The week ahead starts light
with no main economic events. However on Wednesday we have ADP report and FOMC statement and on Friday the US unemployment
data. Obviously the data announced will play a big impact on USD and may initiate
a dollar rally
AUDUSD: The pair failed for a third time to
break above 1.06 and as a result it turned lower. Indicators are
starting to turn negative. A very critical level is 1.0370. If this level
breaks it would initiate a very strong sell bias. Either wise we may see a
continuation of the range and another attempt to break higher. Overall not a
clear picture
EURUSD: The
pair has finally reached a critical area (1.3450-1.350) as it was expected from
last week. As of last Friday I remain neutral to the pair .Technically it
remains in a strong uptrend. Nonetheless it needs to be seen how price will
behave in the current level for someone to decide if there is a continuation to
the uptrend or a long due reversal .If prices broke decisively (daily close)
above 1.3520 the we may seen a continuation of the bullish trend and a quick
climb to 1.38-1.40 area. A critical support remains 1.3245. If this brakes then
we may see a further sharp correction to 1.3120.
EURJPY: The pair is in a bullish frenzy run. It has broken decisively the
psychological 120 level and close the week on the highs indicating that there
is a still power left for the continuation of the uptrend. The main
resistance remains 123,127,138.
EURAUD: The
pair is taking advantage of the rise in euro. Bullish bias has finally been established.
The pair has started a nice uptrend and may climb very quickly to 1.40
EURCHF: The
pair has finally start trading higher reaching 1.25 level. It has
established a strong uptrend and it is expected to go higher testing the 1.30
level
USDCHF:
The pair is starting to build an uptrend momentum due to CHF weakening. However
the rise in the EURUSD is an obstacle and we may see a small correction
before strong uptrend is established
GBPUSD:
The pair has finally broken the psychological 1.60 level and now is in clear
sell mode. In the long run and as long it remains below 1.60 it is
expected to go lower 1.51 .None the less we may see a small upward correction
this week
USDJPY: The
star of the recent weeks. Managed to close above 90 levels for a second week .A
correction is long overdue but not a clear sign yet as uptrend is still very
strong. Not very clear picture
