EURJPY Medium Term Outlook

The move higher through 99.50 triggered a long trade last week and the pair has since moved up. We look to raise our stop to a tight 99.00. Target levels are 100.76, 38.2% pullback of loss from 111.45-94.11, then towards 101.65, June peak and possibly 1.0239 (261.8% extension from 94.11-97.36). This would be the maximum target and we would then look for a correction lower (in a possible right shoulder)

 

EURGBP Medium Term Outlook

We still hold an upward bias with .7967, Fridays Marabuzo coming in as good support today. A full AB=CD correction would be .8021 but .8043 is more interesting. This is not only the daily channel top but ‘lines up’ perfectly with 38.2% pullback level from .8507 and .7755

USDCAD Medium Term Outlook

The bears are still in command of USDCAD and we got our break of the ascending daily triangle on Thursday. The immediate target level for this formation is .9733. A break there and our last area is .9684-65.

AUDUSD Medium Term Outlook

Buyers emerged under 1.0178, week 23rd Jul low, and reversed all of the initial losses last week. However, this looks to be forming a bearish Head and Shoulders formation with the right shoulder situated at 1.0428. First support is seen at 1.0335 today (Fridays Marabuzo) but trading could be choppy this week until we meet this key target. We hold a mildly bullish stance but not enough to trigger an outright buy signal. We prefer to look for ‘shorts’ once the trend has been rejected. Please await a further update

USDCHF Medium Term Outlook

The outlook remains mildly bearish for USDCHF (but the -1 correlation with EURUSD has now ended). We look to lower the stop on balances to .9610, 5th Sept peak as we approach the previous support level of .9417. A bounce here could produce profit taking rally towards .9772, a break and .9140, 261.8% extension level comes into focus.