Note: Holidays will make the market very sluggish
$EURUSD:
Currently we are at 1.3043. The cross is still showing lots of bearish signs including a continuation of the DAY down trend and a bear flag on the 240 chart. A break of the bear flag would start wave 5 to the downside and a move to the double bottom at 1.2943. A break of that has an immediate target of the 1.618 Fib extension @ 1.2829 with the S6 target sitting at S6 ( day chart) @ 1.2645. Should we not get a continuance and a breakout north look for the 1.3300 area for a bounce back to the downside. The average daily range for the cross is 104 pips.
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$USDJPY:
Currently we are at 78.07. The cross looks bullish with a ascending wedge on the 240 chart just above the .382 Fibo. A break of the wedge would signal a move to the upside to the double top at 79.54. Should we breakout south look for the 77.00 area for a bounce. The average daily range for the cross is 34 pips.
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$GBPUSD:
Currently we are at 1.5592. The cross is still showing lots of bearish signs similar to the EURUSD including a continuation after the third attempt to break the 1.5800 top. A break down of the 240 trendwall and the S6 @ 1.5566 would signal a move to the 1.5400 area – a psychological support. A break of the bear flag would start wave 5 to the downside and a move to the double bottom at 1.2943. There is a further downside target at 1.5354. Should we not a breakout look for the 4th attempt at the 1.5800 area. The average daily range for the cross is 111 pips.
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$AUDUSD:
Currently we are at 1.0151. The cross is stuck in a large wedge and showing signs of trying to break north. With the current USD climate bullish will have to see if it can break the current top. A break of the wedge north would signal a move to the R6 at 1.0275 with the upper target being the 1.0572 (1.270 fib extension). Should we not get a move downward look for the return to the R4/wedge wall @ 1.9898. The average daily range for the cross is 121 pips.
