EURGBP - weekly 200MA
The EURGBP inverse Head and Shoulders has not quite reached its target circled at .8039-65 having been stopped by the weekly 200MA. This maybe the top of the current up move as profit gets taken back towards .7756. Last week's Marabuzo comes in at .7845 and though it has been breached, we are now trading back above it, forthe 200MA to be broken this week Marabuzo needs to hold. Whichever side ofthe 200MA we close this week could give a good clue for trading Cable and EURUSD going forward...
EURUSD dramatic end to 1-time-framing
The surge higher yesterday was definitely aided by Janet Yellen's extremely dovish remarks, however the clues to the move were already in place. Five days of one-time-framing whereby the prior day's high was not taken out whilst the low was, stopped. A new high and value shifting higher early this week, set up a move to target poor (multiple TPO) highs at 1.1288 and 1.1313. With the strong move higher and consolidation today, support is now found at 1.1270 and 1.1244either end of single print vacuum.
Commodity currency strength - AUD
Commodity currencies have surged this week despite modest dips in Oil and Copper. The Aussie found strength from first HVN support .7475 (mentioned in last week’s TNTV) and has moved higher to take the most recent swing high .7680, a close above here today will set the tone for further gains through the congested area (circled) to.7848. Those waiting for a deeper pull back to buy may now be forced to pay higher prices so .7595 old high should provide support. Only a failure below yesterday's low will bring a short term bearish bias.
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