GBP/USD: Major Loss Hurts GBP Yesterday
eFXnews | Oct 15, 2014 03:21AM ET
EUR/USD: Go bearish again below 1.2605/583. It seems like the market once again failed to kick start a better correction higher. It's not over yet, but if breaking back below near-term support at 1.2605/58, the 1.2500 low would end up back in harm's way. Current intraday stretches are located at 1.2595 & 1.2720.
GBP/USD: Near-term below 1.60. Another major loss hurt the pound yesterday. Short-term conditions may be stretched, but few cares and the medium-term mid-Oct'13 reaction low of 1.5854 is fully in sight (below which 1.5785/75 & 1.5753 would come into play). A prior near-term low & yesterday's mid-body point provides local resistance around 1.60. Current intraday stretches are located at 1.5854 & 1.6005.
USD/CAD: Into a fresh yearly high! Plunging oil prices is a CAD negative. Short-term conditions are back at a stretch and there is the next attraction /resistance at the short-term 161.8% Fibo projection ref of 1.1355 nearby. Price action nevertheless points higher and there should be decent support in the 1.1279/50 zone to attract more buyers should they get the opportunity. Current intraday stretches are located at 1.1235 & 1.1350.
EUR/JPY: Poor price action breaking lower. Even though we printed a bearish key day reversal /engulfing candle calling for more downside pressure we cannot fully ignore that the price action breaking lower was poor. A break and close below a well-defined floor should under normal circumstances attract more selling and not as in this case profit taking buying. The oversold status and the Bollinger band support are also a factors to weight in should the pair return above the 135.73/82 resistance (former support).
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