18-22/04/2011 (6)
AUD/USD pulled back and consolidate below 1.0581 high last week. The pair drew some support from 4 hours 55 EMA and recovered but upside was still limited below 1.0581 resistance. Hence, initial bias will remain neutral this week and more consolidations could still be seen.
USD/CAD continued to consolidate above 0.9525 short term bottom last week and touched 0.9666 support turned resistance as expected. Initial bias remains neutral and some more consolidations might be seen. But even in case of another rise, upside should be limited below 0.9750 cluster resistance (50% retracement of 0.9972 to 0.9525 at 0.9749) and bring down trend resumption.
USD/JPY's pull back from 85.51 extend further last week and initial bias will remains mildly on the downside this week for deeper retreat. Nevertheless, we'd expect strong support from 81.97 (38.2% retracement of 76.40 to 85.51 at 82.03) and bring rally resumption.
USD/CHF dropped to as low as 0.8895 last week and the break of 0.8921 support indicates that recent down trend has resumed. While USD/CHF lost some intraday downside momentum, recovery is so far weak. Hence, initial bias will remain on the downside this week and below 0.8895 will target 61.8% projection of 0.9774 to 0.8921 from 0.9339 at 0.8812 next.
GBP/USD's consolidation from 1.6426 is still in progress and another fall could be seen. But downside should be contained by 50% retracement of 1.5935 to 1.6426 at 1.6181 and bring rise resumption. Break of 1.6426 should extend rise from 1.5935 towards 61.8% projection of 1.5343 to 1.6400 from 1.5935 at 1.6588.
EUR/USD edged higher to 1.4519 last week but turned sideway since then. Initial bias remains neutral this week and some more consolidations could be seen. But even in case of deeper retreat, downside should be contained by 1.4247 resistance turned support and bring another rise.