The EURUSD has found its first level of support 1.5600 with deeper support residing in the 1.5550 -1.5600 zone.

EUR/USD

The EURUSD has found its first level of support 1.5600 with deeper support residing in the 1.5550 -1.5600 zone. We continue to view the move as corrective in an overall uptrend but a break below 1.5500 would create tremendous technical damage and put our upside scenario at risk

STRATEGY: Bullish, against 1.5303 (but lighten up), target is above 1.6018

USD/JPY

The USDJPY continues to push higher but the 108.00-108.50 level remains formidable resistance and only a definitive break through that barrier would suggest a clear upside bias. At this point the price action remains indecipherable but continue to view the up move with skepticism and believe that failure at these levels is more likely.

GBP/USD

Sterling has carved out a massive distribution top and is in danger of taking our stop at 1.9583 support. The price action looks decidedly bearish in the near term and the pair must find some support at these levels in order to stabilize and maintain our bullish bias.

STRATEGY: Bullish, against 1.9583, target 1 at 2.0175, target 2 TBD

USD/CHF

Our call to , "look for resistance near 1.0266” proved fleeting as the pair was able to break through on the way to the 1.0300 figure Next level of resistance is the 1.0400-1.4500 zone. We remain sidelined for the time being watching the price action unfold.

USD/CAD

We came tantalizing close to hitting our 1.0324 target but the pair appears to have found resistance at the 1.0250 level and will need to break through to re-challenge its recent highs. On the flip side a failure here would open the way for retest of the range lows at 1.0050

STRATEGY: Bullish, against .1.0047, target above 1.0324

AUD/USD

As we wrote on Friday, "The rally from .9511 is an impulse, indicating that the AUDUSD trend remains up. A small correction should play out over the next few days. Look for support near .9581 and .9563. A bullish bias is warranted against .9511.” If today’s support level; at 9563 holds the up bias remains firmly in place.

STRATEGY: Get bullish near .9570, against .9511, target above .9667

NZD/USD

As we write this the kiwi remains half a pip away from our 7530 stop and in fact violate the upside bias by the time you read this, Should it survive the downward pressure our analysis remains as written in Friday, "Bigger picture, the NZDUSD is expected to advance to the 50% of .7921-.7445 at .7683 and perhaps even the 61.8%-78.6% at .7740-.7920. A rally to there would fill the 6/4 gap. The up-down sequence from .7445 is probably waves A and B. Wave C is considered underway as long as price is above .7530. "

STRATEGY: Bullish, against .7530, target TBD

DailyFX

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