The EURJPY failed to continue its bullish momentum last week. This fact could create a false breakout bearish scenario at least in nearest term testing 105.60. The bias is bearish in nearest term. Immediate resistance is seen around 106.75. A clear break above that area could lead price to neutral zone in nearest term retesting 107.45 resistance area. On the upside, we still need a clear break and daily close above 107.45 to activate my bullish mode.
The GBPJPY bullish momentum was stopped last week. The bias is bearish in nearest term testing 130.00 which remains a good place to buy with tight stop loss below 130.00 targeting 133.50. Note that the Japanese Yen is currently having broad strength, probably due to fundamental sentiment and could be a threat for the technical bullishness. On the downside, a clear break and daily close below 130.00 would postpone the bullish scenario and activate my wait and see mode. On the upside, we need a clear break at least back above 131.00 to keep the bullish scenario remains strong.
The AUDUSD attempted to push lower last week, bottomed at 1.0246 but whipsawed to the upside and slipped above 1.0450 on broad US Dollar weakness. This fact forces me to activate my wait and see mode and turn nearest term bias to a bullish view testing 1.0600. I still prefer a bearish scenario at this phase but would need a clear break back below 1.0400 to reactivate my bearish mode.
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Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009