prices hold above 1.3300. For the session ahead, look to buy EURUSD within the 1.3250-1.3287 zone with stop loss below 1.3224 for 1.3380 followed by 1.3433 initial targets.
GBPUSD remains in a corrective rise from the March 11, 2009 low of 1.3653 as only a daily open and close below 1.4467 will complete this rise while the April 16, 2009 high of 1.5067 holds. As to the broad outlook, the fall from the September 25, 2008 high of 1.8666 remains active as ONLY a daily open and close above 1.5475 will complete this fall while the January 23, 2009 low of 1.3502 holds. For the session ahead, look to buy GBPUSD within the 1.4847-1.4873 zone with stop loss below 1.4811 for 1.4979 followed by 1.5067 initial targets.
EURUSD remains in a medium term consolidation pattern of the 1.2455-1.3788 rise, as only a daily open and close above 1.3248 or below 1.2890 will complete this pattern and see further price extension in the direction of the break. As to the intraday outlook, prices will continue to move higher with 1.3248 as the next objective while 1.3100 should limit any downside attempts.
EURUSD corrective rise from the March 4, 2009 low of 1.2455 is complete at the March 19, 2009 high of 1.3738 with prices currently trading within the 1.2945-1.3248 consolidation zone. A daily open and close outside this zone will see further price extension with 1.2730 as the next downside target. As to the short term fall from the April 13, 2009 high of 1.3391, the fall remains active as ONLY a daily open and close above 1.3128 will complete this fall while today’s Asia low of 1.2966 holds. Intraday, look for prices to continue to move lower initially targeting 1.2945 as the next objective while 1.3128 caps.
GBPUSD rise from the March 30, 2009 low of 1.4110 will be complete with a daily open and close below 1.4701, with prices then continuing to move lower within a 1.4476-1.4110 before another attempt to the upside. However, until prices can sustain below 1.4527, medium term risk will remain the upside. As to the broad outlook, the trend remains firmly to the downside as ONLY a weekly open and close above 1.5475 will complete the fall from the September 25, 2008 high of 1.8666 at the January 23, 2009 low of 1.3502, with prices then continuing to move higher within a 1.5475-1.6693 consolidation zone before another attempt to the downside. Shorterm, the fall from the April 16, 2009 high of 1.5067 remains active as ONLY a daily open and close above 1.4804 will complete the fall with prices then continuing to move higher within a 1.4804-1.4905 consolidation zone. For the session ahead, look for GBPUSD to continue to move lower with 1.4589 and 1.4527 as the next objectives.
EURUSD’s intraday rise from 1.3125 remains active as only a 2 hour open and close below 1.3289 will complete this rise while yesterday’s 1.3391 high holds. As to the medium term fall from the December 18, 2008 high of 1.4718, this fall is complete at the March 4, 2009 low of 1.2455, with prices currently trading within the 1.2989-1.3854 consolidation zone, as a daily open and close outside this zone will see further price extension in the direction of the break. For the session ahead, look for prices to stabalize within the 1.3227-1.3289 zone before another attempt to the upside.
GBPUSD’s intraday rise from 1.4606 remains active as only a 2 hour open and close below 1.4799 will complete this rise while today’s 1.4919 high holds, as prices will then move within a 1.4724-1.4799 consolidation zone before another attempt to the upside. As to the broad outlook, the fall from the September 25, 2008 high of 1.8666 remains active as ONLY a daily open and close above 1.5475 will complete this fall while the January 23, 2009 low of 1.3502 holds.
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