EUR/USD:
EUR/USD:" title="EUR/USD:" width="715" height="518">
EUR/USD:
1.3446
Short-Term Trend: uptrend
Outlook:
EUR rallied stronly last week and thus confirmed our bullish Short-Term outlook. My targer remainst at 1.3720 and then I expect to see another move lower twd the 1.2670 key level. But overall I think the single currency has likely made its low for the year. If correct, a major buying opportunity will be present later this year. But of course, other possibilities (more bearish ones) also exist, so I will assess the market one step at a time. For this week the outlook is positive as long as the prices stay abv 1.3200...
Strategy: Stand aside.
GBP/USD:
GBP/USD:" title="GBP/USD:" width="715" height="518">GBP/USD:
1.5868
Short-Term Trend: sideways
Outlook:
The market rallied strongly on Thursday and Friday last week and thus almost negated the previous bearish analysis. The market is still below the 1.5945 level, so theoretically the wave count that I have followed may still be valid. But price pattern is bullish now for gains twd 1.6386 and that is reflected by the wave count presented above. A move abv 1.5945 will confirm this oultook.
on the downside, only below 1.5645 is bearish for 1.5260....
Strategy:Holding short from 1.5780 is favored. Stop=1.5950. Target=1.5280.
USD/JPY:
USD/JPY: " title="USD/JPY: " width="715" height="518">USD/JPY:
81.17
Short-Term Trend: uptrend
Outlook:
A weeek ago we turned bullish based on the price pattern on the daily chart. With the strong rise last week the bullish view has strengthen and now it seems a Long-Term low is already in place here. If that's the case, the prices will remain abv 78.05 level in the next few weeks and gains twd 83.60 will be seen.
On the downside, below 78.05 negates the current Short-Term uptrend and will instead suggest that the market is trading sideways in a rather broad range.
Strategy: Hold long from 79.70. Stop= 77.80. Target=83.80