US Dollar Futures update.....As you can see the USD Futures bounced off the pink support like yesterday and is again headed lower. Like I said yesterday and which is still valid, the USD is likely headed down to the Red line likely at 94.38 but it is possible that it could bounce off the blue support at 94.58. We are still watching the formation of the Inverse Head and Shoulders pattern which if it works will take the USD up several Dollars.
 |
| Add caption |
EUR/USD update.....As you know we expect the USD to continue to decline and thus the EUR/USD should head higher. At the moment the EUR/USD is sitting on strong support at 1.1570. This support level should hold and once the price rises to the resistance (2nd highest red line) should go through. My target is still the highest red line at 1.1655 before the EUR/USD is likely to reverse.
 |
| Add caption |
Update on the GBP/USD.......As you can see the GBP/USD is continuing higher towards our target given yesterday. There is strong resistance coming up soon and you can expect a pullback at the lower red line at 1.3250, ultimately I think the price will reach the upper red line at 1.3270 before a real reversal is likely.
 |
| Add caption |
