U.S. Dollar. Our bias NEUTRAL, we’ll be sidelines until a clearer picture emerges

By last Fridays close the U.S. Dollar Index had shed 1.2%
Markets fearful debt ceiling agreement not reached by Aug 2nd
Uncertainty over debt ceiling & Fridays NFP report likely to generate volatility across U.S. Dollar pairs
U.S. Dollar Index completing a 5 waves down pattern to potentially form a bottom & reversal

Euro. Our bias BEARISH, we’ll be looking to sell on rallies

Last week, EURUSD completed a 300 point round trip in price action
Greek credit rating downgraded yet again by ratings agencies
ECB rate decision due this Thursday with investors seeing a 62% chance of a rate hike
Descending trend-line from May intersecting with 12th-28th July short term rising trend-line, providing formidable resistance
We are looking lower to 1.4100 over the coming week

Japanese Yen. Our bias NEUTRAL, on the sidelines till a clearer picture develops.

Japanese Yen was up more than 1.8% against the U.S. Dollar last week
BoJ carefully monitoring Yen price action at present
Investors wary of central bank intervention in the week ahead
USDJPY continues to fall to the March panic low at 76.27
Fibonacci levels coincide with 76.27, potentially providing significant support

British Pound. Our bias BEARISH, we’ll be looking to sell on rallies

Last week, Sterling up against Dollar, Euro & Loonie but weaker against the safe-havens
BoE rate decision due Thursday with investors seeing almost no chance of a rate hike
GBPUSD rally from the 12th July low at 1.5800 has unfolded in 5 waves
Near term top expected followed by an ABC corrective decline

Canadian Dollar. Our bias BULLISH, we’ll be looking to buy on dips

Loonie weakened last week against its major counterparts
Employment data due Friday
USDCAD has rallied sharply from the 26th July low at 0.9405 but faces potential channel resistance at 0.9600 levels
Expectations are for resistance at 0.9600 & a re-test of 0.9400 record lows

Australian Dollar. Our bias BULLISH, we’ll be looking to buy on dips

Aussie performed well last week, despite equities plunging
RBA rate decision due Tuesday
AUDUSD may drift sideways to test near term support at 1.0900 levels early this week
We are looking higher to a measured target of 1.1167 in the week ahead

New Zealand Dollar. Our bias BULLISH, we’ll be looking to buy on dips

NZDUSD set fresh record highs last week
Employment data due Thursday
NZDUSD rally from 0.8109 is viewed as the 3rd wave within a 5 wave advance from 0.7965
Support at 0.8620 provides an opportunity to buy on a 5th wave advance to new record highs