Technical Analysis
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Technical
AUD/JPY has been moving towrds its five-month low around 78.00 forming a falling wedge pattern. The formation has 73% quality and 46% magnitude within 166 bars.
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EUR/USD
EUR/USD has continued its move to the five-month low around 1.2623, forming a Channel Down pattern on the 4H chart. The formation has 56% quality and 86% magnitude in a 67-bar period.
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EUR/USD
With indicators now oversold there is the possibility of some upside, perhaps targeting the top of the current consolidation at 1.2745 – and then if there is an upside breakout to perhaps 1.2825.
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USD/CHF
"The U.S. dollar may start to stabilize rather than continue to rocket higher. It's going to give people a bit more of a reason to pause before they pile into U.S. dollars" - Commonwealth Bank of Australia (based on Bloomberg)
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USD/JPY
"Monetary easing by the Bank of Japan can never be a driver of real economic growth or change the yen's trend, but could temporarily weaken the yen" - Hirohisa Fujii, former finance minister (based on WSJ)
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