EUR-USD: Headed Higher

NEW YORK (TheStreet) -- The EUR-USD rallied strongly through minor resistance at the 1.4410 level on Wednesday as it tested a high of 1.4846.

The current move up is coming on the back of a failure ahead of its medium-term trendline presently at 1.4599. Risk now remains higher for a convincing invalidation of the 1.4844 level.

In a similar fashion, the GBP-USD also followed through higher today, taking out the 1.6476 level and coming within 12 pips of its resistance standing at the 1.6602.That level and the 1.6692 level must both be decisively violated to relieve the pair of its current short term downside pressure.

The USD-JPY reversed its marginal losses on Tuesday today, cutting through the 90.06 level after testing an intra-day low of 90.04 in early trading during London session. Threats are now seen towards the 91.51 level.

The AUD-USD also maintained a similar tone reversing from its intra-day low at 0.8950 and tested a high of 0.9117 today. Having tested and held above its medium term rising trendline, risk remains higher towards the 0.9120 and then the 0.9275 level.

The USD-CAD is on the verge of closing lower for a third day in a row following its loss of upside momentum at the 1.0867 level the past week. Downside danger is seen towards the 1.0582 level.

The EUR-JPY is seen holding strongly on to its Wednesday strength started at the 132.49. The mentioned strength has seen it reversing its Tuesday losses and breaking above the 134.50 level at the time of this analysis, leaving the 135.97 level as the next upside objective.