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EUR/USD dives through mentioned 38.2% retracement of 1.2329 to 1.5143 at 1.4068 today and reaches as low as 1.4028 so far. At this point, intraday bias remains on the downside as long as 1.4137 minor resistance holds. Further decline should be seen to next medium cluster support level at 1.3737….

At this point, intraday bias in USD/CHF remains on the upside for 1.0506 resistance. Break there will confirm that whole rise from 0.9916 has resumed and should target medium term support turned resistance at 1.0590. On the downside, below 1.0418 minor support will turn intraday bias neutral and bring consolidations….

No change in USD/JPY’s outlook. Recovery from 90.30 might continue but after all, fall from 93.74 is still expected to resume as long as 92.03 resistance holds. Below 90.78 will flip intraday bias back to the downside and further break of 90.30 will bring fall resumption to 87.36 support next….

The USD/JPY pair rallied to the 91.80 area as anticipated after it was supported at 90.80. We have a completion of a bearish Gartley. However, there is no reversal signals yet, and the market can still rally further to 92.50 (61.8% retracement). If the market does reverse and breaks the…

GBP/USD’s decisive break of 1.6209 support affirms that case that corrective rise from 1.5829 has completed with three waves up to 1.6456 already. Intraday bias is flipped back to the downside and further decline should be seen to retest 1.5829 support first. Break there will confirm that whole fall from…

Sterling dropped sharply in European session today after data showed that M4 broad money supply had its sharpest monthly fall on record. M4 fell by -1.1% in December and rose 6.4% yoy, much worse than expectation of 0.9%mom and 8.9% yoy rise. The undesirably low money growth showed the lack…

Typically it would be safe to say that an acceleration of growth in mainland China would increase risk taking generally across the globe. However, the resumption of vigorous growth as displayed in data from Beijing today heralds further restrictive measures aimed at calming too hot growth in the economy. The…

This was a mixed bag with a disappointing setback for service PMIs but some pretty upbeat signals from manufacturing orders. Euroland PMI does not signal an impressively strong rebound, but nevertheless it does clearly signal that the euro area is recovering. PMI currently signals manufacturing orders increasing around 4% q/q,…

In a red wave IV, the market is forming a more complex correction than firstly thought, so we are seeing (W)-(X)-(Y) pattern form, with wave (Y) that is in process. The current wave count structure signals for a move below 1.5705 support over the following weeks, once a black wave…

The dollar-buying frenzy continued in early Thursday trade, albeit at a slower pace. The pound, which to some extent managed to hold support in the previous session, lost 150 pips overnight, making it the weakest looking pair. Looking ahead, the U.S. session is likely to remain volatile, especially at 08:30…