EUR/USD
The EUR/USD pair fell significantly during the course of the week, breaking below the bottom of the hammer from the previous week. That being the case, we ended up closing just above the 1.28 level though, and as a result we could very well see a bounce from here. Nonetheless, we have no interest in selling this market unless break down below the 1.28 support level on at least a daily close, and then at that point in time we believe that the market should go to the 1.25 level, and then possibly even as low as 1.22 over the course of longer-term trading.
AUD/USD
The AUD/USD pair initially tried to rally during the course of the week, breaking above the 0.90 handle. However, we had enough resistance to turn the market back around and form a shooting star. We did close just above the 0.89 level though, and as a result we will more than likely struggle a little bit to fall from here. However, if we get below the 0.89 level, I think that the market then heads to the 0.87 handle. As far as buying is concerned, I have no interest until we get well above the 0.92 level.
USD/CAD
The USD/CAD pair fell during the course of the week, but found enough support at the 1.09 level to bounce slightly and close just below the 1.10 level. If we can get above the 1.10 level, we feel that this market then goes to the 1.11 handle, and then ultimately to the 1.12 level. With this market been so bullish, I have no interest whatsoever in selling at this point in time.
GBP/JPY
The GBP/JPY pair shot all the way up to the 180 level in reaction to the Scottish Independence Vote failing. However, you can see that we fell fairly significantly and as a result a once massively bearish candle suggests a little bit different story now, that perhaps we still have an upward bias in this market, but not enough to completely take off.
If we get a pullback on a daily chart with signs of support, I believe that this market will make another attempt at the 180 handle. We will ultimately break out above there as the Japanese yen is so we get the moment. I am buying pullbacks, but I need to see at least a daily candle for signs of support. I believe that the 170 level is massively supportive below, so even if we don’t get the opportunity this week, we will more than likely get it next week.
