By Mohammed Isah of fxtechstrategy.com
GBP-USD continues to face downside pressure, trading to as low as the 1.6165 level earlier today. It's now trading below its longer-term rising trend line drawn from the 1.3652 level. Downside objectives are located at the 1.6124 and 1.5706 levels.
EUR-USD has held off downside prices today, strengthening and testing the 1.4781 level during the U.S. session. While holding below its invalidated longer-term rising trend line and the 1.4799 level, we look for the pair to target lower prices toward the 1.4625 level or even lower.
USD-JPY remains vulnerable to the downside, having maintained a third day of downside weakness following its loss of momentum at the 90.77 level. Risk continues to point lower toward the 87.52/10 levels.
EUR-JPY also extended its declines initiated from the 134.53 level, trading to a low of 128.77 today. With a break out of its triangle pattern seen and weakness followed, further downside should shape up toward the Nov. 26 low at 126.83.
AUD-USD has its eyes on the 0.8943/04 levels, though seen holding off downside prices today. As long as it continues to trade below its broken rising trend line, odds are for a decline toward the earlier mentioned level.
USD-CAD is still biased to the downside while holding below the 1.0745/1.0867 levels. Until those levels are broken, the pair remains susceptible to the downside in the short term.
EUR-GBP has reversed its intraday losses and now trades above its key resistance at 0.9064, where a firm hold must be established to open the door for further upside gains toward the 0.9150 level and then the 0.9239 level.
Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces
for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.