The week ahead should see usa/jyn move towards our target of 103 with 98.68 now key support. Only a sustained breech of this area takes the pressure off the topside. Cross pairs need to be watched very closely.
As predicted at the start of last weeks update euro/usa has moved back to the 1.3100 area and the next likely target is the 1.2800 area as I see little to no support in the 1.3100 area. Resistance however now is building in the 1.3268 area and will likely contain any rallies before the next leg down.
The usa/chf has broken higher and the early warning of this came from the medium and long term cross over. I expect the pair to move towards the 1.1800 area in days ahead.
On the cross pair’s aud/nzd continues to challenge the 1.2350 area and a sustained break of this area takes the pressure off the downside. This presents a good opportunity for us as if this area holds we will return back to the 1.2092 area and if 1.2350 is breeched we should see 1.2500. Either way by identifying the key level of resistance risk is limited. Shorts still recommended for now however with stops over 1.2400.
Please click on the link provided to view the outlook for the week ahead.
http://traderplanet.com/Video_Ed/index.php?page=videos§ion=view&vid_id=100400
