http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/17/03/EUR/USD 4H chart 5/17/2013 9:05AM EDT Trendlines: First let’s talk about the falling trendline that held after a relief rally retreated from 1.2930. The 5/16 session saw EUR/USD stuck in consolidation, but the 5/17 Friday US session saw some action as EUR/USD broke below the previous 1.2842 low. This broke another couple of rising trendlines. Both are projected by connect to the 1.2744 2013-low. One goes back to the August 2012 low, the other goes back to the July 2012 low. Both were broken asFri, 17 May 2013 13:51:24 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/17/03/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/17/02/CAD/JPY 1H Chart 5/17/2013 8:40AM EDT Breakdown: The loonie has been weak lately, as you can see in the USD/CAD. The JPY however has been weak as well, so CAD/JPY has been flat this week, in a consolidation range between 99.97 and about 101. As we get into the 5/17 Friday US session, this 100-pip range is broken down and the market is testing the 99.50 handle in the chart shown. The RSI is below 30 and shows oversold condition. But price is suggesting a bearish outlook in the near toFri, 17 May 2013 13:45:30 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/17/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/17/USD/CAD Daily Chart 5/17/2013 8:30AM EDT Strong rally: The USD/CAD has extended sharply higher since we saw it broke above a triangle in the past week. It is accelerating now during the Friday session. Breakout, 2013-highs: Price action has taken out a projected falling trendline going back to the 1.0340 , 2013-high made in February. It is very likely now that it will be testing the resistance zone between the resistance pivots of 1.0296 and 1.0340. We might get some resistance from theseFri, 17 May 2013 13:40:25 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/17/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/16/03/EUR/USD 4H chart 5/16/2013 9:25AM EDT Support: EUR/USD bounced off support as anticipated, off a couple of projected trendlines and the fact the 4H RSI was below 30. The oversold condition is now resolved and there was indeed some support pushing the pair up to 1.2918 during the 5/16 US session. Trendline: The RSI in the 4H chart is no long oversold. Price is back above 1.29 , this intra-day bullish attempt is being challenged by a falling trendline seen in the 4H chart and the 1H chart below.Thu, 16 May 2013 14:06:25 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/16/03/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/16/02/NZD/JPY 4H chart 5/12/2013 9:15PM EDT Ascending triangle support: NZD/JPY has been in an ascending triangle since the middle of April. You do see a slight bullish bias in the 4H chart since 1) it is an ASCENDING triangle, and 2) because price is still above the 200-SMA in the 4H chart, which is coincident with the ascending triangle support. Scenarios: Continuation of the structure suggests the market can possibly bounce back to the 84.90 highs, or maybe some lower resistance pivot within theThu, 16 May 2013 14:04:05 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/16/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/16/GBP/USD 4H chart 5/16/2013 8:35AM EDT 1.52 Support: The decline in GBP/USD has stalled this week after it cracked the support around the 1.52 handle. It has been consolidating with a spike down to 1.5172 and resistance up to 1.5271. The market has been in this 100-pip range for a couple of sessions now. But as we begin the 5/16 US session, GBP/USD appears to be testing the resistance and looking to establish a near-term bottom. Breakout: A break above 1.5275 suggests a bit more bullishThu, 16 May 2013 14:01:02 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/16/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/15/04/EUR/USD 4H chart 5/15/2013 9:35AM EDT Lines of interest below 1.29: EUR/USD extended its recent down turn after breaking below an earlier consolidation low around 1.2935. As we trade below 1.29 , near 1.2850 during the 5/15 US session, EUR/USD is now testing a couple of lines of interest. There is a falling line that connects previous resistance pivots, shown in the 4H chart. There is also a rising trendline connecting a couple of support pivots going back to July 2012, seen in the dailyWed, 15 May 2013 14:16:17 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/15/04/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/15/03/EUR/AUD 4H chart 5/15/2013 8:05AM EDT Rising channel: EUR/AUD has been rallying since the end of March and has been in somewhat of a rising channel. Some key developments here are: 1) Moving averages are in bullish alignment 2) The RSI has held above 40 and tagged 70 many times, reflecting persistent bullish momentum in this time-frame. 3) Rally has broken a projected Trendline from Jan-Feb highs. 4) I measured the first dip and the next two turned out to be very similar in strength. 5)Wed, 15 May 2013 14:13:15 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/15/03/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/15/02/EUR/GBP 1H chart 7:50AM EDT 5/15/2013 Rising Channel: The 1H EUR/GBP chart shows a pair that has been sideways – you can tell by the relatively flat and moving averages. However, we did see a slight bullish bias in May as the market made couple of consolidation ranges and broke above them twice, making higher lows and higher highs. It has also formed a slightly rising channel. As we get into the 5/15 US session, the EUR/GBP has fallen from 0.8515 from the previous session down to 0.8538 ,Wed, 15 May 2013 14:08:50 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/15/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/15/GBP/USD 4H chart 5/15/2013 7:15AM EDT Support pivot: The decline in GBP/USD has been sharp since retreating from the 1.56 area. Now about 400 pips lower, GBP/USD is trading at a support area around 1.52 . The 4H chart shows that we saw support here in April. So far we did indeed get a reaction during the 5/15 European session, but it has been faded as we get into the US session. A new low below 1.5195 during the US session should be a sign that the market is still in strong bearish control andWed, 15 May 2013 14:05:24 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/15/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/14/04/EUR/JPY 1H chart 5/14/2013 8:50AM EDT Bullish: The 1H EUR/JPY chart shows a market that is bullish. The market has made higher lows and higher highs. The moving averages are upsloping with price above the 200-hour SMA. The RSI has tagged 70 and has held above 40 so far. Consolidation: The EUR/JPY started to trade in a consolidation range since finding resistance in the 132.30-40 area. It has also found support around 131.55 . A break above 132.40 should open up a bullish continuation scenario,Tue, 14 May 2013 14:37:13 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/14/04/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/14/03/USD/CAD 1H Chart 5/14/2013 7:55AM EDT Triangle breakout, momentum: The USD/CAD has broken above a triangle during the 5/14 European session and is probing at last week’s highs around 1.0150 during early US session. This rally shows respect to a crossover of the 200-SMA, which suggests the market is developing a bullish trend in the 1H time-frame. The RSI also supports this dynamic as the 1H reading held above and is about to tag 70 again, reflecting development of bullish momentum. Upside: TheTue, 14 May 2013 14:31:43 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/14/03/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/14/02/USD/JPY 1H chart 5/14/2013 7:45AM EDT Flag: The 1H USD/JPY chart shows a market that has stalled after hitting the 102.00 mark. The pair broke out of a similar pattern last week and pushed above the 100 barrier. If the market does not break above the flag pattern, there is downside risk back to the 100 handle. A break back above 102.00 could be a sign of bullish continuation. When we broke the 100 barrier which held price in consolidation throughout April, a projection was toward the 104.00Tue, 14 May 2013 14:25:38 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/14/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/14/AUD/USD Daily chart 5/14/2013 7:15AM EDT Sharp decline: The AUD/USD has been in a sharp decline as seen in the daily chart. In a little over a month it has fallen from April’s 1.0581 high to almost 0.99 as we get started with the 5/14 US session. This decline broke key range support around 1.0110 and opened up the bottom. Even though the RSI in the daily chart is under 30 showing oversold condition, this can go on for a while when a market trends. Pullback: If we get a pullback the previousTue, 14 May 2013 14:17:05 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/14/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/13/02/EUR/USD 1H chart 5/13/2013 9:40AM EDT Below 1.30: EUR/USD has broken below the 1.30 handle. There was a support pivot down at 1.2955 broken as well. but after a couple of bear runs in May so far, the EUR/USD starts this week showing some exhaustion above 1.2935. It is forming a near-term consolidation range between 1.2935 and 1.2990. Retail sales: US retails sales in April improved 0.1%, slight, but still above economists’ forecast of a -0.3% reading, and was much better than a -0.5% readingMon, 13 May 2013 14:09:10 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/13/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/13/GBP/USD 4H chart 5/13/2013 7:50AM EDT Channel support: After a brief crack of the rising channel support and the 4H 200-SMA, GBP/USD stalled and is showing some bullish intent. The momentum has turned neutral, though price staying in the rising channel and above the 200-4H-SMA, remains bullish in this time-frame. Outlooks: If there is a swing up to the 1.5460-1.5480 area cable would be testing a price top. A break above 1.55 would show no respect for the top, and could reflect bullishMon, 13 May 2013 14:06:18 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/13/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/07/02/USD/CAD 1H Chart 5/7/2013 7:55AM EDT Consolidation breakdown: The USD/CAD was consolidating roughly between 1.0050 and 1.0130. During the 5/7 European session, we saw a dip below 1.0050 , as the USD/CAD broke down the consolidation support. As we begin the US session, we see a pullback to within the previous consolidation zone, but it remains at the bottom half, which maintains the bearish outlook brought about by the breakdown. The prevailing trend in the 1H chart has been bearish, so thisTue, 07 May 2013 13:14:34 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/07/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/07/RBA rate cut: The Reserve Bank of Australia cut its official cash rate from 3.0% to a record low of 2.75%. Although the market has priced in a more dovish RBA, a rate cut at this meeting was a bit of a surprise, and the bank also left room for further rate cut as well. The AUD was pressured and the AUD/USD fell below a support since April to challenge a key support area since July 2012. AUD/USD 4H chart 5/7/2013 6:45AM EDT Support breakdown: The 4H chart shows that the market was supported atTue, 07 May 2013 13:10:24 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/07/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/06/USD/CAD 1H Chart 5/6/2013 8:10AM EDT Consolidation, breakout targets: The USD/CAD has been consolidating since the end of April. The 1H chart shows a market that found support in the 1.0050-1.0060 area and then resistance roughly in the 1 .0120-1.0130 area. There is a “central pivot” around 1.0090 . Below that there is bearish bias within the consolidation pattern. Above 1.01 , there is bullish bias within it. Note that consolidation resistance will also be around the 200-hour SMA. The widthMon, 06 May 2013 13:34:57 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/06/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/03/NFP: the Nonfarm payroll showed that 165,000 US jobs were added in April, which bested forecasts around 146K (according to Forexfactory.com), and improved on the revised-up 138K for March. The unemployment rate fell from 7.6% to 7.5%. This should lift some weight off the USD, but is just one positive jobs report. The EUR/USD and USD/JPY both show a strong USD reaction immediately following the release. EUR/USD 1H chart 5/3/2013 9:13AM EDT Head and shoulders: The EUR/USD formed a head andFri, 03 May 2013 14:32:02 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/03/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/02/USD/JPY 4H chart 5/2/2013 7:45AM EDT Triangle: I noted possible support around 97.00 as the USD/JPY retreats toward this handle after failing to break through 100. The 1H chart shows the USD/JPY trading in a triangle since the FOMC meeting. This triangle is forming just above the 97.00 handle and hovering above the 38.2% retracement (of the April rally) at 97.11. Breakout: A break below the 97.00 handle could open up the next support pivot at 95.77 . A break below that pivot will be needed toThu, 02 May 2013 13:41:34 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/01/02/EUR/CHF Daily chart 4/10/2013 7:35AM EDT Rally and throwback: April consisted of two stages for EUR/CHF in April. The first half was flat, bottoming price action after which we saw a rally during the middle of the month. As it wound down the month however, it retreated from 1.2345 against the April rally. Channel: The correction has so far remained in a falling channel. The EUR/CHF tested channel resistance during the 5/1 session and has so far respected it. The 1H chart shows an RSI that alsoWed, 01 May 2013 14:40:39 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/01/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/01/EUR/USD 4H chart 5/1/2013 7:50AM EDT Breakout: The EUR/USD continues to rally and is trading above 1.32 by the start of the 5/1 US session. The 4H chart shows the RSI pushing above 70, which indicates near-term overbought condition, but is also a reflection of short to medium term bullish momentum to accompany the higher high in price that suggests continuation of a bullish trend that began in April. Targets: If we extend the rally in April from where it bounced off just below 1.30 , we wouldWed, 01 May 2013 14:34:13 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/05/01/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/30/EUR/USD 1H chart 4/30/2013 9:56AM EDT Breakout: The EUR/USD stalled around a consolidation resistance around 1.31 during the Monday 4/29 session. However, as we get into the 4/30 US session, it is getting a strong push above 1.31 and a resistance pivot around 1.3130 . The 1H chart shows bullish momentum as the RSI has held above the 40 level and has tagged 70. 1.32: The next resistance in the near-term is the 1.32 handle, which was the April high, providing resistance on 4/16 and 4/17 for aTue, 30 Apr 2013 14:26:01 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/30/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/29/02/GBP/USD 4H chart 4/30/2013 7:35AM EDT Rising Channel: GBP/USD has been rallying nicely in a rising channel since the March and 2013 low of 1.4830. As we get into the 4/30 US session, it stopped around 1.5545 and a rising channel resistance. Near-term top? The 1H chart shows a GBP/USD that has slowed down its rally, and actually put in a lower high during pre-US session. in the near-term there is a support pivot at 1.5417 , a break below which shows topping. Also, the 1H RSI should fall belowMon, 29 Apr 2013 14:11:46 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/29/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/29/USD/JPY 4H chart 4/29/2013 7:40AM EDT JPY rebound after BoJ: The Japanese yen clawed back some gains after the BoJ meeting showed that its members has peaked in their aggressive stance on QE. The existing policy will still put pressure on the yen, but it is not surprising for the USD/JPY to show some short-term bearish correction under the 100 hurdle. Oversold + Support: If we believe the USD/JPY is due for a major correction, then it is probably going to complete a double top by falling belowMon, 29 Apr 2013 14:04:03 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/29/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/26/04/GBP/USD 4H chart 4/26/2013 10:20AM EDT Breakout: The GBP/USD briefly consolidated after the breakout above 1.5411 previous April-high. It was held under 1.5480 during the 4/25 session, but found strength during the 4/26 session when the USD weakened across the boar after Q1 GDP grew 2.5%, but came short of forecasts. This pushed GBP/USD above the 1.5480 consolidation high and is now testing the 1.55 handle. Target: The previous GBP/USD update noted a target of 1.56-1.5610 which contains 50%Fri, 26 Apr 2013 15:13:32 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/26/04/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/26/03/EUR/GBP Daily chart 9:56AM EDT 4/26/2013 New low: The EUR/GBP has been bearish since finding resistance at 0.8814 , which is now the 2013 high. It has been more or less in a sideways consolidation, but some bearish bias is developing as the latest down swing from the 0.8636 pivot has pushed for a new low since consolidation, cracking the 0.8410 low and the 0.84 handle. A break here also breaks down the 38.2% retracement of the 0.7755 to 0.8814 bull run. Momentum: The 4H daily RSI is fallingFri, 26 Apr 2013 14:59:32 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/26/03/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/26/02/EUR/USD 1H chart 4/26/2013 9:33AM EDT GDP: The advanced reading for US Q1 GDP was 2.5%, which was an improvement over the 0.4% in Q4 2012, but missed economists’ forecasts of around 3.0%. The USD weakened across the board. 1.30; rising trendline: The EUR/USD fell overnight and was pressing the 1.30 handle, reaching down to 1.2990 . This is also a rising trendline that goes back to the 1.2744 April low. It found support here just ahead of the GDP data, and rallied to 1.3035 in the 30 minutesFri, 26 Apr 2013 14:55:22 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/26/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/26/Gold  4H chart 7:40AM EDT 4/26/2012 Correction during downtrend: Since I noted a break above a 1403 resistance pivot XAU/USD has been slowly rallying in the context of a correction against the downtrend in 2013 that started in October 2012. You can tell it is a downtrend because the 200-4H SMA is downsloping, and the other moving averages were in bearish alignment until the recent correction caused the lower period MAs to cross. But price is still under the 200-4H SMA. Now, the market hasFri, 26 Apr 2013 13:18:27 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/26/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/25/03/GBP/USD 1H chart 4/25/2013 8:30AM EDT Wedge breakout: The EUR/USD has been in a falling wedge since 1.32 . However we saw an initial break during the Asian 4/25 session. Then there was a throwback that bounced off a near-term ascending trendline and the previous resistance area, thereby confirming a bottom. in the short-term. As we get into the 4/25 US session, the market is pushing ER/USD above 1.3085 where we saw some previous resistance pivots. The 1H RSI is also tagging  70, showingThu, 25 Apr 2013 13:14:32 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/25/03/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/25/02/USD/JPY 1H chart 4/25/2013 7:40AM EDT Ahead of BoJ: The USD/JPY failed to break through the 100 level this week, mostly likely because the market is tentative ahead of the BoJ meeting later tonight, or morning the 4/26 Asian session. There is a range between a 98.48 low and the 100 resistance. If the market breaks out of this range after the BoJ meeting tonight, we should anticipate some moves. A break above 100 is bullish continuation, with 101.43 , 2009 high as the first near-term target. AThu, 25 Apr 2013 13:10:14 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/25/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/25/GBP/USD 4H chart 4/25/2013 7:00AM EDT Rising channel; bullish continuation: The GBP/USD remained in a rising channel, holding above 1.52 and breaking above 1.53 during the 4/25 Asian and European sessions. As noted in the previous GBP/USD update on FXTimes, a break above 1.53 was seen as a signal for a bullish continuation that at least opened up the 1.54-1.5411 high. The rally was sharper than that pushing above a 38.2% retracement (of the 2013 downswing) at 1.5422 . Momentum; throwback: TheThu, 25 Apr 2013 13:05:12 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/25/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/24/GBP/USD 4H chart 4/24/2013 7:55AM EDT Rising channel: The GBP/USD remains trading in a rising channel since the 1.4830 March and 2013 low. However, since hitting 1.5411 , cable fell lower and has been consolidating since. It has come down to around the 1.52 handle, almost testing the rising channel support. So far, the market remains above the channel support though the bullish outlook has been subdued. Breakout: A break below 1.52 at this point could break below the rising channel support. IfWed, 24 Apr 2013 13:08:54 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/24/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/23/03/USD/JPY 1H chart 4/23/2013 9:22AM EDT Resistance at 100, 200-hour SMA: The USD/JPY failed to breach 100 during the 4/22 session and retreated below 99 by the 4/23 European session. As we get into the 4/23 US session, USD/JPY was showing a bullish divergence in the 1H chart with the RSI as it tested the 200-hour SMA. So far, we are seeing support there bringing the USD/JPY back above the 99.00 handle, keeping a very slight bullish bias in the near-term as price “slingshots” up from the 200-hourTue, 23 Apr 2013 13:33:06 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/23/03/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/23/02/USD/CAD 4H Chart 4/22/2013 8:50AM EDT Choppy uptrend: The USD/CAD has been bullish since April 11, as seen in the 1H chart. It broke above a falling channel resistance on 4/15 and continued to put in higher lows since. It has however stopped making higher highs since the market failed to breach the 1.03 handle, and instead retreated from a high of 1.0293. In a way you can say it has been in an ascending triangle structure. 1.03: At this point, a break above 1.03 could be a strong bullishTue, 23 Apr 2013 13:27:44 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/23/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/23/EUR/USD 4H chart 7:45PM EDT 4/23/2013 50% Retracement: The EUR/USD failed to rally above 1.31 falling from 1.3083 during the Asian-European session to 1.2972 , tagging the 50% retracement (of the 1.2744-1.3201 swing). In the 4H chart, it also tagged the 200-4H SMA. While these two levels are not necessarily support, they represent mean price action. With the 200-SMA being flat, mean price action could also be assessed as “neutral” price. More retracement: Looking at the bigger picture, theTue, 23 Apr 2013 13:21:30 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/23/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/22/GBP/USD 4H chart 4/22/2013 8:03AM EDT Rising channel: The GBP/USD has been rallying within a rising channel since the March and 2013 low of 1.4830 as shown in the 4H chart. As we start the week, cable is holding just above 1.52 , and just above the rising channel support. The 4H RSI is at 40, a break and hold below which would reflect loss of bullish momentum in the 4H time-frame. A break below 1.52 would probably drag the RSI below 40. The breakdown of the channel should open up the 1.5030Mon, 22 Apr 2013 14:13:33 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/22/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/19/02/EUR/USD 4H chart 9:41AM EDT 4/19/2013 Maintaining momentum: The EUR/USD continues to rally after finding support at 1.30 . It is now above 1.31 and pushing toward a previous resistance pivot of 1.3135 . Note that the RSI tagged 40 but held above, showing maintenance of the newly established bullish momentum in the 4H chart during April. A break above 1.3135 should open up 1.32 again. If the 4H RSI is pulled above 60, the EUR/USD has bullish continuation momentum. Failure: If the market findsFri, 19 Apr 2013 13:54:42 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/19/02/http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/19/Gold Day chart 4/19/2013 7:45AM EDT 3-day range: After the sharp slide to begin the current week, gold has been consolidating. The 4/16 session candle set up a range that held price action through the 4/18 session. As we wrap up the week, the 4/19 session is seeing the market push gold up above the 1400 handle, as well as above the 3-day range, suggesting some further relief rally. Pullback: In the 4H chart, you can see gold setting up a near-term bottom. A range breakout projection targetsFri, 19 Apr 2013 13:50:10 GMThttp://www.fxstreet.com/technical/forex-strategy/ (FXTimes)http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2013/04/19/