Fxcharts
AUDUSD 60min chart Bearish CypherCypher setup
D completion around 0.7315
Target 1 around .0.7232
Target 2 around 0.7180
SL above X
GBPAUD 60 min Cypher setting upHeads up!!
Cypher possibly completing around at 2.1054
TP1 around 2.0826
TP2 around 2.0685
SL around 2.1252
If it drags on (and remains valid) and completes after 1st of the year I'll look at shorting if everything jives.
EURJPY 15 min Cypher setting upThere's a potential cypher looking to complete around132.34.
if it turns on a dime initial targets are:
TP1 around 132.170
TP2 around 132.065
Stops above X around 132.49
GBPAUD. At strong support. Break of 1.80 eventually sees 1.73?GBPAUD: 1.8000. Gbp/Aud made it up to 1.8242 last week, but remained well below the 100 DMA at 1.8320 and the SHS neckline at 1.8380 before reversing sharply to keep the SHS formation intact, where the long term target is at around 1.7300. Below the strong rising trend support right here at 1.8000, the interim targets now appear to be at 1.7931 (23 April low) and then there is little until 1.7775 (200 DMA.). On the topside, there is minor resistance now at 1.8040 and 1.8080 which lies ahead of the 100/200 HMA at around 1.8130/50. I don’t think we are going up here but the short term indicators need to unwind their O/S condition, and a squeeze towards 1.8100, if seen, would be viewed as a sell opportunity.
DXY looking in danger of heading a lot lower, Euro higher.The Dollar Index (DXY), having made a false break to the to topside at the end of last week, has reversed aggressively and is now back below the 200 WMA (79.73) and appears set to test the recent low at 79.26. There is decent support there and again at 79.00-10. However a break of this would head quickly to 78.85 and then to the double bottom at 78.60, below which could be a bit of a black hole for the Index, with little support seen ahead of the Feb 2012 low at 78.09 and then the 61.8% Fibo support down at 77.24.
If the support above 79.00 holds then we could see a near term squeeze to back above 80.00, although the weeks high of 80.45 currently looks well out of reach, with both the daily and weekly momentum indicators looking soft.
Given that the Euro makes up 57.6% of the basket, this looks set to lead the way in keeping the dollar under pressure, and the charts tend to suggest that this time around, we could see a run to 1.4000, above which, there is not too much resistance until 1.4240.
Go to www.fxcharts.com.au for a full daily outlook.
Buying dips in the Euro seems to be the plan.
