The US Dollar alongside the Japanese yen have remained broadly the strong currencies over the past week.
EURUSD: Negative theme intact
A probe lower Wednesday below 1.1078 support to reinforce Monday’s intraday failure and setback from the tentative down trend line from June, to keep risks lower Thursday.
- We see a downside bias for 1.1072; break here aims for 1.1050 and maybe the key cycle low at 1.1025.
- But above 1.1116 opens risk up to 1.1165.
GBPUSD: Brexit choppiness as bias flips back lower
A plunge back lower Wednesday through 1.2193 support and the up trend line from mid-August, to reject the recent up moves and flip risks lower for Thursday.
- We see a downside bias for 1.2192; break here aims for 1.2155 and maybe 1.2106.
- But above 1.2253 opens risk up to 1.2310 and 1.2323.
USDCAD: Risks just stay lower (despite rebound)
A stall Wednesday just below our below 1.3320 resistance to hang onto a negative tone from Monday’s selloff through the tentative up trend line from July and whilst below 1.3320 we see risks lower for Thursday.
- We just see a downside bias for 1.3275; break here aims for 1.3221.
- But above 1.3320 opens risk up to 1.3345/46.
AUDUSD: Downside bias
A grind lower Wednesday and already into Thursday, after Tuesday’s roll down from just below our .6795/99 resistance area, to probe just below .6746/43 support, to reinforce Monday’s plunge to .6686 and sustain a negative bias for Thursday.
- We see a downside bias for .6718; break here aims for .6686 and maybe .6673.
- But above .6762 targets .6788/99 and maybe aims for key .6816/22.
NZDUSD: Bear extension
A plunge Wednesday and again already today to a new cycle low through .6340 to reinforce the setback this week from the down trend line from mid-August and negative forces from the plunge late last week, to keep risks lower into Thursday.
- We see a downside bias for .6304/00 break here aims for .6286 and opens risk down to .6261.
- But above .6341 opens risk up to .6367.
USDJPY: Sideways, but bias lower
A sideways consolidation Wednesday as evident this week since the Friday-Monday plunge to a new cycle low through 105.02 and notable support at 104.56, and despite Monday’s rebound, whilst below 106.41 we see risks still lower for Thursday.
- We see a downside bias for 105.49 and 105.14; break here aims for 104.40
- But above 106.41 opens risk up to 106.73 and 106.98/107.09, maybe towards 107.28.