Dailyfx | Mar 23, 2014 02:09AM ET
EUR/USD
Weekly
-Trading wise, 1.3810/30 is resistance (held Friday) although 1.3868 could come into play down the road.
GBP/USD
Weekly
-A weekly key reversal the week that ended 2/21 and a doji the week that ended 3/7 were advance warnings of a top. The rate ends Friday near the line that extends off of the November and February lows. Failure to hold up here would further bearish developments and open up 1.6250-1.6300.
AUD/USD
Weekly
-AUD/USD is nearing the .9166-.9267 resistance zone but the market is already at trendline resistance. A break above the line makes a case for a run to .9386-.9405 (2009 high and 2011 low).
NZD/USD
Weekly
-Weakness below .8350 is needed to suggest that the larger trend has reversed.
USD/JPY
Weekly
-Near term, USD/JPY is failing within the 102.50/85 zone. USD/JPY rallies are corrective at multiple degrees of trend; from 100.75 and 101.20. The implication is bearish.
-Longer term, there is an Elliott case to be made for a return to the 4thwave of one less degree. The range spans 93.78 to 96.55.
USD/CAD
Weekly
-From an Elliott perspective, it’s possible that the rally from the 2012 low composes a ‘3rd of a 3rd (or C)’ wave from the 2007 low.
-The close above the line that extends off of the 2002 and 2009 highs as well as the close above corrective channel resistance add credence to the 3rd of a 3rd wave position.
USD/CHF
Weekly
-Use .8930 as a pivot. In other words, price needs to exceed .8930 in order to negate downside bearish implications from the break.
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