|EURUSD Pivot Levels||Pivot||Woodie||Fibonacci|
The U.S. Dollar gained ground against most of its counterparts, but failed to appreciate relative to the Euro. As a result, EURUSD continues to stand motionless just above the 2013 September low at 1.31. And even though we still cannot rule out a two-figure rally to the 2013 Q4 low from here, the overall bias will nevertheless be to the downside. For now the 2013 low at 1.2750 is considered to be a long-term target.
The share of the bulls in the market declined, but the sentiment remains bullish—58% of traders are still long on the common currency. As for the orders, there are now significantly less commands to sell the Euro than yesterday (from 70 to 58%).
|GBPUSD Pivot Levels||Pivot||Woodie||Fibonacci|
In the end the bullish correction from 1.6550 did not manage to extend up to the May low. The currency pair turned around a little earlier, soon after reaching the weekly R1, and plunged 150 pips before stopping at the monthly S1 level. If the sell-off persists, which is a likely course of events, the next significant support will be at 1.63, represented by the monthly S2. Once there, the Cable will have to move only 50 pips South to re-test the 2014 low at 1.6250.
After the yesterday’s dip there are more people believing the Sterling is now below its justified value. The percentage of longs increased from 56 to 66%. At the same time, the relative amount of buy orders also went up, namely from 53 to 69%.
|USDJPY Pivot Levels||Pivot||Woodie||Fibonacci|
The bearish risks were not realised, and the pair soared up to 105.50—a major obstacle for further advancement, since this year’s highest point. In case this resistance is eventually broken, USDJPY will most likely set sail towards 110.70—the 2008 high. But if the bears do not let the price to rise, there are strong demand areas at 104 (2014 Q2 high), 103 (July high and monthly PP), and especially at 102 (up-trend and 200-day SMA).
After being bearish 24 hours ago, the sentiment returned to being neutral, as 45% of positions are long and 55% of them are short. There is no more significant difference between the buy (55%) and sell (45%) orders as well (100 pips from the spot).
|USDCHF Pivot Levels||Pivot||Woodie||Fibonacci|
Just like the Euro, the Franc is also largely unchanged with respect to the Dollar, even though the latter seems to be in demand throughout the market. And while there is a possibility of a step back to 0.9150, the bulls should remain in control and keep on pushing the price towards 0.9250, the main nearby supply area. Though the technical indicators suggest a different scenario—bullishness in the short term and bearishness in the longer term.
Similarly to the situation 24 hours ago, at the moment the gaps between the amounts of long (46%) and short (54%) positions and buy (51%) and sell (49%) orders are negligible, as they do not exceed ten percentage points.