USD/JPY-More At The 110.66 Low Than You Might Think

EUR/USD

Weekly

Chart Prepared by Jamie Saettele, CMT

-The most recent comments noted that “the failed breakout could be bearish but EUR/USD is still in a range (could end up as a triangle or flat from the 2015 low) and levels to pay attention to for support are 1.0872 (year open) and 1.0820 (May and July 2015 lows)…a break above 1.1500 would argue for the flat pattern interpretation into the mid-1.20s.” The low 2 weeks ago was 1.0820, which is also the trendline that extends off of the 1985 and 2000 low. 1.1500 remains range resistance. A break above would set an objective near 1.25.

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GBP/USD

Weekly

Chart Prepared by Jamie Saettele, CMT

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-There is no change to recent comments regarding GBP/USD. “Close on last week’s low and the low to high move this week leave us with a ‘tweezer bottom’ candlestick formation (FXTW pointed out tweezer bottoms in AUD/USD at the September and January lows). This is a reversal pattern. The fact that the pattern formed amid the chaos of headlines (sentiment extreme on ‘BREXIT’) and at a confluence of trendlines indicates increased risk for a decent sized bounce. General focus is higher, probably until the low 1.50s.”

GBP/USD

Weekly

Chart Prepared by Jamie Saettele, CMT

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AUD/USD

Weekly

Chart Prepared by Jamie Saettele, CMT

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-FXTW has maintained since the start of 2016 that “divergence with RSI on the weekly serves as a bullish reversal warning and that resistance may reside in the mid .7400s.” AUD/USD has pressed into the congestion zone that dominated 2015 so near term trade may take on a more ‘choppy’ tone. Irrespective, focus is higher as per the break above the October and December highs.