NEW YORK (
) - The
was headed lower Monday, today, as it traded to as low as 1.4753 during the London session before returning above the 1.4799 level at the time of this report.
It remains vulnerable to the downside nearer term with a convincing break of the 1.4799 level targeting the 1.4625 level.
saw an extension of its weakness triggered off the 1.6720 level today testing the 1.6311 level (below its short-term rising trendline) and turned its focus to the 1.6267 level. If the latter level is decisively violated, GBP could head further lower towards the 1.6124 level.
has backed off higher prices and turned lower, testing its pattern-base today. Having recovered sharply higher from the 126.83 level for the past week, a follow-through on its present weakness could build on further correction with the 130.97 level, coming in the next support level.
remains vulnerable to the downside. Its strength during the London session has been wiped out and risk is now seen towards the 8989/70 level.
Although it's now trading off its Monday low at 0.9049, the
's nearer term bias remains lower, suggesting that further downside pressure should develop towards the 0.8943 level.
outlook remains lower and its failure at higher prices continues to confirm that. Threats are now seen towards the 1.0414 level.
After recovering from the 84.80 level the past week, the
was seen correcting those gains today declining to as low as 89.38. On further correction, USDJPY should target the 88.47 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.