A firmer tone for the US Dollar into the end of June and a still more positive theme expected early this week given intensifying concerns around the Greek Debt Crisis.
This leaves downside technical pressures for EURUSD and also for AUDUSD and to a lesser extent GBPUSD. For USDJPY, however, the focus has shifted back to support as the Yen is set to rally again with a “flight to quality”.
EURUSD
- The break already below 1.1048 this week leaves a bear bias.
- The next, initial threat is to 1.0912, but the risk is lower to key support at 1.0819.
Daily EURUSD Chart
AUDUSD
- Risk of negating the Double Bottom back through .75495
- The threat would then be for a push through the 2015 lows at .7553/33 down to psychological/option target, .7500.
Daily AUDUSD Chart
GBPUSD
- Still an extremely resilient tone for Cable, but nevertheless, susceptible to corrections risks.
- Initial support threat is to 1.5664 and 1.5623.
- Better support should hold at 1.5484.
Daily GBPUSD Chart
USDJPY
- Initial threat is to 122.44/43.
- But risk is for a correction down to 121.53 (which we would look to try to hold to retain the bull theme into July).
Daily USDJPY Chart
