EUR/USD continued to slip last week making fresh lows near 1.1433. Our contention remains that price momentum will continue to weigh heavy on EUR/USD with a target of 1.1360 in the near term. Initial dynamic support appears at 1.1385/75 and dynamic resistance at 1.1510/20.
GBP/USD made fresh lows last week near 1.3355 before closing at 1.3410 on Friday. As we stated in last week’s post, we see sterling edging lower towards 1.3100. We see initial dynamic resistance at 1.3520/30 and dynamic support at 1.3300-1.3290.
USD/CHF picked up momentum to the upside last week. The pair made a weekly high near .9235 before settling on Friday at .9210. For Dollar Swiss to gain further upside potential, it will need to begin showing daily closes above.9225. The weekly trend is also potentially forming a higher low if it can manage to close above .9240 on Friday. We will wait for the Friday close to signal the next big move here. Look for initial dynamic resistance at .9230/40 and dynamic support at .9185/75.
USD/JPY confirmed a higher low on the daily charts last week, signaling further upside to 115.20. The weekly close near 113.90 failed to confirm a top for the time being and only closes below 113.25 will change this. Look for initial dynamic support at 113.50/40 and dynamic resistance at 114.20/30.
USD/CAD completed it’s retracement that we expected from the lows near 1.2290 rallying to 1.2603 and closing the week at 1.2550. We would look for a pullback near 1.2460 now before considering the next bigger move. Initial dynamic resistance appears at 1.2610/20 and dynamic support at 1.2485/75.
AUD/USD confirmed a weekly top last week closing at .7327. While this occurred, the daily charts, which remain in an uptrend saw a low of .7276. If this pair is able to maintain low’s above .7265 and fails to close below these levels, we could see another rally above the .7555 highs. Look for initial dynamic resistance at .7370/80 and dynamic support at .7280/70.
NZD/USD also confirmed a weekly top closing at .7040. Here too the daily charts are potentially looking at forming a higher low. If this pair refrains from making newer lows below .6995, there is potential for new highs above .7220. Initial dynamic resistance appears at .7075/85 and dynamic support at .7010/00.