NEW YORK (
) -- As the
continues to retain its bearish mode, it was seen weakening and testing a low of 1.4020 in today's trading session.
Its current offensive is coming on the back of a failed recovery attempt at the 1.4194 level on Monday. Risk remains for a decisive break and hold below that level.
retains its bearish outlook though seen hesitating after reversing its intraday losses today. While holding below the 1.6234/39 levels, we look for the pair to decline through the 1.6075 level en route to the 1.5892/30 levels.
Having cleared the 126.83 level, the
is seen weakening towards the 124.37 level where a break will target the 122.09 level and beyond.
continues to extend its downside weakness today testing a low of 89.12 and opening the door for further weakness towards the 88.30 level.
remains on the offensive as it continues to maintain its recovery initiated from the 1.0219 level. Further upside risk points towards the 1.0743 level.
remains biased to the downside as it continues to eye the 0.8936 level ahead of the 0.8733 level. While holding below the 0.9173 level, our bias is for the earlier mentioned levels to be tested and possibly invalidated.
is now eyeing the 0.8649 level following a reversal of its Tuesday strength. Below the 0.8649 level will pave the way for further downside towards the 0.8522 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.