Stocks and Dollars

At the beginning of the week, the EUR touched its lowest level in almost three weeks versus the JPY on speculation a new Irish government will seek to share the burden of rescuing the country`s financial system with senior bank bondholders. Furthermore the EUR retreated from a more than three

Intraday bias in EUR/USD remains neutral for the moment. As noted before, we’re favoring the case that consolidations from 1.3860 is not over yet. That is, rise from 1.3427 is possibly the second leg of the consolidation. Hence, even in case of another rise, the pair would face strong resistance

EURUSD Comment: A pity the Euro didn’t manage a clearer weekly close above the top of the ‘flag’ and 61% Fibonacci resistance, but it di, just. Therefore we shall assume a break to new recent highs this week. Next stop, 1.4000.

No change in GBP/USD’s outlook. Consolidations from 1.6276 is still in progress with fall from 1.6271 as the third leg. Deeper decline is still in favor towards 1.5962 support and possibly below. Nevertheless, we’ll stay bullish in GBP/USD as long as 1.5750 support holds and expect another rally eventually. On

The dollar index tried to bounce off the 77.0 level at the end of last week but optimism did not appear long lived in Asia overnight (selling into 77.394 high) and so we take the bleak view that a downtrade to around 76.13 on the LT ascending trendline (stretching back

Intraday bias in USD/CHF remains neutral and more consolidations could be seen above 0.9233 temporary low. Though, upside is expected to be limited by 4 hours 55 EMA (now at 0.9408) and bring fall resumption. As noted before, the break of 0.9300 support indicates that longer term down trend has

Further decline is still in favor in USD/JPY with 82.17 minor resistance intact. Current decline should target 80.93/81.12 support first. Decisive break there will strongly suggest that consolidation pattern from 80.29 is completed at 83.96 already and should send USD/JPY through 80.29 low. On the upside, above 82.17 minor resistance

Intraday bias in AUD/USD remains cautiously on the upside for 1.0199 resistance. As noted before, while upside momentum is clearly seen diminishing with bearish divergence condition in daily MACD, AUD/USD is still drawing strong support from 55 days EMA. Recent up trend should still continue further. Break of 1.0199 will