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September 29th 2014. Last week extended markets were largely extended further and on EURUSD we managed to break multi-year support.
NZDUSD – Continues lower. I am long this pair and will consider adding on a number of daily higher high’s that take us out of daily oversold studies. I will be more comfortable buying Kiwi if I see EURUSD close above 1.29 being a weekly higher high for this pair.
EURUSD – So yea 1.29 being a weekly higher high is the safest route to buy this pair rather than “catching a falling knife”. Alternatively the longer we hang around in the 1.29 handle the more likely we continue towards six year support between 1.21-1.23.
USDJPY Here comes 110. This market has put in a series of flags, pennants and bullish engulfing candles all the way higher from 106.00. Don’t be too surprised if we way overshoot 110.50.
XAUUSD –It now looks like a challenge of $1180 is in prospect.
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