Weekly FX Roundup

Weekly FX Roundup

Note: Support and Resistance areas noted are general areas of support and resistance and not exact figures.

AUD.USD
50ma- Strong uptrend with 5ma above 10ma. Market is in bullish posture above the 50ma & 100ma.Strategy suggests aggressive buying above the 50ma.
RSI Grid- Market is at 66.23% RSI. Strategy suggests standing aside but close to a sell grid trigger.
50% Fib- Down A-B Wave .9014-.8513, Up 1-2 wave .8513-.9042Short @ .9042 100% extension of A-B wave. Next Sell is .9263 150% extension of A-B.Target is .8783 50% retracement of 1-2 wave.
Notes:Market is trying to take out first overhead resistance at .9014. Follow through buying would confirmthe bullishness and next upside resistance would be the high at .9396. The RSI is on a long term lower trendA break of that trend would also confirm bullishness.

EUR.USD
50ma- Strong uptrend with the 5ma above the 10ma. Market is in bullish poster above the 50ma & 100ma. Strategy suggests aggressive buying above the 50ma.
RSI Grid- Market is at 65.83% RSI. Strategy suggests standing aside but near short grid trigger.
50% Fib- Down A-B Wave 1.3836-1.3357, Up 1-2 Wave 1.3357-1.4965Short @ 1.3833 100%, 1.4067 150%, 1.4541 250% extenstion of A-B. Next sell is 1.5244 400% extension of A-BTarget is 1.4158 50% retracement of 1-2 wave.
Notes: Market keeps trying to test the overhead resistance @ 1.4962. It has been unable to take that area our however.So far the market looks to be consolidating and creating a ascednging triangle which would be bullish. A break of resistance @ 1.4962 would confirm the signal.

USD.CHF
50ma- Strong downtrend with 5ma below the 10ma. Market remains in bearish posture below the 50ma and 100ma.Strategy suggests aggressive selling under the 50ma.
RSI Grid- Market is at RSI 42.01. Strategy suggests standing aside.
50% Fib- Down A-B wave 1.1594-1.728, Up 1-2 wave 1.0891-1.1594.Long @ 1.0894 100% extension of 1-2 Wave. Next buying is 1.0539 150% extension of 1-2 wave. Target is 1.1245 50% retracement of A-B wave.
Notes:Last week market took out nearest support but has lacked follow through selling. Momentum appears to be growing to the bullish side. This could be the beginning of at least a correction higher. There'sno signal yet, however. Market remains in long term downtrend.

GBP.USD
50ma- Weakening downtrend with 5ma above the 10ma. Market is in bearish posture below the 50ma and 100ma.Strategy suggests limited buying below the 50ma.
RSI Grid- Market is at RSI 45.24. Strategy suggests standing aside.
50% Fib- Down A-B wave 1.9947-1.9645, Up 1-2 wave 1.9332-1.9947No Positions. Next buy is 1.933 100% extension of 1-2 wave. Next sell is 1.9947 100% extensionof A-B Wave.
Notes:none

USD.JPY
50ma- Strong downtrend with 5ma below the 10ma. Market is in bearish posture below the 50ma and 100ma.Strategy suggests aggressive selling below the 50ma.
RSI Grid- Market is at RSI 36.79. Strategy suggests standing aside.
50% Fib- Down A-B wave 114.68-104.9, Up 1-2 wave 107.2-114.68Long @ 107.2 100% extension of 1-2 wave. Next buy is 103.48 150% extension of 1-2 wave. Target is 110.97 50% retracement of A-B wave.
Notes:Market is continuing its long term downtrend. The indicators I watch are trending sideways which could signal consolidation.

USD.CAD
50ma- Moderate downtrend with 5ma below the 10ma. Market is in moderate posture below the 50ma and above the 100ma.Strategy suggests moderate selling below the 50ma.
RSI Grid- Market is at RSI 28.28. Strategy suggests standing aside but near a long grid trigger.
50% Fib- Down A-B wave 1.183-.9053, Up 1-2 wave 1.1563-1.183Long at 1.135 150%, 1.1077 300%, 1.059 500%, .9989 750%, .9253 1050% extension of 1-2 wave. Nextbuy is .8460 1400% extension of 1-2 wave.
Notes:Market has taken out its RSI uptrend and momentum has turned lower. Prices have also broken their uptrend.A confirmation of the bearishness would be a breach of nearest support at .981. The question is this a newtrend lower or simply a correction before heading higher?

NZD.USD
50ma- Strong uptrend with 5ma above the 10ma. Market is in bullish posture above the 50ma and 100ma.Strategy suggests aggressive buying above the 50ma.
RSI Grid- Market is at RSI 67.03. Strategy suggests standing aside but near a short grid trigger.
50% Fib- Down A-B wave .8106-.6639, Up 1-2 wave .6639-.7958No Positions. Next buy is ,6639 100% extension of 1-2 wave. Next sell is .8106 100% extension of A-B wave.
Notes:Market has been consolidating since last October between .7958 and .7371. It is on the top of the channel.The indicators I watch suggest a bullish break though of the channel. Watch for confirmation to the upside.