(Ranges are calculated using recent high and lows, information on the placement of option strikes, and technical analysis - Fibonacci levels, trendlines and moving averages.)
USD/JPY -- Turning down. The pair has retreated from a six-week high of 124.48 and broken below a short-term rising trend line. It is capped by the 20-period intraday moving average, which has crossed below the 50-period one. The intraday RSI is broken below the oversold 30 level while there is no sign of a bullish divergence. With 124.25 holding as the key resistance, a break below the first downside target at 123.70 would open a path toward the second one at 123.35. Alternatively, above 124.25, a bounce toward 124.50 could be expected.
EUR/USD -- Upside prevails. The pair remains on a rebound from its three-month low at 1.0808 seen on Monday. It is supported by the 20-period intraday MA, which is above the 50-period one. The intraday RSI stays within the buying area of 50-70. The immediate bias remains bullish. Above the key support at 1.0870, the pair is expected to reach the first upside target at 1.0985 and the second at 1.1035. Alternatively, below 1.0870, a downside support would be located at 1.0810.
AUD/USD -- Bias remains bullish. The pair is undergoing consolidation above 0.7400, a level it broke through yesterday. Meanwhile both the 20- and 50-period intraday MAs are well directed, with the intraday RSI staying above the neutrality level of 50. As long as 0.7385 holds as the key support, the pair is expected to challenge 0.7455 on the upside and 0.7475 in extension. The first downside support below 0.7385 would be 0.7345.
NZD/USD -- Bias remains bullish. The pair remains supported by an intraday rising trend line, and seems more likely to post further advance, as the RSI still holds above its support around the neutrality level of 50. The intraday key moving averages are turning up, confirming a positive outlook. Also, a pattern of higher highs and lows remains intact on an intraday basis. As long as the key support at 0.6580 is not broken, look for a new recovery to 0.6670 on the upside and then to 0.67. Alternatively, only the downside breakout of 0.658 would invalidate our positive view, and call for further decline with 0.6555 and 0.6535 as targets.
GBP/USD -- Capped by a negative trend line. The pair is currently challenging its nearest key support at 1.5535, and the risk of the downside breakout of this threshold remains high. The RSI lacks upward momentum. Furthermore, the pair remains capped by a negative trend line in place since July 17, which is expected to push the prices lower. To sum up, as long as 1.5585 is the key resistance, the intraday bias remains bearish with downside targets at 1.5535 and 1.5495 in extension. Alternatively, above 1.5585 look for further upside with 1.5605 and 1.563 as targets.
USD/CHF -- Under pressure. The pair is turning down after the downside breakout of its 20- and 50-period intraday MAs. The negative outlook has also been confirmed by the momentum indicator RSI, which has broken below the neutrality area at 50%, and is mixed to bearish now. And the key resistance at 0.9620 maintains selling pressure on the prices. In which case, as long as 0.962 is not surpassed, look for choppy price action with a bearish bias. Intraday downside targets are set at 0.955 and 0.9505. Above 0.962 look for further upside with 0.965 and 0.968 as targets.
USD/CAD -- Under pressure. The pair has stuck against its key resistance at 1.3000 and has just broken down a rising trend line support. The 50-period intraday MA is also turning down and should play a resistance role now. Also the intraday RSI is below the neutrality level of 50 and lacks upward momentum. A first target to the downside is set at the nearest horizontal support at 1.2900. A break below this level would open the way to further downside targets at 1.2810 and 1.2765. A break above the key resistance at 1.3 would call for further upside toward 1.3045 at first and then to 1.3090 in extension.
EUR/JPY -- Upside prevails. The pair stays above its key support at 134.95 and remains on the upside. A double-bottom pattern has been validated, calling for an intraday trend reversal as possible. The ascending 50-period intraday MA also maintains a bullish bias. Besides, the intraday RSI stands above 50 and lacks downward momentum. Further upside is therefore expected with the next horizontal resistances and overlaps set at 135.95 and 136.40 in extension. A break above these levels would call for further advance toward 136.70. Only a break below the horizontal support at 134.95 would open the way to further weakness towards July 17 bottom at 134.30 at first.
EUR/GBP -- Further upside. The pair has accelerated to the upside after breaking above its July 20 top at 0.6975, and is expected to post further upside. Both rising 20- and 50-period MAs should play support roles now. Meanwhile, the intraday RSI is bullish and calls for further advance as possible. Further upside is therefore expected with the next resistances set at 0.7045 and 0.707 in extension. Only a break below the key support at 0.6975 would open the way to further weakness towards the horizontal support levels at 0.6945 and 0.6930 as likely.
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(END) Dow Jones Newswires
July 21, 2015 21:51 ET (01:51 GMT)
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