G 10 Week of November 23rd

The commonality in our currency pairs particularly EUR/USD, GBP/USD, AUD/USD and NZD/USD is significant tops are here yet our pairs are oversold intra and multi day. Corrections could be seen yet corrections aren’t going anywhere. We remain in sell rally mode. Monday PMI’s for USD and the Eurozone follows Tuesday’s GDP for the Eurozone and USD. I will run the USD data but based on last report when a dip was forecast, 1.8 should be oversold so look for higher GDP for USD. Big Glenn Stevens from the RBA speaks Tuesday. I have enormous respect for Big Glenn Stevens, comments will be monitored Particularly as NZD/USD and AUD/USD are truly at important support points. The big economic release for NZD will be Wednesday’s Import/Export prices. A good release could send NZD higher as Imports / Exports are tied to NZD’s overall problem in Trade ables Vs Non Trade ables. A correct Import / Export release could mean Trade Ables Vs Non gaps are closing. This is bullish NZD.

GBP/USD. GBP is on the verge of a breakout lower. The big lines above to go long is 1.5302 and 1.5389. For now its sell rallies. Intraday, 1.5202 will dynamically move for the next few days. GBP range is 21 pips. Doesn’t say big moves ahead but rather more slow price movements. GBP top is not significant yet and it can easily handle a price rise.

NZD/USD. Range 21 pips. Big lines above 0.6555, 0.6563, 0.6585, 0.6588. Above 0.6588 then next 0.6628. Daily bottom for Monday 0.6526, Overall big Bottom 0.5772. Daily targets 0.6543 and 0.6577. A significant top is here for NZD as its oversold intra day. Sell rallies is the way.

AUD/USD. Note AUD closed 0.7233. Why?. Cause big line breaks intraday 0.7234, 0.7224 below and Bottom found at 0.7198 and big break below 0.7176. A significant top is here for AUD but its a rangy trap as current range is 15 pips. Intraday targets found at 0.7252, 0.7256, then 0.7275 and 0.7279. Overall trend for AUD/USD is lower as long as 0.7822 holds.Intrday, continue to sell rallies into the future.

EUR/USD. Any price rises remains a sell. Quite significant peaks are here and EUR/USD is heading far lower. As well it will remain the leader Vs AUD, NZD and GBP. The intraday range is 44 pips and again EUR/USD is the pair to trade. The line at 1.0710 is moving down on current prices. Despite a peak, EUR/USD Intraday is oversold and could see a rise. Price rises are gifts and meant to sell.

EUR/JPY. As mentioned many times, 132.56 broke lower then 131.46. Now price sits at 130.70. EUR/JPY is heading far lower. Next big support exists at 127. Shorts and sell rallies below 131.46. A break higher of 131.46 doesn’t mean EUR/JPY heads significantly higher. Its a short just beginning below 131.46.

Many more pairs coming here today.

Brian Twomey, Inside the Currency Market, btwomey.com