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$USDCHF

The Cross is testing the .500 Fibo from the last swing high/low. A descending wedge can be found on the lower time compressions indicating a continuation to the downside.  A break of the wedge and the S4 targets the .618 Fibo at .9501. There is support at .9523, .9482, .9450 areas. The S5 is below that at .9400. 

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Update form this mornings room

As you know we did not take any trades this AM in the RF1010 room.  We could not get any comittment form all of the crosses to give us a decent setup.  Now we can see why.  This is why it is very important not to trade just to be trading.

All crosses reversed - here's a picture form the NZDUSD that we were watching.  You will remember, I said if it breaks the Descending wedge to the north wait for the hook and then trade it.

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$GBPUSD

The Cross is testing the trend line and the support at 1.6032 once again.  There is support at 1.5966 area. This is also near the .382 retracement @ 1.5946 and the . A break here targets the 1.5966 level. The S5 is below that at 1.5902.  A bounce here targets a move back to 1.6142.

 

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$GBPUSD

The Cross broke through the wedge and is now sitting at 1.6126 which is the 1.270 Fibo extension.  There is resistance at 1.6167 area. A break here targets the 1.6302 Resistance level  and also the R7 and the 1.618 fibo extension. 

 

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$AUDUSD – Breaks down

The Cross is testing the trend line to the downside also the .500 Fibo. A break here targets are the 0.9964 support also the S4 and the .618 fibo.  Further targets are the .786 Fibo @.9889.  A bounce up here targets a move back to the 1.0081 area.

 

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$EURUSD – Breaks down

As we noted yesterday the lower target was the S4 @ 1.3512.  We hit that this morning. The Cross also broke through the uptrend line and put in a double bottom.  A bounce is in order but will probably be a shallow one – perhaps only as high as 1.3559 (.786 fibo from the previous swing/low).  Lower targets are the 1.3434 support.  Further targets are the  S5 @1.3368.

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$EURUSD – Breaks down

As we noted yesterday the lower target was the S4 @ 1.3512.  We hit that this morning. The Cross also broke through the uptrend line and put in a double bottom.  A bounce is in order but will probably be a shallow one – perhaps only as high as 1.3559 (.786 fibo from the previous swing/low).  Lower targets are the 1.3434 support.  Further targets are the  S5 @1.3368.

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$EURUSD – Breaks down

The Cross broke through the trend line and is now headed for the .786 fibo @ 1.3559 area.  We currently are breaking the .618 fibo and the S3 @ 1.3599.  A break of the  1.3559 area targets trend line  near 1.3543.  Further targets are the  S4 @1.3512. A bounce now at the S3 targets a return to the S2 @1.3656. 

 

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$GBPUSD – Breaks down

As anticipated yeseterday the cross headed for the  1.6050 area.  We now have a descending wedge forming at the .500 fibo as well as the S4. A break of the  1.6050 area targets the .618 Fibo at 1.5999.  Further targets are the 1.5933 and the S5 at 1.5903.  Watch for a bounce at the 1.6052 area.

 

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